What Are State Loan Term Requirements?
State laws mandate terms from 30-120 days, with most requiring 60-90 day minimums.
What are typical mandated terms?
Most states require 60-90 days, ranging from 30 days minimum to 120 days in states like New York.
Can loans be extended?
Most states allow extensions or renewals with payment of accrued interest.
What happens when terms expire?
States typically require a grace period (often 30 days) before items can be sold.