Pay day loan law takes impact in Washington state

SEATTLE (AP) — after having a brand new legislation imposing stricter laws from the payday financing industry takes impact today, Ken Weaver just isn’t positive their two check-cashing stores in eastern Washington will stay open.

The brand new legislation limits how big is a quick payday loan to 30 % of an individual’s monthly income, or $700, whichever is less. In addition it bars individuals from having numerous loans from various loan providers, limits how many loans an individual can simply just take off to eight per one year, and creates a database to trace how many loans removed by individuals. Continue reading