| STATE | STATUTORY CITATION | MAXIMUM LOAN AMOUNT | LOAN TERM | FINANCE CHARGES | |
|---|---|---|---|---|---|
| Alabama | 5-18A-1 et seq. | $500 | 10 to 31 days | Maximum 17.5% | |
| Alaska | 06.50.010 et seq. | $500 | 14 days | A licensee may only charge a nonrefundable origination fee in an amount not to exceed $5; and a fee that does not exceed $15 for each $100 of an advance, or 15% of the total amount of the advance, whichever is less. | |
| Arizona | Arizona Title 6 Chapter 12.1 | Prohibited | |||
| Arkansas | Arkansas Constitution Article 19 Section 13 (PDF); and McGhee v. Arkansas Bd. of Collection Agencies, 289 S.W. 3d 18 (Ark. 2008) | Prohibited | |||
| California | Civil Code 1789.30 et seq. Financial Code 23000 et seq. | $300 | Up to 31 days | Maximum 15% | |
| Colorado | 5-3.1-101 et seq. | $500 | Minimum 6 months | A lender may charge a finance charge for each deferred deposit loan or payday loan that must not exceed an annual percentage rate of 36%. If the loan is prepaid prior to the maturity of the loan term, the lender shall refund to the consumer a prorated portion of the finance charge based upon the ratio of time left before maturity to the loan term. A lender may charge only those charges expressly authorized in this article in connection with a deferred deposit loan or payday loan. | |
| 4 Code of Colo. Reg. 902-1, Rule 17 | (A) Origination/Acquisition Fee The finance charge permitted by §5-3.1-105, C.R.S. of up to 20% of the first $300 loaned plus 7.5% of any amount loaned in excess of $300 may be referred to as an “origination” or “acquisition” fee.
(C) Interest Rate The interest rate of up to 45% per annum permitted by §5-3.1-105, C.R.S. may be assessed only on the amount financed of $500 or less. It may not be assessed on the origination/acquisition fee or monthly maintenance fees. (D) Monthly Maintenance Fees 1. A monthly maintenance fee may be charged for each month the loan is outstanding after the first 30 days of the loan. The number of monthly maintenance fees permitted is equal to the number of months in the loan term less one month. For example, on a six-month loan, a monthly maintenance fee may be charged at the end of the second through sixth months if the loan is outstanding during that time. 2. A monthly maintenance fee may be charged on each $100 increment of the amount financed. No fee may be collected on amounts of less than $100. For example, on a $350 loan, the permitted monthly maintenance fee is $22.50 (three increments of $100 x $7.50 = $22.50). 3. A monthly maintenance fee is not earned until the end of the month. If a payday loan is prepaid in full at any time during a month, no monthly maintenance fee may be collected for that month. 4. The monthly maintenance fee may be based on the amount financed rather than the actual balance remaining each month. | ||||
| Connecticut | Connecticut General Statute Title 36a Chapter 668 Section 36a-563 | Prohibited | 30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest | ||
| Delaware | 5 Del. C. §978 | $1,000 | Maximum 60 days | A licensee may charge and collect interest in respect of a loan at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement governing the loan provides or as established in the manner provided in such agreement and may calculate such interest by way of simple interest or such other method as the agreement governing the loan provides. If the interest is precomputed it may be calculated on the assumption that all scheduled payments will be made when due. For purposes hereof, a year may but need not be a calendar year and may be such period of from 360 to 366 days, including or disregarding leap year, as the licensee may determine. | |
District of Columbia | Prohibited | ||||
| Florida | 560.402 et seq. | The face amount of a check taken for deferred presentment transactions not repayable in installments may not exceed $500, exclusive of the fees allowed under this part. For a deferred presentment installment transaction, neither the face amount of a check nor the outstanding transaction balance may exceed $1,000, exclusive of the fees allowed under this part. | A deferred presentment agreement may not be for a term longer than 31 days or fewer than seven days, except for a deferred presentment installment transaction, which may not be for a term longer than 90 days or fewer than 60 days. | (a) A deferred presentment provider or its affiliate may not charge fees that exceed 10% of the currency or payment instrument provided for a deferred presentment transaction not repayable in installments. A deferred presentment provider or its affiliate may not charge fees on any deferred presentment installment transaction which exceed 8% of the outstanding transaction balance on a biweekly basis. (b) Notwithstanding paragraph (a), a verification fee may be charged as provided in §560.309(8). The fees in paragraph (a) may not be applied to the verification fee. (c) Fees are earned at the time of origination for a deferred presentment transaction scheduled to be paid off in 31 days or less; however, fees for a deferred presentment installment transaction are earned using a simple interest calculation. A deferred presentment provider may charge only those fees specifically authorized in this section. Prepayment penalties are prohibited. | |
