Below is a summary of the payday loan laws that exist in each U.S. state, plus the United Kingdom. This information was obtained from various websites on Feb. 9-10, 2011. Although we believe the information to be up-to-date at the time, we cannot guarantee 100% accuracy. We encourage you to conduct additional research for more information on payday loan laws.

(Sources: http://paydayloanlegislation.com, http://www.paydayloanadvances.co.uk/Regulatory_Bodies.asp, http://www.kxlf.com/news/payday-lenders-feel-effects-of-i-164-rate-cap-law/)

* Alabama: The permitted fee is 17.5% of the amount advanced. The permitted time period is a minimum of 10 days and a maximum of 31 days. The maximum amount of the payday loan allowable is $500.00. No more than one rollover is allowed.

* Alaska: The permitted fee is $15 per $100 advanced plus a maximum $5.00 non-refundable origination fee. The permitted time period is a minimum of 14 days. The maximum amount of the payday loan allowable is $500.00. No more than two rollovers are allowed.

* Arizona: Payday loan lending businesses are now prohibited from operating in the state.

* Arkansas: Arkansas has specific payday advance laws. The Arkansas Attorney General is enforcing the state's 17% constitutional limit.

* California: The permitted fee is 15 % of the face amount of the payday loan amount. The permitted time period is a maximum of 31 days. The maximum amount of the payday loan allowable is $300.00. Rollovers are prohibited.

* Colorado: Colorado allows rates up to 20% of the first $300.00; 7.5% on any amount greater than $300. Maximum amount of a cash advance is $500. The permitted time period is a maximum of 40 days. Rollovers are limited to one.

* Connecticut: Connecticut does not have specific payday loan safe-harbor legislation.

* Delaware: The interest rate is determined by the parties to the loan. The term of a payday loan is 59 days. Maximum amount of a cash advance is $500. Rollovers are limited to four.

* District of Columbia: In May 2008, the Washington D.C. City Council passed a 24% interest rate cap on small consumer loans. The law forced numerous payday loan stores out of business.

* Florida: 10% of the face amount of the payday loan plus a maximum $5 verification fee. The permitted time period is a minimum of 7 days and a maximum of 31 days. The maximum amount of the cash advance is $500. There are no rollovers allowed.

* Georgia: In May 2004 the Georgia state Legislature passed a statute imposing stiff penalties for payday loan lending by non-banks and in-state banks. It also capped small consumer loans at Georgia's small loan usury rate of 60%. Payday loan lenders pulled out of the state of Georgia shortly after. However, many Georgia payday loan consumers continue to get access to payday loans via the Internet and payday loan call centers based in other states and offshore.

* Hawaii: allows fees up to 15% of the face amount of the cash advance. Maximum time period is 32 days. Maximum amount of the loan is $600. Rollovers are prohibited.

* Idaho: The maximum term of a payday loan is 30 days. Maximum amount of a cash advance is $1000.

* Illinois: The new law caps loans under $4k to a 99% Annual Percentage Rate (APR) and over $4k at 36% APR. The Illinois payday loan law goes into effect April 21, 2011.

An alternative product is permitted under the PLRA (Illinois Payday Loan Reform Act). This product will allow a fee of $15 per $100 loaned. This Illinois payday loan product is partnered with the Veritec state database.

* Indiana: Allows rate of 13% on loan amounts greater than $250, up to and including $400; and 10% on amounts greater than $400, up to and including $500. The minimum term is 14 days. Maximum amount of payday loan is $500 but cannot exceed 15% of the monthly gross income, including fees. Rollovers are prohibited.

* Iowa: Allows rates up to 15% of the payday loan amount on the 1st $100; 10% on subsequent $100 increments. Maximum term of 31 days. Maximum cash advance amount allowable is $500. Rollovers are prohibited.

* Kansas: Allows rates up to 15% of the payday loan amount. Minimum term of 7 days and a maximum term of 30 days. Maximum cash advance amount allowable is $500. Rollovers are prohibited.

* Kentucky: Allows up to $15 per $100 on face amount of check. Minimum term of 14 days and a maximum term of 60 days. Maximum cash advance amount allowable is $500. Rollovers are prohibited.

* Louisiana: Allows up to $16.75% of the face amount of check. Maximum term of 30 days. Maximum cash advance amount allowable is $350. Rollovers are prohibited (but can accept partial payment of 25% + fees and enter into a new agreement).

* Maine: Allows a $5 fee when the amount loaned does not exceed $75; $15 when the loan amount exceeds $75 but is less than $250; $25 when the loan amount is greater than $250. Term of loan is determined by the parties.

* Maryland: Maryland does not have specific payday loan safe-harbor legislation. The best approach is to offer payday loans via the Internet.

* Massachusetts: Massachusetts does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet.

* Michigan: Allows a 15% fee on the first $100; 14% on the second $100; 13% on the third $100; 12% on the fourth $100; 11% on the fifth and sixth $100. The maximum permitted term is 31 days. The maximum amount of the advance is $600. Payday loan rollovers are not permitted. There is no mandated cooling off period. Regarding extended repayment options, customers are eligible for a plan if unable to pay the eighth loan with any licensee in any 12 month period; the lender must advise the borrower of repayment option when it is available. A Michigan industry-wide data base is mandated.

* Minnesota: Requires a scale of fees (e.g., on a payday loan between $50-$100, 10% of the loan + $5 administration fee). The maximum term of a payday loan is 30 days. Maximum cash advance amount is $350. Rollovers are prohibited.

* Mississippi: Permits a fee of 18 % of the face amount of the payday loan amount. The permitted time period is a maximum of 30 days. The maximum amount of the payday loan allowable is $400.00. Rollovers are prohibited.

