REGULATION OF CHECK CASHERS AND SELLERS AND SMALL LOANS (PAYDAY LENDERS)
WAC Sections
| HTMLPDF | 208-630-110 | What definitions are required to understand these rules? |
LICENSING REQUIREMENTS | ||
| HTMLPDF | 208-630-120 | What does a business have to do to operate as a check casher and seller or to make small loans as a payday lender? |
| HTMLPDF | 208-630-130 | How does a business apply for a check casher's or seller's license or a small loan endorsement to a check casher's or seller's license? |
| HTMLPDF | 208-630-135 | What must I do to be authorized to offer small loan agent services? |
| HTMLPDF | 208-630-136 | If I am licensed to provide small loan agent services, what activities may I engage in? |
| HTMLPDF | 208-630-137 | What disclosures must I provide when conducting business pursuant to a small loan agent services license? |
| HTMLPDF | 208-630-138 | What laws govern my conduct as a small loan agent licensee? |
| HTMLPDF | 208-630-140 | Once a business finishes the application process, when does the director issue a license? |
| HTMLPDF | 208-630-150 | When does the license expire? |
| HTMLPDF | 208-630-155 | May I conduct my business from more than one location? |
| HTMLPDF | 208-630-160 | Does each location where a licensee makes small loans have to have a small loan endorsement? |
| HTMLPDF | 208-630-170 | Where may a licensee make small loans? |
| HTMLPDF | 208-630-180 | Is there a bond requirement for my license? |
| HTMLPDF | 208-630-190 | What type of bond is necessary and what are the conditions? |
| HTMLPDF | 208-630-200 | How is a bond canceled? |
| HTMLPDF | 208-630-210 | What is the liability of the surety under the bond? |
| HTMLPDF | 208-630-220 | Who may make claims against the bond? |
| HTMLPDF | 208-630-230 | What must I do if there are claims against the bond? |
| HTMLPDF | 208-630-240 | What is the amount of bond needed for licensees engaging only in check selling? |
| HTMLPDF | 208-630-250 | What is the amount of bond needed if a licensee has a small loan endorsement? |
| HTMLPDF | 208-630-260 | Do I have any alternative to maintaining a surety bond? |
| HTMLPDF | 208-630-270 | When and under what circumstances may the director have access to the criminal history of an applicant or licensee, or controlling person? |
LICENSING FEES | ||
| HTMLPDF | 208-630-280 | Does a licensee have to pay a fee for a license application? |
| HTMLPDF | 208-630-290 | How much are the fees for various license applications, and when does a licensee pay them? |
| HTMLPDF | 208-630-300 | What happens if a licensee pays a lump sum payment in advance, and there is a surplus or deficiency in the application deposit? |
| HTMLPDF | 208-630-310 | Is the licensee's deposit fee refundable? |
EXAMINATION AND INVESTIGATION | ||
| HTMLPDF | 208-630-320 | What examination authority does the director have? |
| HTMLPDF | 208-630-330 | May the director accept other reports in lieu of an examination? |
| HTMLPDF | 208-630-340 | What should a licensee expect the director to review during an examination? |
| HTMLPDF | 208-630-350 | Who pays for the costs of an examination? |
| HTMLPDF | 208-630-360 | When may the director conduct an investigation? |
| HTMLPDF | 208-630-370 | What powers does the director have during an investigation? |
| HTMLPDF | 208-630-380 | What are the fees for an investigation? |
| HTMLPDF | 208-630-390 | May the director hire other specialists to assist with examinations and investigations, and who will pay for them? |
ANNUAL ASSESSMENTS | ||
| HTMLPDF | 208-630-400 | Once licensed, what fees must a licensee pay to keep a license current? |
| HTMLPDF | 208-630-420 | How can a license be reinstated after it expires? |
| HTMLPDF | 208-630-450 | When may the director waive fees? |
SMALL LOAN REQUIREMENTS (PAYDAY LENDING) | ||
| HTMLPDF | 208-630-461 | What is the maximum amount that all licensees may lend to a borrower? |
| HTMLPDF | 208-630-462 | What documentation is acceptable as proof of the borrower's gross monthly income? |
| HTMLPDF | 208-630-463 | What is the maximum number of small loans that may be made to a single borrower in any twelve-month period? |
| HTMLPDF | 208-630-464 | What documentation is acceptable as proof of the borrower's identity? |
| HTMLPDF | 208-630-466 | What fees can I charge on a small loan? |
| HTMLPDF | 208-630-470 | What types of information must a licensee include on a borrower's application for a small loan? |
| HTMLPDF | 208-630-480 | How must a licensee maintain customer small loan applications? |
| HTMLPDF | 208-630-490 | What information must the note or small loan agreement contain? |
| HTMLPDF | 208-630-500 | When must a licensee provide a note or small loan agreement to the borrower? |
| HTMLPDF | 208-630-501 | How must I determine the due date on the loan? |
| HTMLPDF | 208-630-505 | What process must I follow when a borrower pays off a small loan, or makes a payment toward an installment plan, with cash? |
| HTMLPDF | 208-630-506 | What are my obligations if the borrower notifies me that he or she will be or is unable to pay the small loan on time? |
| HTMLPDF | 208-630-510 | When does a borrower have a right to enter into an installment plan? |
| HTMLPDF | 208-630-520 | If a borrower and licensee enter into an installment plan, what are the terms of the installment plan? |
| HTMLPDF | 208-630-530 | If a borrower and licensee enter into an installment plan, how must the payments be structured? |
| HTMLPDF | 208-630-531 | May I charge any fees if a borrower decides to convert their loan to an installment plan? |
| HTMLPDF | 208-630-532 | May I make a small loan to a borrower who is in default on another small loan? |
| HTMLPDF | 208-630-533 | May I make a small loan to a borrower who is in an installment plan? |
