WA SB6250

Increases the maximum principal amount for small loans (payday loans) from $700 to $1,200, while maintaining the alternative cap of 30% of borrower's gross monthly income, whichever is lower

Requires the Department of Financial Institutions to calculate annual inflation adjustments to the maximum principal amount beginning January 1, 2027, using the Seattle-area Consumer Price Index

Maintains existing fee structure: up to 15% on the first $500 of principal and up to 10% on amounts exceeding $500

Preserves borrower protections including the 8-loan limit per 12-month period, maximum 45-day loan term, and prohibition on lending to borrowers in default on existing small loans