Payday Lending State Statutes

State Statutes Regulating Payday Loans

PLEASE NOTE: Please note the summaries should be used for general informational purposes and not as a legal reference. NCSL and this website (Paydayloanonline.com) is unable to provide guidance to citizens or businesses regarding payday loan laws and practices. If you have questions regarding the application of a state law to a specific payday loan, please contact the Office of the Attorney General in your state.

This page summarizes state statutes regarding payday lending or deferred presentment, which features single-payment, short-term loans based on personal checks held for future deposit or on electronic access to personal checking accounts.

Thirty-seven states have specific statutes that allow for payday lending. Eleven jurisdictions do not have specific payday lending statutory provisions and/or require lenders to comply with interest rate caps on consumer loans: Connecticut, Guam, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Puerto Rico, Vermont, Virgin Islands and West Virginia. Arizona and North Carolina allowed pre-existing payday lending statutes to sunset. Arkansas repealed its pre-existing statute in 2011. New Mexico repealed its payday lending statutes in 2017. The District of Columbia repealed its pre-existing statutory provision in 2007.

Alabama

Statutory Citation: 5-18A-1 et seq.

Maximum Loan Amount: $500

Maximum Loan Term: Not less than 10 days and not more than 31 days

Finance Charges: May not exceed 17.5% of the amount advanced.

Alaska

Statutory Citation: 06.50.010 et seq.

Maximum Loan Amount: $500

Maximum Loan Term: 14 days

Finance Charges: A licensee may only charge a nonrefundable origination fee in an amount not to exceed $5; and a fee that does not exceed $15 for each $100 of an advance, or 15% of the total amount of the advance, whichever is less.

Arizona

Statutory Citation: Prohibited

Arkansas

Statutory Citation: Prohibited

California

Maximum Loan Amount: $300

Maximum Loan Term: Up to 31 days

Statutory Citation: Civil Code 1789.30 et seq.

Finance Charges: A fee for a deferred deposit transaction shall not exceed 15% of the face amount of the check.

Statutory Citation: Financial Code 23000 et seq.

Finance Charges: Any person who violates any provision of §987 of Title 10 of the U.S. Code, as amended by 126 Stat. 1785 (Public Law 112-239), or any provision of Part 232 (commencing with §232.1) of Subchapter M of Chapter I of Subtitle A of Title 32 of the Code of Federal Regulations, as published on July 22, 2015, on page 43560 in Number 140 of Volume 80 of the Federal Register, violates this division.

Colorado

Maximum Loan Amount: A lender shall not lend an amount greater than $500 nor shall the amount financed exceed $500 at any time to a consumer.

Maximum Loan Term: There shall be no maximum loan term. The minimum loan term shall be six months from the loan transaction date.

Statutory Citation: 5-3.1-101 et seq.

Finance Charges: A lender may charge a finance charge for each deferred deposit loan or payday loan that must not exceed an annual percentage rate of 36%. If the loan is prepaid prior to the maturity of the loan term, the lender shall refund to the consumer a prorated portion of the finance charge based upon the ratio of time left before maturity to the loan term. A lender may charge only those charges expressly authorized in this article in connection with a deferred deposit loan or payday loan.

Statutory Citation: 4 Code of Colo. Reg. 902-1, Rule 17

Finance Charges:

(A) Origination/Acquisition Fee

The finance charge permitted by §5-3.1-105, C.R.S. of up to 20% of the first $300 loaned plus 7.5% of any amount loaned in excess of $300 may be referred to as an “origination” or “acquisition” fee.

(C) Interest Rate

The interest rate of up to 45% per annum permitted by §5-3.1-105, C.R.S. may be assessed only on the amount financed of $500 or less. It may not be assessed on the origination/acquisition fee or monthly maintenance fees.

(D) Monthly Maintenance Fees

1. A monthly maintenance fee may be charged for each month the loan is outstanding after the first 30 days of the loan. The number of monthly maintenance fees permitted is equal to the number of months in the loan term less one month. For example, on a six-month loan, a monthly maintenance fee may be charged at the end of the second through sixth months if the loan is outstanding during that time.

2. A monthly maintenance fee may be charged on each $100 increment of the amount financed. No fee may be collected on amounts of less than $100. For example, on a $350 loan, the permitted monthly maintenance fee is $22.50 (three increments of $100 x $7.50 = $22.50).

3. A monthly maintenance fee is not earned until the end of the month. If a payday loan is prepaid in full at any time during a month, no monthly maintenance fee may be collected for that month.

