Originally published Friday, May 15, 2009 at 2:28 PM
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Wash. governor OKs payday lending regulations
Gov. Chris Gregoire has approved a bill imposing tighter regulations on the payday lending industry.
Associated Press Writer
Gov. Chris Gregoire has approved a bill imposing tighter regulations on the payday lending industry.
The new law, signed by Gregoire on Friday, limits the size of a payday loan to 30 percent of a person's monthly income, or $700, whichever is less. It also bars people from having multiple loans from different lenders, and sets up a database to track the number of loans taken out by people.
The measure also enacts an installment plan for people who fall behind on their loan payments. Customers would have up to 90 days to pay back a loan of $400 or less, and 180 days for a loan of more than $400 without a fee. Currently, a borrower has 60 days and must pay fees.
It takes effect Jan. 1.
Copyright © 2009 The Seattle Times Company
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