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RESTAURANT DEVELOPMENT, INC. v. CANANWILL, INC.

No. 49489-9-I.

55 P.3d 680 (2002)

RESTAURANT DEVELOPMENT, INC., a Washington corporation, individually and on behalf of all others similarly situated, Appellant, v. CANANWILL, INC., a California corporation, Respondent.

Court of Appeals of Washington, Division 1.

October 14, 2002.

Attorney(s) appearing for the Case

Bradford Steiner, Seattle, WA, for Appellant.

Nicholas P. Gellert, Seattle, WA, for Respondent.

KENNEDY, J.

Washington's Insurance Premium Finance Company Act (IPFCA) authorizes insurance premium finance companies, such as Cananwill, Inc., the respondent in this action, to charge their customers precomputed interest at a 10 percent add-on rate, which results in a higher effective annual percentage rate (APR) than would be the case if interest were computed actuarially on the declining principal balance. If the financed insurance contract is cancelled prematurely...

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