Georgia | 16-17-1 et seq. | Prohibited | |||
| Guam | Not available | ||||
| Hawaii | 480F-1 et seq. | $600 | Maximum 32 days | Maximum 15% | |
Idaho | 28-46-401 et seq. | $1000 | Not specified | A payday lender shall not make a payday loan that exceeds 25% of the gross monthly income of the borrower when the loan is made. | |
| Illinois | 815 ILCS 122/1-1 et seq. | (1) $1,000; or (2) in the case of one or more payday loans, 25% of the consumer's gross monthly income; or (3) in the case of one or more installment payday loans, 22.5% of the consumer's gross monthly income; or (4) in the case of a payday loan and an installment payday loan, 22.5% of the consumer's gross monthly income, whichever is less. | 13 to 120 days | $15.50 per $100 and $1 verification fee
| |
| Indiana | 24-4.5-7-101 et seq. | $50 up to $550 | Minimum 14 days | (1) Finance charges on the first $250 of a small loan are limited to 15% of the principal. (2) Finance charges on the amount of a small loan greater than $250 and less than or equal to $400 are limited to 13% of the amount over $250 and less than or equal to $400. (3) Finance charges on the amount of the small loan greater than $400 and less than or equal to $550 are limited to 10% of the amount over $400 and less than or equal to $550. (4) The amount of $550 in subsection (3) is subject to change under the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for Oct. 2006. | |
| Iowa | 533D.1 et seq. | $500 | Maximum 31 days | $15 on the first $100 $100 per every additional $100 | |
| Kansas | 16a-2-404 16a-2-405 | $500 | 7 to 30 days | 15% of the principal | |
| Kentucky | 286.9-010 et seq. | $500 | 14 to 60 days | $15 per $100 | |
| Louisiana | RS 9:3578:1 et seq. | $350 | Maximum 60 days | In conjunction with a deferred presentment transaction or small loan, a licensee may charge a fee not to exceed 16.75% of the face amount of the check issued or in the case of a small loan, the equivalent rate of interest, provided however that such fee or interest does not exceed $45, regardless of the name or type of charge. If the loan remains unpaid at contractual maturity, the licensee may charge an amount equal to the rate of 36% per annum for a period not to exceed one year and beginning one year after contractual maturity, the rate shall not exceed 18% per annum. A lender may charge a documentation fee in an amount not to exceed one-half of the amount authorized in Paragraph (4) of this Subsection, in connection with a non-real estate consumer loan transaction ($10). | |
| Maine | Me. Rev. Stat. Ann. tit 9-A §1-201; Me. Rev. Stat. Ann. tit. 9-A §1-301 and Me. Rev. Stat. Ann. tit. 9-A, §2-401 | None | With respect to a consumer loan, other than a loan pursuant to open-end credit, a lender may contract for and receive a finance charge calculated according to the actuarial method, not exceeding the equivalent of the following: A. The total of: (i) 30% per year on that part of the unpaid balances of the amount financed that is $2,000 or less; (ii) 24% per year on that part of the unpaid balances of the amount financed that is more than $2,000 but does not exceed $4,000; and (iii) 18% per year on that part of the unpaid balances of the amount financed that is more than $4,000. Notwithstanding subsection 2, the lender may contract for and receive a minimum charge of not more than: A. $5 when the amount financed does not exceed $75; B. $15 when the amount financed exceeds $75, but is less than $250; or C. $25 when the amount financed is $250 or more. | ||
| Maryland | Md. Code Ann., Com. Law 12-301, 306 | Prohibited | 2.75% per month; 33% per year. | ||