* Missouri: Total fees, including rollovers, cannot exceed 75% of the initial loan amount. The permitted time period is a minimum of 14 days and a maximum of 31 days. The maximum amount of the payday loan allowable is $500.00. Rollovers are limited to 6, but the borrower must reduce the principal by at least 5% with each rollover.

* Montana: Initiative 164 was a ballot measure approved by Montana voters in November and placed limits on what certain lenders can charge, capping the rate at 36% for short-term "payday" loans. The law is expected to force payday lenders in Montana out of business.

* Nebraska: The allowable fee is $15 per $100 on the face amount of the payday loan. The permitted time period is a maximum of 31 days. The maximum amount of the payday loan allowable is $500.00. Rollovers are prohibited.

* Nevada: The loan rate and time period are determined by the parties. The loan cannot exceed 25% of the borrower's expected monthly gross income. Extensions are permitted.

* New Hampshire: The state effectively prohibited the offering of the cash advance product when it imposed a 36% annual percentage rate cap on payday loans, resulting in an effective ban of the industry there.

* New Jersey: New Jersey does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet.

* New Mexico: The rate of the loan is determined by the parties. Law prohibits renewals and rollovers of payday loans, requires automatic 130-day payment plans for those who cannot repay their payday loan on time, imposes a 10-day cooling off period before individuals can request another loan after being in a payment plan, adds new consumer rights signage in payday loan locations and requires that information be provided in Spanish.

* New York: The state does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet.

* North Carolina: Payday loan laws expired in North Carolina in August of 2001. Payday loan lenders were offered the option of either becoming a licensed consumer finance lender and abiding by North Carolina usury laws or closing operations. North Carolina does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet.

* North Dakota: The allowable rate of the payday loan is 20% of the amount borrowed. The maximum term of the loan is 60 days. The payday loan cannot exceed $500. Rollovers are limited to one at least 15 days.

* Oklahoma: The permissible fee is $15 per $100 advanced up to the first $300. The cash advance fee is $10 per $100 advanced in excess of $300. The permitted time period is a minimum of 12 days and a maximum of 45 days. The maximum amount of the payday loan allowable is $500. Rollovers are prohibited. Additionally, Oklahoma uses a state database.

* Oregon: The Oregon State Legislature passed a new law in 2007 that placed a 36% Annual Percentage Rate on small consumer loans. Virtually all the Oregon payday loan brick-n-mortars closed their doors as a result.

* Pennsylvania: Pennsylvania does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet.

* Rhode Island: Rhode Island does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet.

* South Carolina: The allowable fee is 15 % of the face amount of the payday loan amount. The permitted time period is a maximum of 31 days. The maximum amount of the payday loan is $550. Rollovers are prohibited.

* South Dakota: The interest rate is determined by the parties to the loan. The term of a payday loan is determined by the parties. Maximum amount of a cash advance is $500. Rollovers are limited to four.

* Tennessee: The allowable fee is 15% of the face amount of the payday loan amount or $30, whichever is less. The permitted time period is a maximum of 31 days. The maximum amount of the payday loan allowable is $500. Rollovers are prohibited.

* Texas: Texas does have specific payday loan safe-harbor legislation. Texas payday loan statutes refer to a scale of fees. The minimum term is 7 days and the maximum is 31 days. Rollovers are limited. At this time, the best approach is to offer payday loans via the Internet.

* Utah: The interest rate is determined by the parties to the payday loan. The term of a payday loan is determined by the parties, as well. Maximum amount of a cash advance is not specified. Rollovers are limited to 12 weeks after the initial loan is made.

* Vermont: Vermont does not have specific payday loan safe-harbor legislation. At this time, the best approach is to offer payday loans via the Internet.

* Virginia: The state allows a fee of 15 % of the face amount of the payday loan amount. The permitted time period is a minimum of 7 days. The maximum amount of the payday loan allowable is $500. Rollovers are prohibited.

* Washington: You may only borrow a total of $700 or 30% of your gross monthly income, whichever is less. Your information will be registered in a state-wide database, ensuring that all payday lenders have the most up-to-date loan information. You may only take 8 payday loans per 12-month period. If you are unable to repay your loan before your loan is due, you may request an installment plan with no additional fees. If you currently have an installment plan you may not receive another loan. Lenders may not harass or intimidate when collecting a loan.

* West Virginia: The state attorney general is very aggressive in trying to stamp out payday loan; including payday loan Internet operators.

* Wisconsin: The interest rate is determined by the parties to the loan. The term of a payday loan is determined by the parties to the loan. Maximum amount of a cash advance is N/A. Rollovers are not limited.

* Wyoming: The allowable fee is $30 or 20% per month, whichever is greater, on the principal balance of the face amount of the check. The term of a payday loan is one calander month. There is no statutory cap on the amount of the cash advance. Rollovers are prohibited.

* UK payday loan laws: Few regulations exist in relation to payday loans in the UK.

In the UK, a consumer credit licence is issued by the Office of Fair Trading (OFT). The license is required by a company before it is permitted to offer payday loans. Otherwise, few regulations exist in relation to payday loans.

Even though relatively few regulations apply explicitly to UK payday loan providers, these companies are still required to abide by the same rules that apply to the advertising of other financial products. Most advertismenets offering loans must display the Annual Percentage Rate (APR). The APR must be clearly shown in an advertisement if:

* the advertisement makes comparisons with other financial products;
* the advertisement offers incentives such as cash-back or free gifts;
* the advertisement mentions poor credit history, arrears or county court judgements (CCJ) in its advertising pitch.
* there is a high APR.

In addition, the APR must be displayed more prominently and in larger type than the information about comparisons or incentives.