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Payday Loan Laws for Each State

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Alabama Payday Loans

Legal Status: Legal (AL license required)


Maximum Loan Amount: $500
Loan Term: 10-31 days
Maximum Finance Rate and Fees 17.50% for initial loan; 3% per month after default
APR for 14-day $100 loan: 456.25%
Maximum Number of Outstanding Loans at One Time: No limit but max loan amount is $500.

Rollovers Permitted: One
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan Required? Yes

Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney's Fees up to 15% of face amount of check
Criminal Action: Prohibited (Unless check returned due to closed account)

Still have questions or need assistance? Contact:
Alabama Banking Department
P.O. Box 4600
Montgomery AL 36103
Phone: 334-242-3452
Fax: (334) 353-5961




Alaska Payday Loans

Legal Status: Legal (AK license required)

Laws: Alaska Statute 06.50.010 et seq.

Maximum Loan Amount: $500
Loan Term: Minimum of 14 days
Maximum Finance Rate and Fees $5 + the lesser of $15 per $100 or 15%
APR for 14-day $100 loan: 520%
Maximum Number of Outstanding Loans at One Time: No rule

Rollovers Permitted: Two renewals
Repayment Plan Required? Yes

Collection Fees: One $30 NSF fee; Court costs of up to $700 over the amount of the payment (if disclosed in loan agreement)
Criminal Action: Prohibited (Unless check returned due to closed account)

Still have questions or need assistance? Contact:
Alaska Division of Banking and Securities
P.O. Box 110807
Juneau AK 99811
Phone: 888-925-2521
Fax: 907-465-2549

A laska License Lookup

Sub: #1 posted on Mon, 02/27/2012 - 21:24

OhioGal1 OhioGal1
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(Posts: 5254 | Credits: 830.39)

Arizona Payday Loans

Legal Status: Prohibited

Laws: Consumer Lenders Act applies. Ariz. Rev. Stat. 6-632

Small Loan Rate Cap: 36% per year plus 5% fee

Still have questions or need assistance? Contact:
Arizona Department of Financial Institutions
Financial Enterprises Division
2910 N. 44th Street, Suite 310
Phoenix AZ 85018
Phone: 800-544-0708
Fax: 602-381-1225

Sub: #2 posted on Mon, 02/27/2012 - 21:44

OhioGal1 OhioGal1
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(Posts: 5254 | Credits: 830.39)

Arkansas Payday Loans

Legal Status: Prohibited

Laws: Usury provision of Arkansas Constitution art. 19, 13
Former regulation: Ark. Code Ann. 23-52-101 repealed in 2011

Small Loan Rate Cap: 17% per year set by ballot in 2010

Still have questions or need additional info? Contact:
Office of the Attorney General
323 Center Street, Suite 200
Little Rock, Arkansas 72201
Phone: 501-682-2007 or 800-482-8982

Sub: #3 posted on Mon, 02/27/2012 - 23:21

OhioGal1 OhioGal1
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(Posts: 5254 | Credits: 830.39)

California Payday Loans

Legal Status: Legal (must be licensed in CA)

Laws: Cal. Fin. Code 23000 to 23106

Maximum Loan Amount: $300
Loan Term: Maximum of 31 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot charge fee for extension)
Cooling-off Period: None
Repayment Plan: Voluntary (no fees may be charged in conjunction with payment plan)

Collection Fees: $15 NSF fee
Criminal Action: Prohibited

Still have questions or need assistance? Contact:

Financial Services Division
1515 K Street, Suite 200
Sacramento CA 95814
Phone: 866-275-2677

Sub: #4 posted on Mon, 02/27/2012 - 23:32

OhioGal1 OhioGal1
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(Posts: 5254 | Credits: 830.39)

Colorado State Information

Legal Status: Legal (must be licensed in CO)

Laws: Colo. Rev. Stat. 5-3.1-101 et seq.

Maximum Loan Amount: $500
Loan Term: Minimum 6 Months
Maximum Finance Rate and Fees: 20%: $0-$300 + 7.5%: $301-$500 plus 45% per annum interest plus monthly maintenance fee $7.50 per $100 borrowed, up to $30, after first month.
Finance Charge for 14-day $100 loan: Not applicable
APR for 14-day $100 loan: Not applicable

Maximum Number of Outstanding Loans at One Time: No limit if total debt does not exceed $500 and 30-days between loans
Rollovers Permitted: Renewals OK at 45% interest

Collection Fees: One $25 NSF fee; court costs; reasonable attorney's fees not to exceed loan amount
Criminal Action: Prohibited (Unless the consumer's account was closed before the agreed upon negotiation date)