4. The monthly maintenance fee may be based on the amount financed rather than the actual balance remaining each month.

Delaware

Statutory Citation: 5 Del. C. §978, 5 Del. C. §2227 et seq., 5 Del. C. §2744

Maximum Loan Amount: $1,000

Maximum Loan Term: Less than 60 days

Finance Charges: A licensee may charge and collect interest in respect of a loan at such daily, weekly, monthly, annual or other periodic percentage rate or rates as the agreement governing the loan provides or as established in the manner provided in such agreement and may calculate such interest by way of simple interest or such other method as the agreement governing the loan provides. If the interest is precomputed it may be calculated on the assumption that all scheduled payments will be made when due. For purposes hereof, a year may but need not be a calendar year and may be such period of from 360 to 366 days, including or disregarding leap year, as the licensee may determine.

District of Columbia

Statutory Citation: Prohibited 26-319

Florida

Statutory Citation: 560.402 et seq.

Maximum Loan Amount: The face amount of a check taken for deferred presentment transactions not repayable in installments may not exceed $500, exclusive of the fees allowed under this part. For a deferred presentment installment transaction, neither the face amount of a check nor the outstanding transaction balance may exceed $1,000, exclusive of the fees allowed under this part.

Maximum Loan Term: A deferred presentment agreement may not be for a term longer than 31 days or fewer than seven days, except for a deferred presentment installment transaction, which may not be for a term longer than 90 days or fewer than 60 days.

Finance Charges:

(a) A deferred presentment provider or its affiliate may not charge fees that exceed 10% of the currency or payment instrument provided for a deferred presentment transaction not repayable in installments. A deferred presentment provider or its affiliate may not charge fees on any deferred presentment installment transaction which exceed 8% of the outstanding transaction balance on a biweekly basis.

(b) Notwithstanding paragraph (a), a verification fee may be charged as provided in §560.309(8). The fees in paragraph (a) may not be applied to the verification fee.

(c) Fees are earned at the time of origination for a deferred presentment transaction scheduled to be paid off in 31 days or less; however, fees for a deferred presentment installment transaction are earned using a simple interest calculation. A deferred presentment provider may charge only those fees specifically authorized in this section. Prepayment penalties are prohibited.

Georgia

Statutory Citation: Prohibited 16-17-1 et seq.

Guam

Statutory Citation: Not available

Hawaii

Statutory Citation: 480F-1 et seq.

Maximum Loan Amount: The face amount of the check shall not exceed $600.

Maximum Loan Term: No more than 32 days

Finance Charges: A check casher may charge a fee for deferred deposit of a personal check in an amount not to exceed 15% of the face amount of the check.

Idaho

Statutory Citation: 28-46-401 et seq.

Maximum Loan Amount: The maximum principal amount of any payday loan is $1000.

Finance Charges: A payday lender shall not make a payday loan that exceeds 25% of the gross monthly income of the borrower when the loan is made.

Illinois

Statutory Citation: 815 ILCS 122/1-1 et seq.

Maximum Loan Amount: (1) $1,000; or (2) in the case of one or more payday loans, 25% of the consumer's gross monthly income; or (3) in the case of one or more installment payday loans, 22.5% of the consumer's gross monthly income; or (4) in the case of a payday loan and an installment payday loan, 22.5% of the consumer's gross monthly income, whichever is less.

Maximum Loan Term: No payday loan may have a minimum term of less than 13 days and does not exceed 120 days. Except for an installment payday loan, no payday loan may be made to a consumer if the loan would result in the consumer being indebted to one or more payday lenders for a period in excess of 45 consecutive days. A payday loan shall also include any installment loan otherwise meeting the definition of payday loan contained in §1-10, but that has a term agreed by the parties of not less than 112 days and not exceeding 180 days; hereinafter an "installment payday loan."

Finance Charges:

No lender may charge more than $15.50 per $100 loaned on any payday loan over the term of the loan, or more than $15.50 per $100 on the initial principal balance and on the principal balances scheduled to be outstanding during any installment period on any installment payday loan.

A lender may charge a borrower a fee not to exceed $1 for the verification required under §2-15 of this Act in connection with a payday loan and, until July 1, 2020, in connection with an installment payday loan. Beginning July 1, 2020, a lender may charge a borrower a fee not to exceed $3 for the verification required under §2-15 of this Act in connection with an installment payday loan. In no event may a fee be greater than the amount charged by the certified consumer reporting service. Only one such fee may be collected by the lender with respect to a particular loan.

Any installment payday loan must be fully amortizing, with a finance charge calculated on the principal balances scheduled to be outstanding and be repayable in substantially equal and consecutive installments, according to a payment schedule agreed by the parties with not less than 13 days and not more than one month between payments; except that the first installment period may be longer than the remaining installment periods by not more than 15 days, and the first installment payment may be larger than the remaining installment payments by the amount of finance charges applicable to the extra days.

