Our State Legislature and Governor have decided to restrict your access to the important source of short-term credit we provide.

As of January 1, 2010, our new laws will include:

Statewide Database
The State of Washington will require all payday loan transactions to be logged into a secure database, which will track:

• The amounts you have borrowed
• The number of payday loans you take
• The lenders with whom you do business

Limits on Loan Amounts
There will be new limits on how much you can borrow:

• Your total payday loans outstanding at any one time (from one or multiple companies) will be limited to $700 or 30% of your monthly income, whichever is less
• Payday lenders will be required to prove your income level to our regulator, which may require you to provide us with documentation.

Eight-Loan Limit
The new legislation will further restrict your access to credit by limiting how many payday loans you can take out:
• No lender may give you a payday loan if you have already taken out eight loans (from one or multiple lenders) in the previous 12 months
• Check Masters will not be able to tell how many payday loans you have taken out if you use multiple lenders. We will only be able to tell whether you are eligible for a loan at the time.


We encourage you to contact the Governor or your legislators if this change affects you. To find your legislators, please visit:
http://apps.leg.wa.gov/districtfinder/

If you need help contacting your State Senator and Representatives, we can provide this information for you.

You can also contact the Department of Financial Institutions at:
(360) 902-8700 or (877) RINGDFI
e-mail: CSEnforceComplaints@dfi.wa.gov

Governor Gregoire
(360) 902-4110
email with form at:
http://www.governor.wa.gov/contact/