Statutes, codes, and regulations
Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders)
SMALL LOAN REQUIREMENTS (PAYDAY LENDING)
Section 208-630-532 - May I make a small loan to a borrower who is in default on another small loan?

Wash. Admin. Code § 208-630-532

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Current through Register Vol. 24-12, June 15, 2024
Section 208-630-532 - May I make a small loan to a borrower who is in default on another small loan?

No. You are prohibited from making a small loan to a borrower who is in default on another small loan. This prohibition expires if the small loan is paid in full or two years have passed from the origination date of the small loan, whichever occurs first.

Wash. Admin. Code § 208-630-532

Amended by WSR 16-10-046, Filed 4/29/2016, effective 6/1/2016

Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. 09-24-089, § 208-630-532, filed 12/1/09, effective 1/1/10.