In calculating finance charges under this subsection, when the first installment period is longer than the remaining installment periods, the amount of the finance charges applicable to the extra days shall not be greater than $15.50 per $100 of the original principal balance divided by the number of days in a regularly scheduled installment period and multiplied by the number of extra days determined by subtracting the number of days in a regularly scheduled installment period from the number of days in the first installment period.

No lender may make a payday loan to a consumer if the total of all payday loan payments coming due within the first calendar month of the loan, when combined with the payment amount of all of the consumer's other outstanding payday loans coming due within the same month, exceeds the lesser of: (1) $1,000; or (2) in the case of one or more payday loans, 25% of the consumer's gross monthly income; or (3) in the case of one or more installment payday loans, 22.5% of the consumer's gross monthly income; or (4) in the case of a payday loan and an installment payday loan, 22.5% of the consumer's gross monthly income.

For purposes of determining the finance charge earned on an installment payday loan, the disclosed annual percentage rate shall be applied to the principal balances outstanding from time to time until the loan is paid in full, or until the maturity date, whichever occurs first. No finance charge may be imposed after the final scheduled maturity date.

Indiana

Statutory Citation: 24-4.5-7-101 et seq.

Maximum Loan Amount: At least $50 and not more than $550

Maximum Loan Term: Not less than 14 days

Finance Charges:

(1) Finance charges on the first $250 of a small loan are limited to 15% of the principal.

(2) Finance charges on the amount of a small loan greater than $250 and less than or equal to $400 are limited to 13% of the amount over $250 and less than or equal to $400.

(3) Finance charges on the amount of the small loan greater than $400 and less than or equal to $550 are limited to 10% of the amount over $400 and less than or equal to $550.

(4) The amount of $550 in subsection (3) is subject to change under the provisions on adjustment of dollar amounts (IC 24-4.5-1-106). However, notwithstanding IC 24-4.5-1-106(1), the Reference Base Index to be used under this subsection is the Index for Oct. 2006.

Iowa

Statutory Citation: 533D.1 et seq.

Maximum Loan Amount: A licensee shall not hold from any one maker a check or checks in an aggregate face amount of more than $500 at any one time.

Maximum Loan Term: Not to exceed 31 days

Finance Charges: A licensee shall not charge a fee in excess of $15 on the first $100 on the face amount of a check or more than $10 on subsequent $100 increments on the face amount of the check for services provided by the licensee, or pro rata for any portion of $100 face value.

Kansas

Statutory Citation: 16a-2-404, 16a-2-405

Maximum Loan Amount: Cash advance equal to or less than $500

Maximum Loan Term: Minimum term is seven days and the maximum term is 30 days

Finance Charges: A licensed or supervised lender may charge an amount not to exceed 15% of the amount of the cash advance. The contract rate of any loan made under this section shall not be more than 3% per month of the loan proceeds after the maturity date. No insurance charges or any other charges of any nature whatsoever shall be permitted, except returned check fees, including any charges for cashing the loan proceeds if they are given in check form.

Kentucky

Statutory Citation: 286.9-010 et seq.

Maximum Loan Amount: A licensee shall not have more than two deferred deposit transactions from any one customer at any one time. The total proceeds received by the customer from all of the deferred deposit transactions shall not exceed $500.

Maximum Loan Term: Not to exceed 60 days

Finance Charges: A licensee shall not charge a service fee in excess of $15 per $100 on the face amount of the deferred deposit check. A licensee shall prorate any fee, based upon the maximum fee of $15. The commissioner shall impose a fee of $1 per transaction for data required to be submitted by a deferred deposit service business licensee, which fee may be charged to the customer.

Louisiana

Statutory Citation: RS 9:3578:1 et seq.

Maximum Loan Amount: $350

Maximum Loan Term: Not to exceed 30 days

Finance Charges: In conjunction with a deferred presentment transaction or small loan, a licensee may charge a fee not to exceed 16.75% of the face amount of the check issued or in the case of a small loan, the equivalent rate of interest, provided however that such fee or interest does not exceed $45, regardless of the name or type of charge. If the loan remains unpaid at contractual maturity, the licensee may charge an amount equal to the rate of 36% per annum for a period not to exceed one year and beginning one year after contractual maturity, the rate shall not exceed 18% per annum. A lender may charge a documentation fee in an amount not to exceed one-half of the amount authorized in Paragraph (4) of this Subsection, in connection with a non-real estate consumer loan transaction ($10).

