WAC 208-630-530. If a borrower and licensee enter into an installment plan, how must the payments be structured?

All installment plans under RCW 31.45.084 must: (1) Be in writing and acknowledged by both the borrower and licensee; and (2) Provide for at least three payments; and (3) Provide for an installment plan length of not less than ninety days for a loan amount of up to and including four hundred dollars; or (4) Provide for an installment plan length of not less than one hundred eighty days for a loan amount over four hundred dollars; and (5) Be equal to the total amount of the installment plan balance divided by the number of payments subject to reasonable rounding.