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WAC 208-630-555

What is the purpose of the database?

The purpose of this database system is to:
(1) Prevent the practice of refinancing a small loan with another small loan;
(2) Prevent multiple licensees from making simultaneous small loans to an individual borrower so that the loans' total principal balance exceeds the lesser of seven hundred dollars or thirty percent of the borrower's gross monthly income;
(3) Prevent licensees from making more than eight loans to any one borrower in any twelve-month period;
(4) Prevent a licensee from making a loan to a borrower who already has an outstanding small loan principal balance of the lesser of seven hundred dollars or thirty percent of their gross monthly income;
(5) Prevent licensees from making a loan to a borrower who is in default on a small loan or is in an installment plan; and
(6) Ensure that licensees set the small loan due date no earlier than the borrower's next pay date that is more than seven days from the origination date.
[Statutory Authority: Chapter 43.320 RCW, RCW 31.45.200. WSR 16-10-046, § 208-630-555, filed 4/29/16, effective 6/1/16. Statutory Authority: RCW 43.320.040, 31.45.200, and 2009 c 510. WSR 09-24-089, § 208-630-555, filed 12/1/09, effective 1/1/10.]
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