Maine

Statutory Citation: Me. Rev. Stat. Ann. tit 9-A §1-201; Me. Rev. Stat. Ann. tit. 9-A §1-301 and Me. Rev. Stat. Ann. tit. 9-A, §2-401

Maximum Loan Amount: None

Finance Charges: With respect to a consumer loan, other than a loan pursuant to open-end credit, a lender may contract for and receive a finance charge calculated according to the actuarial method, not exceeding the equivalent of the following: A. The total of: (i) 30% per year on that part of the unpaid balances of the amount financed that is $2,000 or less; (ii) 24% per year on that part of the unpaid balances of the amount financed that is more than $2,000 but does not exceed $4,000; and (iii) 18% per year on that part of the unpaid balances of the amount financed that is more than $4,000. Notwithstanding subsection 2, the lender may contract for and receive a minimum charge of not more than: A. $5 when the amount financed does not exceed $75; B. $15 when the amount financed exceeds $75, but is less than $250; or C. $25 when the amount financed is $250 or more.

Michigan

Statutory Citation: 487.2121 et seq.

Maximum Loan Amount: A licensee may enter into one deferred presentment service transaction with a customer for any amount up to $600.

Maximum Loan Term: Up to 31 days

Finance Charges: A licensee may charge the customer a service fee for each deferred presentment service transaction. A service fee is earned by the licensee on the date of the transaction and is not interest. A licensee may charge both of the following as part of the service fee, as applicable: (a) An amount that does not exceed the aggregate of the following, as applicable: (i) 15% of the first $100 of the deferred presentment service transaction. (ii) 14% of the second $100 of the deferred presentment service transaction. (iii) 13% of the third $100 of the deferred presentment service transaction. (iv) 12% of the fourth $100 of the deferred presentment service transaction. (v) 11% of the fifth $100 of the deferred presentment service transaction. (vi) 11% of the sixth $100 of the deferred presentment service transaction. (b) The amount of any database verification fee allowed under §34(5).

Minnesota

Statutory Citation: 47.60

Maximum Loan Amount: The cash advance of a consumer small loan is equal to or less than $350.

Maximum Loan Term: Not to exceed 30 calendar days

Finance Charges: (i) On any amount up to and including $50, a charge of $5.50 may be added; (ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to 10% of the loan proceeds plus a $5 administrative fee; (iii) on amounts in excess of $100, but not more than $250, a charge may be added equal to 7% of the loan proceeds with a minimum of $10 plus a $5 administrative fee; (iv) for amounts in excess of $250 and not greater than $350, a charge may be added equal to 6% of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee. After maturity, the contract rate must not exceed 2.75% per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding.

Mississippi

Statutory Citation: 75-67-501 et seq.

Maximum Loan Amount: $500, including the amounts of the fees

Maximum Loan Term:

(a) A licensee may delay the deposit of a personal check cashed for a customer with a face amount of not more than $250 for up to 30 days under the provisions of this section.

(b) A licensee shall enter into a written agreement for a delayed deposit transaction of a personal check cashed for a customer with a face amount of more than $250 but not more than $500 for a period of at least 28 days but not more than 30 days, as selected by the customer, under the provisions of this section, with the licensee having the option to deposit or collect the check.

Finance Charges: Notwithstanding any other provision of law, no check cashing business licensed under this article shall directly or indirectly charge or collect fees for check cashing services in excess of the following: (a) 3% of the face amount of the check or $5, whichever is greater, for checks issued by the federal government, state government, or any agency of the state or agency of the state or federal government, or any county or municipality of this state; (b) 10% of the face amount of the check or $5, whichever is greater, for personal checks; or (c) 5% of the face amount of the check or $5, whichever is greater, for all other checks, or for money orders.

(a) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $20 per $100 advanced for cashing a delayed deposit check with a face amount of not more than $250.

(b) A licensee shall not directly or indirectly charge any fee or other consideration in excess of $21.95 per $100 advanced for cashing a delayed deposit check with a face amount of more than $250 but not more than $500.

(c) In no event shall the amount of the checks cashed exceed $500, including the amount of the fee.

Missouri

Statutory Citation: 408.500 to 408.506

Maximum Loan Amount: $500 or less

Maximum Loan Term: Minimum of 14 days and a maximum of 31 days

Finance Charges: A lender may only charge simple interest and fees in accordance with §§408.100 and 408.140. No other charges of any nature shall be permitted except as provided by this section, including any charges for cashing the loan proceeds if they are given in check form. However, no borrower shall be required to pay a total amount of accumulated interest and fees in excess of 75% of the initial loan amount on any single loan authorized pursuant to this section for the entire term of that loan and all renewals authorized by §408.500 and this section.

Montana

Statutory Citation: 31-1-701 et seq.

Maximum Loan Amount: The minimum amount of a deferred deposit loan is $50 and the amount, exclusive of fees allowed, may not exceed $300.

Finance Charges: A licensee may not charge a fee for making or carrying each deferred deposit loan authorized by this part that exceeds 36% per annum, exclusive of the insufficient funds fees.

Nebraska

Statutory Citation: 45-901 et seq. 2020 Initiative 428

Maximum Loan Amount: No licensee shall at any one time hold from any one maker a check or checks in an aggregate face amount of more than $500.

