SHB 2361 — Concerning the maximum principal amount of small loans.

What this bill does

Increases the maximum principal amount of any small loan, or the outstanding principal balances of all small loans made by all check casher or seller licensees to a single borrower at any one time, from $700 to $1,200 adjusted annually for inflation, or 30 percent of the borrower's gross monthly income, whichever is lower. Requires the Department of Financial Institutions to calculate the inflation-adjusted maximum principal amount of small loans, and publish the information on its website and in a press release.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

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Other bills sponsored by Donaghy

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