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 208-630-544 - May I allow a borrower to refinance a small loan with another small loan?

Wash. Admin. Code § 208-630-544

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Current through Register Vol. 24-12, June 15, 2024
Section 208-630-544 - May I allow a borrower to refinance a small loan with another small loan?

No. You may not allow a borrower to use a new small loan to pay off an existing small loan by the same lender or an affiliate of the lender. Licensees may not apply the proceeds from any small loan to any other loan from the same lender or affiliate of the lender.

Wash. Admin. Code § 208-630-544

Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. 09-24-089, § 208-630-544, filed 12/1/09, effective 1/1/10.