Maximum Loan Term: Not to exceed 34 days

Finance Charges: (1) A licensee shall not impose an annual percentage rate greater than 36% in connection with a delayed deposit transaction. Any delayed deposit transaction made in violation of this section is void, and the licensee making such delayed deposit transaction has no right to collect, receive, or retain any principal, interest, fees, or any other charges in connection with such delayed deposit transaction. (2) The fees set forth in this section shall not be charged to individuals on active duty military or their spouses or dependents in an amount that exceeds what is allowed under 10 U.S.C. 987, as such section existed on Jan. 1, 2018.

Nevada

Statutory Citation: 604A.010 et seq.

Maximum Loan Amount: A licensee who operates a deferred deposit loan service shall not make a deferred deposit loan that, in combination with any other outstanding loan of the customer, exceeds 25% of the expected gross monthly income of the customer when the deferred deposit loan is made.

Maximum Loan Term: Except as otherwise provided in this chapter, the original term of a deferred deposit loan or high-interest loan must not exceed 35 days.

New Hampshire

Statutory Citation: 399A:1 et seq.

Maximum Loan Amount: $500

Maximum Loan Term: At least seven days and not more than 30 days

Finance Charges: The annual percentage rate for payday loans shall not exceed 36%.

New Mexico

Statutory Citation: Prohibited

North Carolina

Statutory Citation: Prohibited

North Dakota

Statutory Citation: 13-08-01 et seq.

Maximum Loan Amount: $500. A licensee may not engage in a deferred presentment service transaction with a customer who has an aggregate value of all outstanding obligations from any one customer exceeding $600 which is payable to the same or any other licensee.

Maximum Loan Term: The total period of deferral, including the initial deferral and one renewal, may not exceed 60 days. The renewal period may not be less than 15 days.

Finance Charges: A licensee may charge a fee for the deferred presentment service, not to exceed 20% of the amount paid to the customer by the licensee. This fee may not be deemed interest for any purpose of law. No other fee or charge may be charged for the deferred presentment service, except that a fee, not to exceed the cost to the licensee, may be charged for registering a transaction on a database administered or authorized by the commissioner.

N. Mariana Islands

Statutory Citation: Not available

Ohio

Statutory Citation: 1321.35 et seq.

Maximum Loan Amount: The total amount of the loan does not exceed $1,000.

Maximum Loan Term:

(1) Subject to division (B)(2) of this section, the minimum duration of the loan is 91 days and the maximum duration of the loan is one year.

(2) The minimum duration of the loan may be less than 91 days if the total monthly payment on the loan does not exceed an amount that is 6% of the borrower's verified gross monthly income or 7% of the borrower's verified net monthly income, whichever is greater.

If the duration of a short-term loan is 91 days or greater, the licensee shall determine the recommended length of a loan based on the borrower's verified monthly income as described in division (B)(2) of §1321.39 of the Revised Code. The licensee shall provide the borrower with a written copy of its recommendation, which is not binding on the borrower.

Finance Charges: A licensee may charge, collect, and receive only the following fees and charges in connection with a short-term loan:

(A) Interest not exceeding a rate of 28% per annum;

(B) (1) Except as otherwise provided in division (B)(2) of this section, a monthly maintenance fee that does not exceed the lesser of 10% of the originally contracted loan amount or $30, provided the fee is not added to the loan balance on which interest is charged; (2) A licensee shall not charge, collect, or receive a monthly maintenance fee if the borrower is a person on active duty in the armed forces of the United States or a dependent of that person.

(C) If the originally contracted loan amount is $500 or more, a loan origination charge in the amount of 2% of the originally contracted loan amount, provided the loan origination charge is not added to the loan balance on which interest is charged;

(D) One check collection charge per loan not exceeding an amount equal to $20 plus any amount passed on from other financial institutions for each check, negotiable order of withdrawal, share draft, or other negotiable instrument returned or dishonored for any reason, provided that the terms and conditions upon which check collection charges will be charged to the borrower are set forth in the written loan contract described in division (C) of §1321.39 of the Revised Code;

(E) If a licensee provides the proceeds of a loan in the form of a check, a fee to cash that check in an amount not exceeding $10;

(F) Damages, costs, and disbursements to which the licensee may become entitled to by law in connection with any civil action to collect a loan after default, except that the total amount of damages and costs shall not exceed the originally contracted loan amount.

Notwithstanding any provision of §1321.35 to 1321.48 of the Revised Code to the contrary, a licensee shall not charge, collect, or receive in connection with a short-term loan a total amount of fees and charges that exceeds 60% of the originally contracted loan amount. For purposes of this section, all charges made in connection with the loan shall be included when calculating the total loan charges except for all of the following: (A) The check collection charge authorized under §1321.40 of the Revised Code; (B) The check cashing fee authorized under §1321.40 of the Revised Code; (C) The interest charges on a loan that is refinanced in accordance with §1321.401 of the Revised Code.

