Washington Credit Laws

Judgment 12% or the lawful contract rate, whichever is higher.  The general usury limit is 12%, or four points above the average T-Bill rate for the past 26 weeks, whichever is greater. (The maximum rate is announced by the State Treasurer.)

Greater of 75% or $206 wk. (30 x state min. hourly wage)

No licensee or employee of a licensee shall communicate with the debtor and represent or imply that the existing obligation of the debtor may be or has been increased by the addition of attorney fees, investigation fees, service fees, or any other fees or charges when in fact such fees or charges may not legally be added to the existing obligation of such debtor. No licensee or employee of a licensee shall collect or attempt to collect in addition to the principal amount of a claim any sum other than allowable interest, collection costs or handling fees expressly authorized by statute, and, in the case of suit, attorney’s fees and taxable court costs.   No licensee or employee of a licensee shall procure from a debtor or collect or attempt to collect on any written note, contact, stipulation, promise or acknowledgment under which a debtor may be required to pay any sum other than the principal, allowable interest, except as noted in subsection (18) of this section, and, in case of suit, attorney’s fees and taxable court costs. Whenever a collection agency is required pursuant to RCW 19.16.250 (8)(c) to disclose to the debtor that interest charges are being added to the original obligation, the collection agency must also disclose to the debtor the rate of interest. The rate of interest cannot exceed the legal maximum rate provided in Chapter 19.52 REW.