Payday loans are compact loans topic to state regulation. Traditionally states have capped tiny loan prices at 24 to 48 % annual interest and required installment repayment schedules. Many states also have criminal usury laws to guard buyers.
3 Type of Payday Lending Legal Status
Payday loans at triple-digit rates and due in full around the subsequent payday are legal in states exactly where legislatures either deregulated small loans or exempted payday loans from standard little loan or usury laws and/or enacted legislation to authorize loans primarily based on holding the borrower’s verify or electronic payment from a bank account.
1. Prohibit Extremely High Cost Payday Lending
States shield their citizens from usurious payday lending by prohibiting the item or by setting price caps or usury limits.
Georgia prohibits payday loans below racketeering laws. New York and New Jersey prohibit payday lending through criminal usury statutes, limiting loans to 25 % and 30 % annual interest, respectively. Arkansas’s state constitution caps loan rates at 17 percent annual interest.
Just after permitting high-cost payday loans, New Hampshire capped payday loan rates at 36 % annual interest in 2009. Montana voters passed a ballot initiative in 2010 to cap loan prices at 36 percent annual interest, productive in 2011. South Dakota voters approved a ballot initiative in 2016 by a 75 percent vote to cap prices for payday, auto title and installment loans at 36 % annual interest. Arizona voters rejected a payday loan ballot initiative in 2008, leading to sunset of your authorizing law in 2010. North Carolina attempted payday lending to get a few years, then let the authorizing law expire just after loans had been discovered to trap borrowers in debt. The states of Connecticut, Maryland, Massachusetts, Pennsylvania, Vermont, and West Virginia by no means authorized payday loans. The District of Columbia repealed its payday law.
2. Lower-Cost Payday Lending
Smaller loans secured by access for the borrower’s bank account are authorized in 3 states at reduced than typical rates. Maine caps interest at 30 % but permits tiered charges that lead to up to 261 percent annual prices for a two-week $250 loan. Oregon permits a one-month minimum term payday loan at 36 percent interest lus a $10 per $100 borrowed initial loan charges. As a result, a $250 one-month loan costs 154 % annual interest for the initial loan, and 36 percent for any subsequent loans. Colorado amended its payday loan law in 2010 to set a minimum six-month term for loans based on checks held by the lender. A Colorado payday loan may well incorporate charges of 45 % per annum interest, a monthly upkeep fee of 7.five percent per month right after the first month, as well as a tiered technique of finance charges, with 20 % for the first $300 borrower and an further 7.five percent for amounts from $301 to $500. Loans could be prepaid at any time having a rebate of unearned fees, repaid in installments, or repaid in 1 lump sum.
3. Authorize High-Cost Payday Lending
Thirty-two states either enacted legislation authorizing payday loans, failed to close loopholes exploited by the sector to create high-cost loans, or deregulated modest loan interest rate caps.
Payday loan states include things like: Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.
Payday lending is legal in Ohio regardless of a ballot vote in 2008 that capped prices. The industry switched to lending beneath other laws which was upheld by the courts and not corrected by the Ohio legislature.
Some authorizing states somewhat limit debt-trap dangers. One example is, Washington limits borrowers to eight payday loans per year. Virginia requires loans to become payable in two pay cycles; having said that, lenders evade protections in Virginia by structuring loans as unregulated open-end lines of credit.
The summaries ought to be used for basic informational purposes and not as a legal reference. NCSL is unable to provide guidance to citizens or enterprises with regards to payday loan laws and practices. In the event you have concerns concerning the application of a state law to a precise payday loan, please contact the Workplace in the Lawyer Basic in your state.
A summarizes state statutes relating to payday lending or deferred presentment, which features single-payment, short-term loans according to individual checks held for future deposit or on electronic access to individual checking accounts.
Thirty-eight states have particular statutes that permit for payday lending. Eleven jurisdictions don’t have distinct payday lending statutory provisions and/or demand lenders to comply with interest rate caps on customer loans: Connecticut, Guam, Maryland, Massachusetts , New Jersey, New York, Pennsylvania, Puerto Rico, Vermont, Virgin Islands and West Virginia. Arizona and North Carolina allowed pre-existing payday lending statutes to sunset. Arkansas repealed its pre-existing statute in 2011. The District of Columbia repealed its pre-existing statutory provision in 2007.
Payday lending statues and laws charges
|STATE||STATUTORY CITATION||MAXIMUM LOAN AMOUNT||MAXIMUM LOAN TERM||FINANCE CHARGES|
|Alabama||5-18A-1 et seq.||$500||Not less than 10 days and not more than 31 days||May not to exceed 17.5 percent of the amount advanced.|
|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 percent of the total amount of the advance, whichever is less.|
|California||Civil Code 1789.30 et seq.
