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WAC 208-630-546

What is the limit on the number of checks I may hold from one borrower?

You may not hold more than one check per small loan unless the loan is in an installment plan.
(1) If you have made multiple loans to a single borrower, you may not hold checks that total more than the lower of:
(a) Seven hundred dollars plus the allowable fees; or
(b) Thirty percent of the borrower's gross monthly income plus allowable fees.
(2) For purposes of this section, to "hold a check" does not include a check that has been deposited in your bank and subsequently returned unpaid by the borrower's bank.
[Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. WSR 09-24-089, ยง 208-630-546, filed 12/1/09, effective 1/1/10.]
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