Oklahoma

Statutory Citation: Okla. Stat. tit. 59, §3101 et seq.

Maximum Loan Amount: $500 exclusive of the finance charge

Maximum Loan Term: Not less than 12 days or more than 45 days from the date the instrument is accepted by the lender

Finance Charges: A deferred deposit lender may charge a finance charge for each deferred deposit loan that does not exceed $15 for every $100 advanced up to the first 300 of the amount advanced; for the advance amounts in excess of $300, the lender may charge an additional finance charge of $10 for every $100 advanced in excess of $300.

Oregon

Statutory Citation: 725.600 et seq., 725A.101 et seq.

Maximum Loan Amount: $50,000

Maximum Loan Term: Made for a period of 60 days or less or for which the lender may demand repayment within 60 days. Loan cannot be made for less than 31 days.

Finance Charges: A payday loan lender may not: (1) Make or renew a payday loan at a rate of interest that exceeds 36% per annum, excluding a one-time origination fee that the payday loan lender may charge for the loan. (2) Charge during the term of a payday loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichever is less. (4) Charge a consumer a fee or interest other than a fee or interest described in subsection (1) or (2) of this section or in ORS 725A.060 (1)(c) or (d).

Puerto Rico

Statutory Citation: Not available

Rhode Island

Statutory Citation: 19-14.1-1 et seq., 19-14.4-1 et seq.

Maximum Loan Amount: The face amount of the check shall not exceed $500.

Maximum Loan Term: Not less than 13 days

Finance Charges: No licensee shall: (1) Charge check-cashing fees in excess of 3% of the face amount of the check, or $5, whichever is greater, if the check is the payment of any kind of state public assistance or federal social security benefit; (2) Charge check-cashing fees for personal checks in excess of 10% of the face amount of the personal check or $5, whichever is greater; or (3) Charge check-cashing fees in excess of 5% of the face amount of the check or $5, whichever is greater, for all other checks. (4) Charge deferred deposit transaction fees in excess of 10% of the amount of funds advanced.

South Carolina

Statutory Citation: 34-39-110 et seq.

Maximum Loan Amount: $550 exclusive of fees allowed in §34-39-180(E)

Maximum Loan Term: Not to exceed 31 days

Finance Charges: A licensee shall not charge, directly or indirectly, a fee or other consideration in excess of 15% of the face amount of the check.

South Dakota

Statutory Citation: 54-4-36 et seq.

Maximum Loan Amount: $500

Finance Charges: No licensee may contract for or receive finance charges pursuant to a loan in excess of an annual rate of 36%, including all charges for any ancillary product or service and any other charge or fee incident to the extension of credit. A violation of this section is a Class 1 misdemeanor. Any loan made in violation of this section is void and uncollectible as to any principal, fee, interest, or charge.

Tennessee

Statutory Citation: 45-17-101 et seq.

Maximum Loan Amount: The aggregate face value of all outstanding checks from any one customer may not to exceed $500.

Maximum Loan Term: A licensee shall not defer presentment of any personal check for more than 31 calendar days after the date the check is tendered to the licensee.

Finance Charges: A licensee may charge a fee to defray operational costs, including, but not limited to, investigating the checking account and copying required documents, photographing the person signing the check, securing the check and customer records in a safe, fire-proof place, maintaining records as required by this chapter, maintaining required capital and liquidity, processing, documenting and closing the transaction, and for other expenses and losses. The fee authorized by this subsection (b) shall not exceed 15% of the face amount of the check. The fee, when made and collected, shall not be deemed interest for any purpose of law.

Texas

Statutory Citation: Tex. Fin. Code Ann. §341.001

Statutory Citation: Tex. Fin. Code Ann. §342.007 and §342.008

Finance Charges: The finance commission shall adopt rules providing for the regulation of deferred presentment transactions.

Statutory Citation: Tex. Fin. Code Ann. §§342.251 et seq.

Maximum Loan Amount: The maximum cash advance of a loan made under this subchapter is an amount computed under Subchapter C, Chapter 341, using the reference base amount of $100, except that for loans that are subject to §342.259 the reference base amount is $200.

Maximum Loan Term: The maximum scheduled term of a loan made under this subchapter is: (1) for a loan of $100 or less, the lesser of: (A) one month for each multiple of $10 of cash advance; or (B) six months; and (2) for a loan of more than $100, one month for each multiple of $20 of cash advance.

