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RESTAURANT DEVELOPMENT, INC. v. CANANWILL, INC.

No. 73298-1.

80 P.3d 598 (2003)

150 Wash.2d 674

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

Supreme Court of Washington, En Banc.

Decided December 11, 2003.

Attorney(s) appearing for the Case

Paul F. Norris, Bradford Avery Steiner, Seattle, for petitioner.

Nicholas Peter Gellert, Seattle, for respondent.

OWENS, J.

Cananwill, Inc., financed an insurance premium for Restaurant Development, Inc. (RDI) and charged an add-on interest rate calculated at the outset of the loan, which amounted to a 13 percent effective annual percentage rate (APR). RDI argues that the Insurance Premium Finance Company Act (IPFCA), chapter 48.56 RCW, allows insurance premium finance companies to charge no more than 10 percent actuarial (simple) interest calculated monthly on the declining...

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