2005 Washington Revised Code RCW 63.14.130: Retail installment contracts, retail charge agreements, and lender credit card agreements — Service charge agreed to by contract — Other fees and charges prohibited.
The service charge shall be inclusive of all charges incident to investigating and making the retail installment contract or charge agreement and for the privilege of making the installment payments thereunder and no other fee, expense or charge whatsoever shall be taken, received, reserved or contracted therefor from the buyer, except for any vehicle dealer administrative fee under RCW
46.12.042 or for any vehicle dealer documentary service fee under RCW
46.70.180(2).
(1) The service charge, in a retail installment contract, shall not exceed the dollar amount or rate agreed to by contract and disclosed under RCW
63.14.040(1)(h).
(2) The service charge in a retail charge agreement, revolving charge agreement, lender credit card agreement, or charge agreement, shall not exceed the schedule or rate agreed to by contract and disclosed under RCW
63.14.120(1). If the service charge so computed is less than one dollar for any month, then one dollar may be charged.
[2003 c 368 § 3; 1999 c 113 § 4; 1997 c 331 § 7; 1992 c 193 § 1. Prior: 1989 c 112 § 1; 1989 c 14 § 5; 1987 c 318 § 1; 1984 c 280 § 5; 1981 c 77 § 5; 1969 c 2 § 3 (Initiative Measure No. 245, approved November 5, 1968); 1967 c 234 § 8; 1963 c 236 § 13.]
Effective date -- 1997 c 331: See note following RCW
70.168.135.
Effective date -- 1987 c 318: "This act shall take effect January 1, 1988." [1987 c 318 § 2.]
Application, saving -- Severability -- 1981 c 77: See RCW 63.14.902 and 63.14.903.
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