Finance Charges:

(a) Instead of the charges authorized by §342.201, a loan contract may provide for: (1) on a cash advance of less than $30, an acquisition charge that is not more than $1 for each $5 of the cash advance; (2) on a cash advance equal to or more than $30 but not more than $100: (A) an acquisition charge that is not more than the amount equal to one-tenth of the amount of the cash advance; and (B) an installment account handling charge that is not more than: (i) $3 a month if the cash advance is not more than $35; (ii) $3.50 a month if the cash advance is more than $35 but not more than $70; or (iii) $4 a month if the cash advance is more than $70; or (3) on a cash advance of more than $100: (A) an acquisition charge that is not more than $10; and (B) an installment account handling charge that is not more than the ratio of $4 a month for each $100 of cash advance.

(b) For an acquisition charge authorized by this subchapter, the finance commission by rule may prescribe a reasonable maximum amount for an acquisition charge that is greater than the maximum amount authorized by the applicable section of this subchapter for the amount of the cash advance.

(c) An acquisition charge under this subchapter is not interest.

A loan contract to which §342.251 applies and that is payable in a single installment may provide for an acquisition charge and an interest charge on the cash advance that does not exceed a rate or amount that would produce the same effective return, determined as a true daily earnings rate, as allowed under §342.252 considering the amount and term of the loan. If a loan that has a term in excess of one month under this section is prepaid in full, the lender may earn a minimum of the acquisition charge and interest charge for one month. If a loan under this section has an initial term of less than one month, the lender may earn a minimum of the acquisition charge and an interest charge that produces the same effective return as the installment account handling charge computed at a daily rate for the term the loan is outstanding.

(a) Instead of the charges authorized by §§342.201 and 342.252, a loan made under this subchapter with a maximum cash advance computed under Subchapter C, Chapter 341, using a reference base amount that is more than $100 but not more than $200, may provide for: (1) an acquisition charge that is not more than $10; and (2) an installment account handling charge that is not more than the ratio of $4 a month for each $100 of cash advance. (b) An acquisition charge under this section is considered to be earned at the time a loan is made and is not subject to refund. On the prepayment of a loan that is subject to this section, the installment account handling charge is subject to refund in accordance with Subchapter H. (c) Except as provided by this section, provisions of this chapter applicable to a loan that is subject to §342.252 also apply to a loan that is subject to this section.

(a) A loan contract under this subchapter may provide for an interest charge computed using the true daily earnings method or the scheduled installment earnings method that does not exceed the equivalent rate or effective return of the installment account handling charge for the original scheduled term of the loan. (b) The principal balance of a loan contract authorized by this section may not include the acquisition charge, installment account handling charge, default charges, or deferment charges or the return check fees authorized by §3.506, Business & Commerce Code. (c) Interest may accrue on the principal balance from time to time unpaid at the rate provided for by the contract until the date of payment in full or demand for payment in full.

Statutory Citation: Tex. Fin. Code Ann. §342.601 et seq.

Finance Charges: A lender who engages in a deferred presentment transaction with a member of the U.S. military or a dependent of a member of the U.S. military must comply with 10 U.S.C. §987 and any regulations adopted under that law, to the extent applicable.

Statutory Citation: Tex. Fin. Code Ann. §393.221 et seq. and §393.604 et seq.

Finance Charges: A credit access business may assess fees for its services as agreed to between the parties. A credit access business fee may be calculated daily, biweekly, monthly, or on another periodic basis. A credit access business is permitted to charge amounts allowed by other laws, as applicable. A fee may not be charged unless it is disclosed. An extension of consumer credit described by §393.602(a) that is obtained by a credit access business for a member of the U.S. military or a dependent of a member of the U.S. military or that the business assisted that person in obtaining must comply with 10 U.S.C. §987 and any regulations adopted under that law, to the extent applicable.

Statutory Citation: 7 Tex. Admin. Code §83.6004 and §83.1001 et seq.

Maximum Loan Term: Not less than seven days

Finance Charges: A licensee may charge an amount that does not exceed the rates authorized in Texas Finance Code, §§342.251 - 342.259.

Utah

Statutory Citation: 7-23-101 et seq.

Maximum Loan Amount: None

Maximum Loan Term: A deferred deposit lender that engages in a deferred deposit loan may not: (b) roll over a deferred deposit loan without the person receiving the deferred deposit loan requesting the rollover of the deferred deposit loan; (c) roll over a deferred deposit loan if the rollover requires a person to pay the amount owed by the person under a deferred deposit loan in whole or in part more than 10 weeks from the day on which the deferred deposit loan is first executed.

Finance Charges: A deferred deposit lender that engages in a deferred deposit loan may not collect additional interest on a deferred deposit loan with an outstanding principal balance 10 weeks after the day on which the deferred deposit loan is executed.

Virginia

Statutory Citation: 6.2-1800 et seq., 2020 Chapters 1215 and 1258

Maximum Loan Amount: Effective Jan. 1, 2021 $2,500

Maximum Loan Term: Effective Jan. 1, 2021.

