OLYMPIA – The Washington State Department of banking institutions (DFI) urges customers seeking short-term and/or little loans from organizations seen on television or online to be vigilant, see the fine print and make certain any business they are doing company with is certified to produce loans when you look at the state of Washington.
Customers probably know that Web loan providers maybe maybe maybe not certified in Washington State might also never be adhering to our stateвЂ™s laws and regulations. As a result of this, the defenses within our stateвЂ™s regulations – including restrictions on charges which may be charged and guidelines associated with collection methods – might not be offered to customers making use of these solutions whenever they have a problem with the financial institution later on.
вЂњInternet payday lenders who aren’t happy to adhere to Washington legislation aren’t welcome to complete company with Washington customers,вЂќ DFI Director Scott Jarvis stated. вЂњAs their state regulator, it is our task to enforce the customer security legislation used by our legislators вЂ“ companies refusing to relax and play because of the guidelines should be aware вЂ“ and get ready for DFI to do this against them.вЂќ