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PDFWAC 208-620-370

What are the grounds for denying or conditioning my consumer loan company license application?

The director may deny or condition approval of a license application if you or any principal, officer, or board director of the applicant:
(1) Fails to pay a fee due the department or the NMLS;
(2) Fails to demonstrate financial responsibility, experience, character, and general fitness to operate a business honestly, fairly, and efficiently within the purposes of the Consumer Loan Act. The director may find that the person has failed to make the demonstration if, among other things:
(a) Is or has been subject to an injunction or an administrative action issued pursuant to the Consumer Loan Act, the Consumer Protection Act, the Mortgage Broker Practices Act, the Insurance Code, the Securities Act, or similar laws in this or another state; or
(b) Is reported to have a history of unpaid debts as reported by an independent credit report issued by a recognized credit reporting agency; or
(c) Is the subject of a criminal felony indictment, or a criminal gross misdemeanor charge involving dishonesty or financial misconduct (RCW 31.04.055 (1)(d)); or
(d) Is insolvent in the sense that the value of the applicant's or licensee's liabilities exceeds its assets or in the sense that the applicant or licensee cannot meet its obligations as they mature; or
(e) Has had a license to conduct lending, residential mortgage loan servicing, to provide settlement services associated with lending or residential mortgage loan servicing, or student education loan servicing revoked or suspended by this state, another state, or by the federal government within five years of the date of submittal of a complete application for a license (see RCW 31.04.093 (6)(c)).
(3) Has misrepresented, omitted or concealed a material fact from the department or has misrepresented a material fact to the department;
(4) Has been found to have committed an act of misrepresentation or fraud in any aspect of providing financial services;
(5) Has failed to complete its application as defined in WAC 208-620-280, within a reasonable time after being notified that the department considers the file abandoned for failure to provide requested information or documentation;
(6) Fails to maintain a bond or bond alternative that is compliant with the act.
[Statutory Authority: RCW 43.320.040 and 31.04.165. WSR 18-24-013, § 208-620-370, filed 11/27/18, effective 1/1/19; WSR 13-24-024, § 208-620-370, filed 11/22/13, effective 1/1/14. Statutory Authority: RCW 43.320.040, 31.04.165 and 2010 c 35. WSR 10-20-122, § 208-620-370, filed 10/5/10, effective 11/5/10. Statutory Authority: RCW 43.320.040, 31.04.165, 2009 c 120, and 2009 c 149. WSR 09-24-090, § 208-620-370, filed 12/1/09, effective 1/1/10. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175. WSR 06-04-053, § 208-620-370, filed 1/27/06, effective 2/27/06.]
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