A licensee may engage in the business of making short-term loans, provided that each loan meets all of the following conditions:

2. The minimum duration of the loan is four months and the maximum duration of the loan is 24 months; however, the minimum duration of the loan may be less than four months if the total monthly payment on the loan does not exceed the greater of (i) an amount that is five percent of the borrower's verified gross monthly income or (ii) 6% of the borrower's verified net monthly income.

Finance Charges: Effective Jan. 1, 2021

A. A licensee may charge, collect, and receive only the following fees and charges in connection with a short-term loan, provided such fees and charges are set forth in the written loan contract described in §6.2-1816.1: 1. Interest at a simple annual rate not to exceed 36%; 2. Subject to §6.2-1817.1, a monthly maintenance fee that does not exceed the lesser of eight percent of the originally contracted loan amount or $25, provided the fee is not added to the loan balance on which interest is charged; 3. Any deposit item return fee incurred by the licensee, not to exceed $25, if a borrower's check or electronic draft is returned because the account on which it was drawn was closed by the borrower or contained insufficient funds, or the borrower stopped payment of the check or electronic draft, provided that the terms and conditions upon which such fee will be charged to the borrower are set forth in the written loan contract described in §6.2-1816.1; and 4. Damages and costs to which the licensee may become entitled to by law in connection with any civil action to collect a loan after default, except that the total amount of damages and costs shall not exceed the originally contracted loan amount.

B. A licensee may impose a late charge according to the provisions of §6.2-400 provided, however, that the late charge shall not exceed $20.

The Commission may, from time to time, by regulation, adjust the dollar amount of $25 specified in subsection A of §6.2-1817 to reflect the rate of inflation from the previous date that the dollar amount was established, as measured by the Consumer Price Index or other method of measuring the rate of inflation that the Commission determines is reliable and generally accepted.

Virgin Islands

Statutory Citation: Not available

Washington

Statutory Citation: 31.45.010 et seq.

Maximum Loan Amount: May not exceed $700 or 30% of the gross monthly income of the borrower, whichever is lower

Maximum Loan Term: A licensee must set the due date of a small loan on or after the date of the borrower's next pay date. If a borrower's next pay date is within seven days of taking out the loan, a licensee must set the due date of a small loan on or after the borrower's second pay date after the date the small loan is made. The termination date of a small loan may not exceed the origination date of that same small loan by more than 45 days, including weekends and holidays, unless the term of the loan is extended by agreement of both the borrower and the licensee and no additional fee or interest is charged.

Finance Charges: A licensee that has obtained the required small loan endorsement may charge interest or fees for small loans not to exceed in the aggregate 15% of the first $500 of principal. If the principal exceeds $500, a licensee may charge interest or fees not to exceed in the aggregate 10% of that portion of the principal in excess of $500. If a licensee makes more than one loan to a single borrower, and the aggregated principal of all loans made to that borrower exceeds $500 at any one time, the licensee may charge interest or fees not to exceed in the aggregate 10% on that portion of the aggregated principal of all loans at any one time that is in excess of $500.

Wisconsin

Statutory Citation: 138.14

Maximum Loan Amount: None

Finance Charges:

(a) Interest. 1. Except as provided in sub. (12) (b), this section imposes no limit on the interest that a licensee may charge before the maturity date of a payday loan.

2. If a payday loan is not paid in full on or before the maturity date, a licensee may charge, after the maturity date, interest at a rate not exceeding 2.75% per month, except that if a licensee makes a subsequent payday loan to the customer under sub. (12) (a), and the customer does not pay the subsequent loan in full on or before the maturity date of the subsequent loan, the licensee may charge, after the maturity date of the subsequent loan, interest at a rate not exceeding 2.75% per month on the subsequent loan and the licensee may not charge any interest under this subdivision on the prior loan. Interest earned under this subdivision shall be calculated at the rate of one−thirtieth of the monthly rate charged for each calendar day that the balance of the loan is outstanding. Interest may not be assessed on any interest earned under this subdivision.

A licensee may not assess a customer any fee or charge for database access or usage.

No licensee may make a payday loan to a customer that results in the customer having an outstanding aggregate liability in principal, interest, and all other fees and charges, to all licensees who have made payday loans to the customer of more than $1,500 or 35% of the customer’s gross monthly income, whichever is less. As provided in sub. (9m), a licensee may rely on a consumer report to verify a customer’s income for purposes of this paragraph.

Wyoming

Statutory Citation: 40-14-362 et seq.

Maximum Loan Amount: None

Maximum Loan Term: One calendar month

Finance Charges: No post-dated check finance charge shall exceed the greater of $30 or 20% per month on the principal balance of the post-dated check or similar arrangement.

Reference: National Conference of State Legislatures (NCSL)