Washington is the newest state in the news with regards to payday loans.  According to the Seattle Times, “The House voted 84-10 early Tuesday to pass a bill that would require lenders to offer extended payment plans to borrowers who get in over their heads. The measure also blocks borrowers from receiving loans totaling more than 30 percent of their monthly income. The bill now goes to the Senate.”  Initially there were some provisions that would have limited the amount of interest the consumers had to pay, however that part of the bill was dropped.

Washington adds to the group of states that Leadpile Lead Exchange is keeping an eye on regarding payday lending laws.  Some of the other states we are keeping an eye on are AZ, OH, GA and a few others.  We will keep everyone updated.

NEW LAW IS A BENEFIT TO LEADPILE AS ANYTHING THAT HELPS THE CONSUMER IS A GOOD THING!