| Michigan | 487.2121 et seq. | $600 | Up to 31 days | A licensee may charge the customer a service fee for each deferred presentment service transaction. A service fee is earned by the licensee on the date of the transaction and is not interest. A licensee may charge both of the following as part of the service fee, as applicable: (a) An amount that does not exceed the aggregate of the following, as applicable: (i) 15% of the first $100 of the deferred presentment service transaction. (ii) 14% of the second $100 of the deferred presentment service transaction. (iii) 13% of the third $100 of the deferred presentment service transaction. (iv) 12% of the fourth $100 of the deferred presentment service transaction. (v) 11% of the fifth $100 of the deferred presentment service transaction. (vi) 11% of the sixth $100 of the deferred presentment service transaction. (b) The amount of any database verification fee allowed under §34(5). | |
| Massachusetts | Mass. Gen. Laws Ann. Ch. 140, Sec. 96; and 209 CMR 26.01 | Prohibited | 23% plus $20 administrative fee upon the granting of a loan | ||
| Minnesota | 47.60 | $350 | Maximum 30 days | (i) On any amount up to and including $50, a charge of $5.50 may be added; (ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to 10% of the loan proceeds plus a $5 administrative fee; (iii) on amounts in excess of $100, but not more than $250, a charge may be added equal to 7% of the loan proceeds with a minimum of $10 plus a $5 administrative fee; (iv) for amounts in excess of $250 and not greater than $350, a charge may be added equal to 6% of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee. After maturity, the contract rate must not exceed 2.75% per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding. | |
| Mississippi | 75-67-501 et seq. | $500, including the amounts of the fees | (a) A licensee may delay the deposit of a personal check cashed for a customer with a face amount of not more than $250 for up to 30 days under the provisions of this section. (b) A licensee shall enter into a written agreement for a delayed deposit transaction of a personal check cashed for a customer with a face amount of more than $250 but not more than $500 for a period of at least 28 days but not more than 30 days, as selected by the customer, under the provisions of this section, with the licensee having the option to deposit or collect the check. | Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following: (a) 3% of the face amount of the check or $5, whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state; (b) 10% of the face amount of the check or $5, whichever is greater, for personal checks; or (c) 5% of the face amount of the check or $5, whichever is greater, for all other checks, or for money orders.
(a) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $20 per $100 advanced for cashing a delayed deposit check with a face amount of not more than $250. (b) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $21.95 per $100 advanced for cashing a delayed deposit check with a face amount of more than $250 but not more than $500. (c) In no event shall the amount of the checks cashed exceed $500, including the amount of the fee. | |
| Missouri | 408.500 to 408.506 | $500 | 14 to31 days | A lender may only charge simple interest and fees in accordance with §§408.100 and 408.140. No other charges of any nature shall be permitted except as provided by this section, including any charges for cashing the loan proceeds if they are given in check form. However, no borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single loan authorized pursuant to this section for the entire term of that loan and all renewals authorized by §408.500 and this section. | |
| Montana | 31-1-701 et seq. | $50 to $300 | Maximum 31 days | A licensee may not charge a fee for making or carrying each deferred deposit loan authorized by this part that exceeds 36% per annum, exclusive of the insufficient funds fees. | |
| Nebraska | 45-901 et seq. 2020 Initiative 428 | No licensee shall at any one time hold from any one maker a check or checks in an aggregate face amount of more than $500. | Maximum 34 days | (1) A licensee shall not impose an annual percentage rate greater than 36% in connection with a delayed deposit transaction. Any delayed deposit transaction made in violation of this section is void, and the licensee making such delayed deposit transaction has no right to collect, receive, or retain any principal, interest, fees, or any other charges in connection with such delayed deposit transaction. (2) The fees set forth in this section shall not be charged to individuals on active duty military or their spouses or dependents in an amount that exceeds what is allowed under 10 U.S.C. 987, as such section existed on Jan. 1, 2018. | |
| Nevada | 604A.010 et seq. | A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan that, in combination with any other outstanding loan of the customer, exceeds 25% of the expected gross monthly income of the customer when the deferred deposit loan is made. | Except as otherwise provided in this chapter, the original term of a deferred deposit loan or high-interest loan must not exceed 35 days. |