Still have questions or need assistance? Contact:
Colorado Office of the Attorney General
Uniform Consumer Credit Code
1525 Sherman St., 5th Fl.
Denver CO 80203
Phone: 303-866-4494
Fax: 303-866-5691

Colorado License Lookup

Sub: #5 posted on Mon, 02/27/2012 - 23:53

OhioGal1 OhioGal1
Moderators Cum Industry Expert
(Posts: 5254 | Credits: 830.39)

Connecticut Payday Loans

Legal Status: Prohibited (Small loan lenders must be licensed in CT)

Laws: Usury act applies or small loan act applies. Conn. Gen. Stat. 36a-563

Small Loan Rate Cap: 30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest

Still have questions or need assistance? Contact:
Connecticut Department of Banking
260 Constitution Plaza
Hartford CT 06103
Phone: 860-240-8299
Fax: 860-240-8167

CT Small Loan Lender's License Lookup

Sub: #6 posted on Tue, 02/28/2012 - 01:28

OhioGal1 OhioGal1
Moderators Cum Industry Expert
(Posts: 5254 | Credits: 830.39)

Delaware Payday Loans

Legal Status: Legal (must be licensed)

Laws: Del. Code Ann. Tit. 5 2227 et seq.

Maximum Loan Amount: $500
Loan Term: Maximum 60 days
Maximum Finance Rate and Fees: Not Specified
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted: Four (rollovers)

Still have questions or need assistance? Contact:
Delaware Office of the State Bank Commissioner
555 E. Loockerman Street
Suite 210
Dover DE 19901
Phone: 302-739-4235
Fax: 302-739-3609

License Lookup

Sub: #7 posted on Tue, 02/28/2012 - 02:34

OhioGal1 OhioGal1
Moderators Cum Industry Expert
(Posts: 5254 | Credits: 830.39)

Florida Payday Loans

Legal Status: Legal (must be licensed in FL)

Laws: Fl. Stat. Ann. 560.401 et seq.; Rule 69V-560.901-912

Maximum Loan Amount: $500
Loan Term: 7-31 days
Maximum Finance Rate and Fees: 10% + verification fee
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%

Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 24 hours
Repayment Plan: Yes

Collection Fees: All charges imposed on the lender by any financial institution; lender not entitled to treble damages
Criminal Action: Prohibited

Still have questions or need further assistance? Contact:
Florida Office of Financial Regulation
Division of Securities and Finance
200 E. Gaines Street Tallahassee FL 32399
Phone: (850) 410-9805
Fax: (850) 410-9748

Check for FL Licenses

Sub: #8 posted on Tue, 02/28/2012 - 03:43

OhioGal1 OhioGal1
Moderators Cum Industry Expert
(Posts: 5254 | Credits: 830.39)

Georgia Payday Loans

Legal Status: Prohibited (Industrial loan lenders must be licensed in GA)

Laws: Industrial loan act applies.
Ga. Code Ann. 7-3-14

O.C.G.A. Section 16-17-1 et seq.

Small Loan Rate Cap: 16% per year (10% per year discounted plus fees); 60% per year criminal usury cap

Still have questions or need further assistance? Contact:

Industrial Loan Division
Two Martin Luther King, Jr. Drive
West Tower, Suite 704
Atlanta GA 30334
Phone: 404-656-2070
Fax: 404-657-8542

GA Industrial Loan Lender License Search

Sub: #9 posted on Wed, 02/29/2012 - 01:42

OhioGal1 OhioGal1
Moderators Cum Industry Expert
(Posts: 5254 | Credits: 830.39)

Hawaii Payday Loans

Legal Status: Legal (Applies to check cashers only)

Laws: Hawaii Rev. Stat. Ann. 480F-1 et seq.

Maximum Loan Amount: $600
Loan Term: Max: 32 days
Maximum Finance Rate and Fees: 15% of check
Finance Charge for 14-day $100 loan: $17.65
APR for 14-day $100 loan: 459%

Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance or consolidate)

Collection Fees: $20 NSF fee; Check Casher that accepts check passed on insufficient funds not entitled to recover damages
Criminal Action: Prohibited (Unless check returned due to closed account or stop-payment by maker)

Where to Complain, Get Information:
Hawaii Department of Commerce and Consumer Affairs
Consumer Resource Center
235 S. Beretania Street, Rm 801
Honolulu HI 96813
Phone: (808) 587-3222
Fax: (808) 586-2640

HI License Lookup

Sub: #10 posted on Wed, 02/29/2012 - 02:12

OhioGal1 OhioGal1
Moderators Cum Industry Expert
(Posts: 5254 | Credits: 830.39)

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