Payday Lenders Rulemaking - Information System Database Fee Increase

The Division of Consumer Services has adopted changes to chapter 208-630 WAC.

Since January 1, 2010, borrowers are not permitted to receive more than eight small loans from any payday lender in any 12-month period. RCW 31.45.073(4). Payday lenders are required to verify the number of small loans a borrower has received to ensure the eight small loan limit is not exceeded by checking the required information database. RCW 31.45.093; WAC 208-630-555; WAC 208-630-556. Payday lenders must pay $1 per small loan registered. WAC 208-630-556. This $1 fee has not been amended or increased since 2010. The Division of Consumer Services is increasing the fee to ensure the information database can continue to be used to assist and inform lenders of a borrower’s eligibility to take out a small loan