| |
| New Hampshire | 399A:1 et seq. | $500 | 7 to 30 days | Maximum 36% | |
| New Jersey | N.J. Stat. Ann. 2c: 21-19; and N.J. Admin Code 3:24-1.3 | Prohibited | 30% per year | ||
| New Mexico | Prohibited | ||||
| New York | NY Penal Code 190.40 | Prohibited | 25% per year | ||
| North Carolina | N.C. Gen. Stat. 53-173 | Prohibited | 36% per year | ||
| North Dakota | 13-08-01 et seq. | $500 A licensee may not engage in a deferred presentment service transaction with a customer who has an aggregate value of all outstanding obligations from any one customer exceeding $600 which is payable to the same or any other licensee. | The total period of deferral, including the initial deferral and one renewal, may not exceed 60 days. The renewal period may not be less than 15 days. | A licensee may charge a fee for the deferred presentment service, not to exceed 20% of the amount paid to the customer by the licensee. This fee may not be deemed interest for any purpose of law. No other fee or charge may be charged for the deferred presentment service, except that a fee, not to exceed the cost to the licensee, may be charged for registering a transaction on a database administered or authorized by the commissioner. | |
| N. Mariana Islands | Not available | ||||
| Ohio | 1321.35 et seq. | $1,000 | 91 days to 1 year | A licensee may charge, collect, and receive only the following fees and charges in connection with a short-term loan: (A) Interest not exceeding a rate of 28% per annum; (B) (1) Except as otherwise provided in division (B)(2) of this section, a monthly maintenance fee that does not exceed the lesser of 10% of the originally contracted loan amount or $30, provided the fee is not added to the loan balance on which interest is charged; (2) A licensee shall not charge, collect, or receive a monthly maintenance fee if the borrower is a person on active duty in the armed forces of the United States or a dependent of that person. (C) If the originally contracted loan amount is $500 or more, a loan origination charge in the amount of 2% of the originally contracted loan amount, provided the loan origination charge is not added to the loan balance on which interest is charged; (D) One check collection charge per loan not exceeding an amount equal to $20 plus any amount passed on from other financial institutions for each check, negotiable order of withdrawal, share draft, or other negotiable instrument returned or dishonored for any reason, provided that the terms and conditions upon which check collection charges will be charged to the borrower are set forth in the written loan contract described in division (C) of §1321.39 of the Revised Code; (E) If a licensee provides the proceeds of a loan in the form of a check, a fee to cash that check in an amount not exceeding $10; (F) Damages, costs, and disbursements to which the licensee may become entitled to by law in connection with any civil action to collect a loan after default, except that the total amount of damages and costs shall not exceed the originally contracted loan amount. Notwithstanding any provision of §1321.35 to 1321.48 of the Revised Code to the contrary, a licensee shall not charge, collect, or receive in connection with a short-term loan a total amount of fees and charges that exceeds 60% of the originally contracted loan amount. For purposes of this section, all charges made in connection with the loan shall be included when calculating the total loan charges except for all of the following: (A) The check collection charge authorized under §1321.40 of the Revised Code; (B) The check cashing fee authorized under §1321.40 of the Revised Code; (C) The interest charges on a loan that is refinanced in accordance with §1321.401 of the Revised Code. | |
| Oklahoma | Okla. Stat. tit. 59, §3101 et seq. | $500 | 12 to 45 days | A deferred deposit lender may charge a finance charge for each deferred deposit loan that does not exceed $15 for every $100 advanced up to the first 300 of the amount advanced; for the advance amounts in excess of $300, the lender may charge an additional finance charge of $10 for every $100 advanced in excess of $300. | |
| Oregon | 725.600 et seq. 725A.101 et seq. | Not Specified | 31 to 60 days | A payday loan lender may not: (1) Make or renew a payday loan at a rate of interest that exceeds 36% per annum, excluding a one-time origination fee that the payday loan lender may charge for the loan. (2) Charge during the term of a payday loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichever is less. (4) Charge a consumer a fee or interest other than a fee or interest described in subsection (1) or (2) of this section or in ORS 725A.060 (1)(c) or (d). | |