Financial Code 23000 et seq.
|$300||Up to 31 days||A fee for a deferred deposit transaction shall not exceed 15 percent of the face amount of the check.
Any person who violates any provision of §670 of the John Warner National Defense Authorization Act for Fiscal Year 2007 (Public Law 109-364) or any provision of §232 of Title 32 of the Code of Federal Regulations, as published on Aug. 31, 2007, in Volume 72 of the Federal Register, violates this division.
|Colorado||5-3.1-101 et seq.||A lender shall not lend an amount greater than $500 nor shall the amount financed exceed $500 at any time to a consumer.||There shall be no maximum loan term. The minimum loan term shall be six months from the loan transaction date.||A lender may charge a finance charge for each deferred deposit loan or payday loan that may not exceed 20 percent of the first $300 loaned plus seven and one-half percent of any amount loaned in excess of $300. Such charge shall be deemed fully earned as of the date of the transaction. The lender may also charge an interest rate of 45 percent per annum for each deferred deposit loan or payday loan. 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 annual percentage rate based upon the ratio of time left before maturity to the loan term. In addition, the lender may charge a monthly maintenance fee for each outstanding deferred deposit loan, not to exceed $7.50 per $100 loaned, up to $30 per month. The monthly maintenance fee may be charged for each month the loan is outstanding 30 days after the date of the original loan transaction. The lender shall charge only those charges authorized in this article in connection with a deferred deposit loan. Upon renewal of a deferred deposit loan, the lender may assess an additional finance charge not to exceed an annual percentage rate of 45 percent.|
|Delaware||5 Del. C. §978
5 Del. C. §2227 et seq.
5 Del. C. §2744
|$1,000||Less than 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.||$500 exclusive of the fees||Not longer than 31 days and not less than seven days||A deferred presentment provider or its affiliate may not charge fees that exceed 10 percent of the currency or payment instrument provided. However, a verification fee may be charged as provided in §560.309(7). The 10 percent fee may not be applied to the verification fee. A deferred presentment provider may charge only those fees specifically authorized in this section.|
16-17-1 et seq.
|Hawaii||480F-1 et seq.||$600||No more than 32 days||A check casher may charge a fee for deferred deposit of a personal check in an amount not to exceed 15 percent of the face amount of the check.|
|Idaho||28-46-401 et seq.||$1000||None|
|Illinois||815 ILCS 122/1-1 et seq.||$1,000 or 25 percent of the consumer’s gross monthly income, whichever is less||No payday loan may have a minimum term of less than 13 days and does not exceed 120 days.
Except for an installment payday loan, no payday loan may be made to a consumer if the loan would result in the consumer being indebted to one or more payday lenders for a period in excess of 45 consecutive days.
A payday loan shall also include any installment loan otherwise meeting the definition of payday loan contained in §1-10, but that has a term agreed by the parties of not less than 112 days and not exceeding 180 days; hereinafter an “installment payday loan.”
|No lender may charge more than $15.50 per $100 loaned on any payday loan over the term of the loan, or more than $15.50 per $100 on the initial principal balance and on the principal balances scheduled to be outstanding during any installment period on any installment payday loan.
Any installment payday loan must be fully amortizing, with a finance charge calculated on the principal balances scheduled to be outstanding and be repayable in substantially equal and consecutive installments, according to a payment schedule agreed by the parties with not less than 13 days and not more than one month between payments; except that the first installment period may be longer than the remaining installment periods by not more than 15 days, and the first installment payment may be larger than the remaining installment payments by the amount of finance charges applicable to the extra days.
In calculating finance charges under this subsection, when the first installment period is longer than the remaining installment periods, the amount of the finance charges applicable to the extra days shall not be greater than $15.50 per $100 of the original principal balance divided by the number of days in a regularly scheduled installment period and multiplied by the number of extra days determined by subtracting the number of days in a regularly scheduled installment period from the number of days in the first installment period.
No lender may make a payday loan to a consumer if the total of all payday loan payments coming due within the first calendar month of the loan, when combined with the payment amount of all of the consumer’s other outstanding payday loans coming due within the same month, exceeds the lesser of: (1) $1,000; or (2) in the case of one or more payday loans, 25 percent of the consumer’s gross monthly income; or (3) in the case of one or more installment payday loans, 22.5 percent of the consumer’s gross monthly income; or (4) in the case of a payday loan and an installment payday loan, 22.5 percent of the consumer’s gross monthly income.
