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 208-630-547 - May I continue to hold the borrower's original check or ACH authorization once the borrower has converted the loan to an installment plan?

Wash. Admin. Code § 208-630-547

Download
PDF
Current through Register Vol. 24-12, June 15, 2024
Section 208-630-547 - May I continue to hold the borrower's original check or ACH authorization once the borrower has converted the loan to an installment plan?
(1) No. At the initiation of an installment plan, you must either return or, at the borrower's request, destroy any postdated check securing the original small loan.
(2) The initiation of an installment plan voids your authorization to use the borrower's original ACH authorization. You may accept another ACH authorization or authorizations consistent with the payment terms of the installment plan.

Wash. Admin. Code § 208-630-547

Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. 09-24-089, § 208-630-547, filed 12/1/09, effective 1/1/10.