| Pennsylvania | 7 P.S. Sec. 6203 | Prohibited | $9.50 per $100 per year for interest, plus a service charge of $1.50 per $100 per year. | ||
| Puerto Rico | Not available | ||||
| Rhode Island | 19-14.1-1 et seq. 19-14.4-1 et seq. | $500 | Minimum 13 days | No licensee shall: (1) Charge check-cashing fees in excess of 3% of the face amount of the check, or $5, whichever is greater, if the check is the payment of any kind of state public assistance or federal social security benefit; (2) Charge check-cashing fees for personal checks in excess of 10% of the face amount of the personal check or $5, whichever is greater; or (3) Charge check-cashing fees in excess of 5% of the face amount of the check or $5, whichever is greater, for all other checks. (4) Charge deferred deposit transaction fees in excess of 10% of the amount of funds advanced. | |
| South Carolina | 34-39-110 et seq. | $550 | Maximum 31 days | 15% | |
South Dakota | 54-4-36 et seq. | $500 | Not specified | No licensee may contract for or receive finance charges pursuant to a loan in excess of an annual rate of 36%, including all charges for any ancillary product or service and any other charge or fee incident to the extension of credit. A violation of this section is a Class 1 misdemeanor. Any loan made in violation of this section is void and uncollectible as to any principal, fee, interest, or charge. | |
| Tennessee | 45-17-101 et seq. | $500 | Maximum 31 days | 15% | |
| Texas | Tex. Fin. Code Ann. §341.001 | ||||
Tex. Fin. Code Ann. §342.007 and §342.008 | The finance commission shall adopt rules providing for the regulation of deferred presentment transactions. | ||||
Tex. Fin. Code Ann. §§342.251 et seq. | The maximum cash advance of a loan made under this subchapter is an amount computed under Subchapter C, Chapter 341, using the reference base amount of $100, except that for loans that are subject to §342.259 the reference base amount is $200. | The maximum scheduled term of a loan made under this subchapter is: (1) for a loan of $100 or less, the lesser of: (A) one month for each multiple of $10 of cash advance; or (B) six months; and (2) for a loan of more than $100, one month for each multiple of $20 of cash advance. | (a) Instead of the charges authorized by §342.201, a loan contract may provide for: (1) on a cash advance of less than $30, an acquisition charge that is not more than $1 for each $5 of the cash advance; (2) on a cash advance equal to or more than $30 but not more than $100: (A) an acquisition charge that is not more than the amount equal to one-tenth of the amount of the cash advance; and (B) an installment account handling charge that is not more than: (i) $3 a month if the cash advance is not more than $35; (ii) $3.50 a month if the cash advance is more than $35 but not more than $70; or (iii) $4 a month if the cash advance is more than $70; or (3) on a cash advance of more than $100: (A) an acquisition charge that is not more than $10; and (B) an installment account handling charge that is not more than the ratio of $4 a month for each $100 of cash advance. (b) For an acquisition charge authorized by this subchapter, the finance commission by rule may prescribe a reasonable maximum amount for an acquisition charge that is greater than the maximum amount authorized by the applicable section of this subchapter for the amount of the cash advance. (c) An acquisition charge under this subchapter is not interest. A loan contract to which §342.251 applies and that is payable in a single installment may provide for an acquisition charge and an interest charge on the cash advance that does not exceed a rate or amount that would produce the same effective return, determined as a true daily earnings rate, as allowed under §342.252 considering the amount and term of the loan. If a loan that has a term in excess of one month under this section is prepaid in full, the lender may earn a minimum of the acquisition charge and interest charge for one month. If a loan under this section has an initial term of less than one month, the lender may earn a minimum of the acquisition charge and an interest charge that produces the same effective return as the installment account handling charge computed at a daily rate for the term the loan is outstanding. (a) Instead of the charges authorized by §§342.201 and 342.252, a loan made under this subchapter with a maximum cash advance computed under Subchapter C, Chapter 341, using a reference base amount that is more than $100 but not more than $200, may