| HTMLPDF | 208-630-5401 | What duties and restrictions must a licensee comply with when making loans to military borrowers? |
| HTMLPDF | 208-630-542 | What fees may I charge or collect when a borrower defaults on a small loan? |
| HTMLPDF | 208-630-543 | What are the specifications required of the communication log in RCW 31.45.082(4)? |
| HTMLPDF | 208-630-544 | May I allow a borrower to refinance a small loan with another small loan? |
| HTMLPDF | 208-630-545 | How do I use a trade name when conducting business? |
| HTMLPDF | 208-630-546 | What is the limit on the number of checks I may hold from one borrower? |
| HTMLPDF | 208-630-547 | May I continue to hold the borrower's original check or ACH authorization once the borrower has converted the loan to an installment plan? |
| HTMLPDF | 208-630-548 | May I hold postdated checks for the installment plan payments? |
| HTMLPDF | 208-630-549 | May I charge the borrower additional fees if the borrower defaults on an installment plan? |
| HTMLPDF | 208-630-551 | May I charge a fee to cash monetary instruments I issue as proceeds of a small loan? |
| HTMLPDF | 208-630-555 | What is the purpose of the database? |
| HTMLPDF | 208-630-556 | How do I use the database system for small loan transactions? |
| HTMLPDF | 208-630-560 | What disclosures must I make to a borrower? |
| HTMLPDF | 208-630-570 | What must be included in the disclosure referred to in WAC 208-630-560(2)? |
| HTMLPDF | 208-630-580 | In addition to providing disclosures to the borrower, must I post any disclosures? |
| HTMLPDF | 208-630-590 | How must I format disclosures? |
| HTMLPDF | 208-630-600 | What documentation must a licensee keep to show that the licensee has made the proper disclosures? |
| HTMLPDF | 208-630-601 | Must I provide any information about the changes to the law to borrowers? |
| HTMLPDF | 208-630-605 | Must I maintain a business resumption plan? |
| HTMLPDF | 208-630-606 | Must I have a policy that deals with records disposal? |
REQUIREMENTS FOR ALL LICENSEES | ||
| HTMLPDF | 208-630-610 | What accounting and financial records must I keep? |
| HTMLPDF | 208-630-620 | In what form must a licensee maintain accounting and financial records? |
| HTMLPDF | 208-630-630 | May the director ask a licensee for records regarding the previous day's transactions? |
| HTMLPDF | 208-630-640 | What specific accounting records must a licensee maintain? |
| HTMLPDF | 208-630-650 | May a licensee maintain a consolidated general ledger if the licensee has two or more locations? |
| HTMLPDF | 208-630-660 | What must a licensee have in employees' personnel files? |
| HTMLPDF | 208-630-670 | If I have a small loan endorsement on my license, what information must I keep in every loan file? |
| HTMLPDF | 208-630-680 | Are there specific banking requirements for check sellers? |
| HTMLPDF | 208-630-690 | When must a check casher deposit a monetary instrument? |
| HTMLPDF | 208-630-700 | When may I deposit a monetary instrument accepted in the course of making a small loan? |
| HTMLPDF | 208-630-710 | What other federal and state laws and regulations must a licensee comply with? |
| HTMLPDF | 208-630-712 | When must a licensee obtain identifying information about its customers? |
| HTMLPDF | 208-630-715 | What are the minimum requirements of an information security program required by the Federal Safeguards Rule implementing the Gramm-Leach-Bliley Act? |
| HTMLPDF | 208-630-716 | What are the minimum requirements for Consumer Financial Information Privacy under the Gramm-Leach-Bliley Act (Regulation P)? |
| HTMLPDF | 208-630-717 | Must a licensee provide notice to consumers if its data is compromised? |
| HTMLPDF | 208-630-720 | Is a licensee required to register as a money service business with the Secretary of the Treasury? |
| HTMLPDF | 208-630-721 | If a licensee is considered a money service business (MSB) under the Bank Secrecy Act (see WAC 208-630-720), what are the minimum requirements for the anti-money laundering program the licensee must develop? |
| HTMLPDF | 208-630-730 | What records and actions does a licensee need to take to assure the licensee is correctly reporting under the Bank Secrecy Act? |
| HTMLPDF | 208-630-740 | What obligation do I have to assure that employees comply with the laws and rules regarding payday lending and check cashing and selling? |
PROHIBITED PRACTICES | ||
| HTMLPDF | 208-630-8201 | What business practices are prohibited? |
REPORTING REQUIREMENTS | ||
| HTMLPDF | 208-630-830 | What are my annual reporting requirements? |
| HTMLPDF | 208-630-8301 | What happens if I am late filing the annual reports and paying the annual assessment? |
| HTMLPDF | 208-630-835 | When must I inform the director of significant changes in my business? |
| HTMLPDF | 208-630-836 | When ceasing my small loan business, what information must I file before I close the business? |
| HTMLPDF | 208-630-840 | Who may a licensee hire to prepare the financial statements in the annual report? |
| HTMLPDF | 208-630-880 | As a check seller what must I report when my license is surrendered or revoked? |
| HTMLPDF | 208-630-890 | If I am not a check seller what must I report when my license is surrendered or revoked? |
| HTMLPDF | 208-630-910 | May I request an extension of time to comply with the reporting requirements? |
| HTMLPDF | 208-630-920 | Under what circumstances would a licensee submit unaudited financial statements to the director? |
| HTMLPDF | 208-630-930 | When may the director reject financial statements and other reports submitted to the director by the licensee? |
| HTMLPDF | 208-630-940 | How much time does a licensee have to correct the deficiency in financial statements or other reports? |
| HTMLPDF | 208-630-950 | What trust accounting requirements must a I comply with? |