Washington Payday Loan Law

By | Mar 7, 2010

The new law limits the size of a payday loan to 30 percent of a person’s monthly income, or $700, whichever is less. It also bars people from having multiple loans from different lenders, limits the number of loans a person can take out to eight per 12 months, and sets up a database to track the number of loans taken out by people.

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Washington Payday Loan Laws

By | Mar 26, 2009

Washington state Representative Sharon Nelson (D-Maury Island) has introduced payday loan legislation this session that both sides find disgusting! Is this what it takes to get payday loan reform bills passed?

In essence, the proposed payday loan bill would require:

* Payday lenders would be required to establish a statewide database to track all borrowers
* Payday lenders would be required to establish a statewide database to track their incomes
* Payday lenders would be required to establish a statewide database to track how many loans they have outstanding.

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