provide for: (1) an acquisition charge that is not more than $10; and (2) an installment account handling charge that is not more than the ratio of $4 a month for each $100 of cash advance. (b) An acquisition charge under this section is considered to be earned at the time a loan is made and is not subject to refund. On the prepayment of a loan that is subject to this section, the installment account handling charge is subject to refund in accordance with Subchapter H. (c) Except as provided by this section, provisions of this chapter applicable to a loan that is subject to §342.252 also apply to a loan that is subject to this section. (a) A loan contract under this subchapter may provide for an interest charge computed using the true daily earnings method or the scheduled installment earnings method that does not exceed the equivalent rate or effective return of the installment account handling charge for the original scheduled term of the loan. (b) The principal balance of a loan contract authorized by this section may not include the acquisition charge, installment account handling charge, default charges, or deferment charges or the return check fees authorized by §3.506, Business & Commerce Code. (c) Interest may accrue on the principal balance from time to time unpaid at the rate provided for by the contract until the date of payment in full or demand for payment in full. | ||
Tex. Fin. Code Ann. §342.601 et seq. | A lender who engages in a deferred presentment transaction with a member of the U.S. military or a dependent of a member of the U.S. military must comply with 10 U.S.C. §987 and any regulations adopted under that law, to the extent applicable. | ||||
Tex. Fin. Code Ann. §393.221 et seq. and §393.604 et seq. | A credit access business may assess fees for its services as agreed to between the parties. A credit access business fee may be calculated daily, biweekly, monthly, or on another periodic basis. A credit access business is permitted to charge amounts allowed by other laws, as applicable. A fee may not be charged unless it is disclosed. An extension of consumer credit described by §393.602(a) that is obtained by a credit access business for a member of the U.S. military or a dependent of a member of the U.S. military or that the business assisted that person in obtaining must comply with 10 U.S.C. §987 and any regulations adopted under that law, to the extent applicable. | ||||
7 Tex. Admin. Code §83.6004 and §83.1001 et seq. | Not less than seven days | A licensee may charge an amount that does not exceed the rates authorized in Texas Finance Code, §§342.251 - 342.259. | |||
| Utah | 7-23-101 et seq. | None | A deferred deposit lender that engages in a deferred deposit loan may not: (b) roll over a deferred deposit loan without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; (c) roll over a deferred deposit loan if the rollover requires a person to pay the amount owed by the person under a deferred deposit loan in whole or in part more than 10 weeks from the day on which the deferred deposit loan is first executed. | A deferred deposit lender that engages in a deferred deposit loan may not collect additional interest on a deferred deposit loan with an outstanding principal balance 10 weeks after the day on which the deferred deposit loan is executed. | |
| Vermont | 9 V.S.A. Sec. 41a; 8 V.S.A. 2519 | Prohibited | 18% per year | ||
| Virginia | 6.2-1800 et seq. 2020 Chapters 1215 and 1258 | Effective Jan. 1, 2021 $2,500 | Effective Jan. 1, 2021 A licensee may engage in the business of making short-term loans, provided that each loan meets all of the following conditions: 2. The minimum duration of the loan is four months and the maximum duration of the loan is 24 months; however, the minimum duration of the loan may be less than four months if the total monthly payment on the loan does not exceed the greater of (i) an amount that is five percent of the borrower's verified gross monthly income or (ii) 6% of the borrower's verified net monthly income. | Effective Jan. 1, 2021 A. A licensee may charge, collect, and receive only the following fees and charges in connection with a short-term loan, provided such fees and charges are set forth in the written loan contract described in §6.2-1816.1: 1. Interest at a simple annual rate not to exceed 36%; 2. Subject to §6.2-1817.1, a monthly maintenance fee that does not exceed the lesser of eight percent of the originally contracted loan amount or $25, provided the fee is not added to the loan balance on which interest is charged; 3. Any deposit item return fee incurred by the licensee, not to exceed $25, if a borrower's check or electronic draft