pay day loan Laws State by State. Supply: Bills.com
Alaba
Ma |
$500 |
31 times |
17.50percent; +3% after default |
payment plan required. |
Yes, AL permit |
Yes |
Alabama Sec. 5-18A-1 |
Banking Dept |
| File a problem |
| Alaska |
$500 |
14 times |
17.5% + $5 cost |
payment plan required. |
Yes, AK permit |
Yes |
Alaska Sec. 06.50.010 |
Division of Banking & Securities |
| File an issue |
| Arizona |
Zero |
Prohibited |
Prohibited |
Arizona Title 6 Chapter 12.1 |
Dept of Financial Institutions |
| File an issue |
| Arkansas |
Zero 1 |
Prohibited |
Any state 1 |
Arkansas Constitution Article 19 part 13 (PDF); and McGhee v. Arkansas Bd. Of debt collectors, 289 S.W. 3d 18 (Ark. 2008) |
Attorney General’s workplace |
| File an issue |
| Ca |
$300 |
31 times |
17.65% |
Yes, CA license |
Yes |
Calif. Civil Code Section 1789.30 |
Ca. 560.404) |
Yes, FL license 2 |
Yes |
Florida Title XXXIII Chapter 560 component IV 560.401 |
workplace of Financial Regulation |
| File an issue |
| Georgia |
Zero |
Prohibited |
Prohibited |
OCGA Dept that is 16-17-1 of & Finance |
| File a problem |
| Hawaii |
$600 |
32 times |
17.65% |
Yes |
Yes |
Hawaii Chap. 480F |
Div of Financial Institutions |
| File a grievance |
| Idaho |
$1,000 |
No restriction |
No Limit |
Yes |
Yes |
Idaho 28-46-401 |
credit & customer Loan Section |
| File a problem |
| Illinois |
$1,000 or 25percent of borrower’s gross month-to-month earnings, whichever is less |
120 times |
15.50% |
A complaint |
| Indiana |
$550 or 20% of borrower’s gross monthly income, whichever is less |
14 days |
15% for first $250; 13% for $251-$400; 10% for $401-$500 |
After 3 consecutive loans, lender must offer extended payment plan of at least 4 equal installments at no cost upon default, lender must offer 55-day payment plan at no cost (§ 2-40) |
Yes |
Yes |
815 ILCS 122/1-1 |
Dept of Financial & Professional Regulation Consumer Credit Section |
| File. |
Yes |
Yes |
IC 24-4.5-7-101 |
Dept of Financial Institutions |
| File an issue (PDF) |
| Iowa |
$500 maximum & less than 2 loans |
31 times |
16.67% |
Yes |
Yes |
Iowa Chapter 533D. 1 |
Div. Of Banking |
| File a grievance |
| Kansas |
$500 & a maximum of 2 loans |
1 month |
15% |
yes Payday that is yes n-3 Loan (PDF) |
workplace associated with State Bank Commissioner |
| File a problem |
| Kentucky |
$500 & a maximum of 2 loans |
60 times |
17.65% |
Yes |
Prohibited |
Ky 286.9-010 |
workplace of Financial Institutions |
| File a grievance |
| Louisiana |
$350 |
thirty day period |
25% |
Yes |
No |
RS 9:3578:1 |
Office of Financial Institutions |
| File a problem |
| Maine |
$300 |
No limitation |
15% for approximately $200, 25% for $250-$300 |
Yes |
Yes |
me personally. Rev. Stat. Ann. Tit. 9-A Sec. 1-201 & Me Personally. Rev. Stat. Ann. Tit. 9-A Sec. 1-301 |
Bureau of Financial Institutions |
| File a problem |
| Maryland |
Zero 2 |
Prohibited 2 |
Prohibited |
Md. Code Ann., Com. Law 12-301, 306. |
Division of Financial Regulation |
| File a grievance |
| Massachusetts |
Zero |
Prohibited |
Prohibited |
Mass. Gen. Laws Ann. Ch. 140, Sec. 96; and 209 CMR 26.01 |
workplace of customer Affairs & company Regulation |
| File a grievance |
| Michigan |
$600 |
31 times |
15% |
Available for those who have 8 payday advances in final year (MI Deferred Presentment Service Transactions FAQ) |
Yes |
Yes |
Michigan 487.2121 |
workplace of Financial & Insurance Regulation |
| File a problem |
| Minnesota |
$350 |
thirty days |
Variable 3 |
Yes |
Yes |
Minn. Statute 47.60 |
Dept of Commerce |
| File a problem |
| Mississippi |
$400 |
thirty day period |
20% $250 |
Yes |
Yes |
skip. Stat. Ann. 2c: 21-19; and N.J. Stat. Ann. Gen. Stat. Sec. Code Title 7, Role 5, Sec. Sec. 41a; 8 V.S.A. Va. Code 46A-4-107; and W Va. Code Sec. 32A-3-1 |
Division of Financial Institutions |
| File a problem |
| Wisconsin |
No Limit |
ninety days |
No Limit |
Yes |
Yes |
Wis. Stat. Sec. In this state, online loans stick to the loan provider’s state laws and regulations, and never the debtor’s state regulations.
2. In this continuing state, loan provider can be controlled as being a credit solution company (CSO). Generally speaking, a CSO doesn’t need become certified generally there isn’t any limitation to your optimum finance or loan fee.
3. Minnesota: (i) On any quantity up to $50, a fee of $5.50 can be added; (ii) on quantities more than $50, yet not a lot more than $100, a cost could be added corresponding to 10% regarding the loan profits along with a $5 administrative charge; (iii) on quantities more than $100, although not significantly more than $250, a fee can be added add up to 7% associated with the loan profits with no less than $10 plus a $5 administrative charge; (iv) for quantities more than $250 and never higher than $350, a fee can be added add up to six per cent associated with the loan profits with no less than $17.50 and also a $5 fee that is administrative. After readiness, the agreement price should never surpass 2.75% each month regarding the staying loan profits following the readiness date determined at a level of 1/30 associated with month-to-month price within the agreement for every single calendar time the total amount is outstanding.
4. Nevada: might be as much as 3 months if: (a) the mortgage provides for re re re payments in installments; (b) The re payments are determined to ratably and completely amortize the entire level of principal and interest payable regarding the loan; (c) the mortgage is certainly not susceptible to any expansion; and (d) the mortgage doesn’t need a balloon re payment of all kinds.
5. Oregon: 36% APR interest plus $10/$100 origination fee as much as $30
6. Sc: deal can be managed being a customer installment loan, not just a loan that is »payday by itself, generally there is no limitation towards the optimum loan or finance charge.
* Tribal lenders are not controlled by or at the mercy of state regulations. |