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Washington Administrative Code (Last Updated: November 23, 2016) |
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Title 208. Financial Institutions, Department of (See Titles 50, 419, and 460) |
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Chapter 208-630. Regulation of check cashers and sellers and small loans (payday lenders). |
Section 208-630-546. What is the limit on the number of checks I may hold from one borrower?
Latest version.
- You may not hold more than one check per small loan unless the loan is in an installment plan.(1) If you have made multiple loans to a single borrower, you may not hold checks that total more than the lower of:(a) Seven hundred dollars plus the allowable fees; or(b) Thirty percent of the borrower's gross monthly income plus allowable fees.(2) For purposes of this section, to "hold a check" does not include a check that has been deposited in your bank and subsequently returned unpaid by the borrower's bank.[Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. WSR 09-24-089, § 208-630-546, filed 12/1/09, effective 1/1/10.]
RCW 43.320.040, 31.45.200, and 2009 c 510. WSR 09-24-089, § 208-630-546, filed 12/1/09, effective 1/1/10.