is returned because the account on which it was drawn was closed by the borrower or contained insufficient funds, or the borrower stopped payment of the check or electronic draft, provided that the terms and conditions upon which such fee will be charged to the borrower are set forth in the written loan contract described in §6.2-1816.1; and 4. Damages and costs to which the licensee may become entitled to by law in connection with any civil action to collect a loan after default, except that the total amount of damages and costs shall not exceed the originally contracted loan amount. B. A licensee may impose a late charge according to the provisions of §6.2-400 provided, however, that the late charge shall not exceed $20. The Commission may, from time to time, by regulation, adjust the dollar amount of $25 specified in subsection A of §6.2-1817 to reflect the rate of inflation from the previous date that the dollar amount was established, as measured by the Consumer Price Index or other method of measuring the rate of inflation that the Commission determines is reliable and generally accepted. | |
| Virgin Islands | Not available | ||||
| Washington | 31.45.010 et seq. | May not exceed $700 or 30% of the gross monthly income of the borrower, whichever is lower | A licensee must set the due date of a small loan on or after the date of the borrower's next pay date. If a borrower's next pay date is within seven days of taking out the loan, a licensee must set the due date of a small loan on or after the borrower's second pay date after the date the small loan is made. The termination date of a small loan may not exceed the origination date of that same small loan by more than 45 days, including weekends and holidays, unless the term of the loan is extended by agreement of both the borrower and the licensee and no additional fee or interest is charged. | A licensee that has obtained the required small loan endorsement may charge interest or fees for small loans not to exceed in the aggregate 15% of the first $500 of principal. If the principal exceeds $500, a licensee may charge interest or fees not to exceed in the aggregate 10% of that portion of the principal in excess of $500. If a licensee makes more than one loan to a single borrower, and the aggregated principal of all loans made to that borrower exceeds $500 at any one time, the licensee may charge interest or fees not to exceed in the aggregate 10% on that portion of the aggregated principal of all loans at any one time that is in excess of $500. | |
| West Virginia | West Virginia Code 46A-4-107 and 32A-3-1 et. seq. | Prohibited | 31% per year on a loan of $2,000 or less | ||
| Wisconsin | 138.14 | Maximum $1,500 or 35% of your gross monthly income, whichever is less | Maximum 90 days, but you are able to refinance your loan one time. | (a) Interest. 1. Except as provided in sub. (12) (b), this section imposes no limit on the interest that a licensee may charge before the maturity date of a payday loan. 2. If a payday loan is not paid in full on or before the maturity date, a licensee may charge, after the maturity date, interest at a rate not exceeding 2.75% per month, except that if a licensee makes a subsequent payday loan to the customer under sub. (12) (a), and the customer does not pay the subsequent loan in full on or before the maturity date of the subsequent loan, the licensee may charge, after the maturity date of the subsequent loan, interest at a rate not exceeding 2.75% per month on the subsequent loan and the licensee may not charge any interest under this subdivision on the prior loan. Interest earned under this subdivision shall be calculated at the rate of one−thirtieth of the monthly rate charged for each calendar day that the balance of the loan is outstanding. Interest may not be assessed on any interest earned under this subdivision.
A licensee may not assess a customer any fee or charge for database access or usage. No licensee may make a payday loan to a customer that results in the customer having an outstanding aggregate liability in principal, interest, and all other fees and charges, to all licensees who have made payday loans to the customer of more than $1,500 or 35% of the customer’s gross monthly income, whichever is less. As provided in sub. (9m), a licensee may rely on a consumer report to verify a customer’s income for purposes of this paragraph. | |
| Wyoming | 40-14-362 et seq. | None | One calendar month | Either 20% per month or $30, whichever is greater. | |
867 Boylston Street, 5th Floor #1011 Boston, MA 02116
© Copyright © 2014 - 2021 · loanplaces.org · Payday Loan Places · Affiliate Program · All Rights Reserved. 
