Washington HB2361 amends small loan regulations, setting a maximum principal amount of $1,200 for small loans.

Washington HB2361 amends the state's small loan regulations, setting a maximum principal amount of $1,200 for small loans, adjusted for inflation. The bill also limits the number of small loans a borrower can receive from all licensees to eight in any 12-month period. Licensees are prohibited from making small loans to borrowers in default on another small loan until that loan is paid in full or two years have passed from the origination date.

Washington HB2361 amends small loan regulations, setting a maximum principal amount of $1,200 for small loans.

Washington HB2361 amends the state's small loan regulations, setting a maximum principal amount of $1,200 for small loans, adjusted for inflation. The bill also limits the number of small loans a borrower can receive from all licensees to eight in any 12-month period. Licensees are prohibited from making small loans to borrowers in default on another small loan until that loan is paid in full or two years have passed from the origination date.