Update: Washington State
December 30, 2009 | Washington, industry, regulation | Comments (0)New law takes effect January 1. From the story:
Washington’s new state laws to curb payday loan abuse are equally tough on both short-term borrowers and their high-interest lenders. Starting January 1, no one can take out a payday loan that totals more than $700 – or one-third of their gross monthly income – and lenders can check the borrower’s loan history on a statewide database. The maximum number of payday loans that legally can be issued per person in a 12-month period is eight.
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