For purposes of determining the finance charge earned on an installment payday loan, the disclosed annual percentage rate shall be applied to the principal balances outstanding from time to time until the loan is paid in full, or until the maturity date, whichever occurs first. No finance charge may be imposed after the final scheduled maturity date.
|Indiana||24-4.5-7-101 et seq.||At least $50 and not more than $550||Not less than 14 days||Finance charges on the first $250 of a small loan are limited to 15 percent of the principal. Finance charges on the amount of a small loan greater than $250 and less than or equal to $400 are limited to 13 percent of the amount over $250 and less than $400. Finance charges on the amount of the small loan greater than $400 and less than or equal to $500 are limited to 10 percent of the amount over $400 and less than $500.|
|Iowa||533D.1 et seq.||A licensee shall not hold from any one maker a check or checks in an aggregate face amount of more than $500 at any one time.||Not to exceed 31 days||A licensee shall not charge a fee in excess of $15 on the first $100 on the face amount of a check or more than $10 on subsequent $100 increments on the face amount of the check for services provided by the licensee, or pro rata for any portion of $100 face value.|
|Cash advance is equal to or less than $500||Minimum term is seven days and the maximum term is 30 days||A licensed or supervised lender may charge an amount not to exceed 15 percent of the amount of the cash advance. The contract rate of any loan made under this section shall not be more than three percent per month of the loan proceeds after the maturity date. No insurance charges or any other charges of any nature whatsoever shall be permitted, except returned check fees, including any charges for cashing the loan proceeds if they are given in check form.|
|Kentucky||286.9-010 et seq.||A licensee shall not have more than two deferred deposit transactions from any one customer at any one time. The total proceeds received by the customer from all of the deferred deposit transactions shall not exceed $500.||Not to exceed 60 days||A licensee shall not charge a service fee in excess of $15 per $100 on the face amount of the deferred deposit check. A licensee shall prorate any fee, based upon the maximum fee of $15.|
|Louisiana||RS 9:3578:1 et seq.||$350||Not to exceed 30 days||A licensee may charge a fee not to exceed 16 and 75/100 percent of the face amount of the check issued.|
|Maine||Me. Rev. Stat. Ann. tit 9-A §1-201 and Me. Rev. Stat. Ann. tit. 9-A §1-301||None|
|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 percent of the first $100 of the deferred presentment service transaction. (ii) 14 percent of the second $100 of the deferred presentment service transaction. (iii) 13 percent of the third $100 of the deferred presentment service transaction. (iv) 12 percent of the fourth $100 of the deferred presentment service transaction. (v) 11 percent of the fifth $100 of the deferred presentment service transaction. (vi) 11 percent of the sixth $100 of the deferred presentment service transaction. (b) The amount of any database verification fee allowed under section 34(5).|
|Minnesota||47.60||$350||Not to exceed 30 calendar 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 ten percent 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 seven percent 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 six percent 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 percent 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) Three percent 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) Ten percent of the face amount of the check or $5, whichever is greater, for personal checks; or (c) Five percent 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 or less||Minimum of 14 days and a maximum of 31 days||Any person, firm, or corporation may charge, contract for and receive interest on the unpaid principal balance at rates agreed to by the parties. No borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75 percent of the initial loan amount on any single loan.|
|Montana||31-1-701 et seq.||The minimum amount of a deferred deposit loan is $50 and the amount, exclusive of fees allowed, may not exceed $300.||A licensee may not charge a fee for making or carrying each deferred deposit loan authorized by this part that exceeds 36 percent per annum, exclusive of the insufficient funds fees.|
|Nebraska||45-901 et seq.||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.||Not to exceed 34 days||No licensee shall charge as a fee a total amount in excess of $15 per $100 or pro rata for any part thereof on the face amount of a check for services provided by licensee.|
|Nevada||604A.010 et seq.||A licensee shall not make a deferred deposit loan that exceeds 25 percent of the expected gross monthly income of the customer when the loan is made.||Notwithstanding any other provision of law, a violation of any provision of §670 of the John Warner National Defense Authorization Act for Fiscal Year 2007, Public Law 109-364, or any regulation adopted pursuant thereto shall be deemed to be a violation of this chapter.|
|New Hampshire||399A:1 et seq.||$500||At least seven days and not more than 30 days||The annual percentage rate for payday loans shall not exceed 36 percent.|
