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DC District of Columbia Payday Loan Laws & Legislation
District of Columbia Payday loan laws. District of Columbia Payday loan legislation. 10% of the face amount of the payday loan plus a scale of fees based upon the face amount of the check.
In May 2008, the Washington D.C. City Council passed a bill which put a 24% interest rate cap on small consumer loans. By the end of the year 21 payday loan stores had ceased to exist.
Legal Status: Prohibited
Citation:
Amended D.C. Code Ann. § 28-3301(a)
Small Loan Rate Cap
24% per year
Where to Complain, Get Information:
Regulator: D. C. Department of Insurance, Securities and Banking
Address: 810 First Street, NE Suite 701 Washington DC 20002
Phone: (202) 727-8000
Fax: 202-535-1194
Regulatory Contact:
Regulator’s Website