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Monday, December 21, 2009

Reminder – Washington Payday Loan Law Changes Coming January 2010

DFI ran a blog article earlier about the changes and has been doing outreach across the state, but I just wanted to remind you that on January 1, 2010 a significant law change will have an impact on how Washington residents use payday loans.

Changes Effective January 1, 2010
  • You may only borrow a total of $700 or 30% of your gross monthly income, whichever is less.

  • Your payday loan will be registered in a state-wide database, ensuring that all payday lenders have your most up-to-date loan information.
  • You may only take 8 payday loans per 12-month period.

  • If you are unable to repay your loan before your loan is due, you may request an installment plan with no additional fees.
  • If you currently have an installment plan you may not receive another loan.
  • Lenders may not harass or intimidate you when collecting a loan. If you are harassed, contact DFI and file a complaint.
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