Adjusts small loan limits and terms in Washington, including inflation adjustments and borrower limits.

The bill modifies the rules for small loans in Washington, including adjusting the maximum principal amount based on inflation and limiting the number of loans a borrower can receive. It requires institutions to calculate the inflation-adjusted maximum principal amount using the consumer price index and sets a cap of $1,200. Borrowers are limited to eight small loans from all licensees in any 12-month period, whichever is lower. The bill also restricts the terms of installment plans and the acceptance of collateral for small loans.

Adjusts small loan limits and terms in Washington, including inflation adjustments and borrower limits.

The bill modifies the rules for small loans in Washington, including adjusting the maximum principal amount based on inflation and limiting the number of loans a borrower can receive. It requires institutions to calculate the inflation-adjusted maximum principal amount using the consumer price index and sets a cap of $1,200. Borrowers are limited to eight small loans from all licensees in any 12-month period, whichever is lower. The bill also restricts the terms of installment plans and the acceptance of collateral for small loans.