|New Mexico||58-15-1 et seq.||No licensee shall make a payday loan to a consumer if the total principal amount of the loan and fees, when combined with the principal amount and fees of all of the consumer’s other outstanding payday loan products, exceeds 25 percent of the consumer’s gross monthly income.||No payday loan shall have a stated maturity greater than 35 days; no payday loan shall have a stated minimum term less than 14 days unless agreed to in writing by the consumer||Upon the execution of a new payday loan, the licensee may impose an administrative fee of not more than $15.50 per $100 of principal, which fee is fully earned and nonrefundable at the time a payday loan agreement is executed and payable in full at the end of the term of the payday loan or upon prepayment of the payday loan unless a payday loan is rescinded pursuant to Subsection C of §58-15-32 NMSA 1978. Upon the execution of a new payday loan agreement, the licensee may impose an additional administrative fee of not more than 50 cents per executed new payday loan agreement as necessary to cover the cost to the licensee of verification pursuant to §58-15-37 NMSA 1978, which fee is fully earned and nonrefundable at the time a payday loan agreement is executed and payable in full at the end of the term of the payday loan or upon prepayment of the payday loan unless a payday loan is rescinded pursuant to Subsection C of §58-15-32 NMSA 1978.|
|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 percent 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.||$500||The duration of the loan is not less than 31 days||Interest calculated in compliance with 15 U.S.C. §1606, and not exceeding an annual percentage rate greater than 28 percent.|
|Oklahoma||59-3101 et seq.||$500 exclusive of the finance charge||Not less than 12 days or more than 45 days from the date the instrument is accepted by the lender||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.
|$50,000||Made for a period of 60 days or less or for which the lender may demand repayment within 60 days. Loan cannot be made for less than 31 days.||A payday loan lender may not: (1) Make or renew a payday loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee for a new loan. (2) Charge during the term of a new 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).|
|Puerto Rico||Not available|
|Rhode Island||19-14.1-1 et seq.
19-14.4-1 et seq.
|$500||Not less than 13 days||No licensee shall: (1) Charge check-cashing fees in excess of three percent 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 percent of the face amount of the personal check or $5, whichever is greater; or (3) Charge check-cashing fees in excess of five percent 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 percent of the amount of funds advanced.|
|South Carolina||34-39-110 et seq.||$550 exclusive of fees allowed in §34-39-180(E)||Not to exceed 31 days||A licensee shall not charge, directly or indirectly, a fee or other consideration in excess of 15 percent of the face amount of the check.|
|South Dakota||54-4-36 et seq.||$500||None|
|Tennessee||45-17-101 et seq.||Not to exceed $500||A licensee shall not defer presentment of any personal check for more than 31 calendar days after the date the check is tendered to the licensee.||A licensee may charge a fee to defray operational costs, including, but not limited to, investigating the checking account and copying required documents, photographing the person signing the check, securing the check and customer records in a safe, fire-proof place, maintaining records as required by this chapter, maintaining required capital and liquidity, processing, documenting and closing the transaction, and for other expenses and losses. The fee authorized by this subsection (b) shall not exceed 15 percent of the face amount of the check. The fee, when made and collected, shall not be deemed interest for any purpose of law.|
|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.|
|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||The deferred deposit loan may not be rolled over beyond 12 weeks after the day on which the deferred deposit loan is 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.|
|Virginia||6.2-1800 et seq.||$500||The loan agreement shall set forth: an agreement by the licensee not to present the check for payment or deposit until the date the loan is due, which date shall produce a loan term of at least two times the borrower’s pay cycle and after which date interest shall not accrue on the amount advanced at a greater rate than six percent per year.||A licensee may charge and receive on each loan interest at a simple annual rate not to exceed 36 percent. A licensee may charge and receive a loan fee in an amount not to exceed 20 percent of the amount of the loan proceeds advanced to the borrower. A licensee may charge and receive a verification fee in an amount not to exceed $5 for a loan made under this chapter. The verification fee shall be used in part to defray the costs of submitting a database inquiry as provided in subdivision B 4 of §6.1-453.1.|
|Virgin Islands||Not available|
|Washington||31.45.010 et seq.||May not exceed $700 or 30 percent 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 percent 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 percent 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 percent on that portion of the aggregated principal of all loans at any one time that is in excess of $500.|
|Wisconsin||138.14||None||(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 percent 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 percent 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 percent 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||No post-dated check finance charge shall exceed the greater of $30 or 20 percent per month on the principal balance of the post-dated check or similar arrangement.|
Credit : National Conference of State Legislatures (NCSL)
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