Search

Chapter 208-630 WAC

Last Update: 8/5/08

Check cashers and sellers — regulation of

WAC Sections

208-630-110 What definitions are required to understand these rules?
LICENSING REQUIREMENTS
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?
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?
208-630-140 Once a business finishes the application process, when does the director issue a license?
208-630-150 When does the license expire?
208-630-160 Does each location where a licensee makes small loans have to have a small loan endorsement?
208-630-170 Where may a licensee make small loans?
208-630-180 Is there a bond requirement for licensees?
208-630-190 What type of bond is necessary and what are the conditions?
208-630-200 How is a bond canceled?
208-630-210 What is the liability of the surety under the bond?
208-630-220 Who may make claims against the bond?
208-630-230 What if there are claims against the bond?
208-630-240 What is the amount of bond needed for licensees engaging only in check selling?
208-630-250 What is the amount of bond needed if a licensee has a small loan endorsement?
208-630-260 Does a licensee have any alternative to maintaining a surety bond?
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
208-630-280 Does a licensee have to pay a fee for a license application?
208-630-290 How much are the fees for various license applications, and when does a licensee pay them?
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?
208-630-310 Is the licensee's deposit fee refundable?
EXAMINATION AND INVESTIGATION
208-630-320 What examination authority does the director have?
208-630-330 May the director accept other reports in lieu of an examination?
208-630-340 What should a licensee expect the director to review during an examination?
208-630-350 Who pays for the costs of an examination?
208-630-360 Whether a business has a license or not, what should the business know about an investigation?
208-630-370 What powers does the director have during an investigation?
208-630-380 What are the fees for an investigation?
208-630-390 May the director hire other specialists to assist with examinations and investigations, and who will pay for them?
ASSESSMENTS AND REPORTING REQUIREMENTS
208-630-400 Once licensed, what fees must a licensee pay to keep a license current?
208-630-420 How can a license be reinstated after it expires?
208-630-430 When may a licensee expect a fee increase?
208-630-440 How will a licensee know about fee increases?
208-630-450 When may the director waive fees?
208-630-460 When must a licensee inform the director of significant changes in business?
REQUIREMENTS FOR CHECK CASHING AND MAKING SMALL LOANS (PAYDAY LENDING)
208-630-470 What types of information must a licensee include on a borrower's application for a small loan?
208-630-480 How must a licensee maintain customer small loan applications?
208-630-490 What information must the note or small loan agreement contain?
208-630-500 When must a licensee provide a note or small loan agreement to the borrower?
208-630-505 What process must a licensee follow when a borrower pays off a small loan, or makes a payment toward a payment plan, with cash?
208-630-510 When does a borrower have a right to enter into a statutory payment plan?
208-630-520 If a borrower and licensee enter into a statutory payment plan, what is the term of the payment plan?
208-630-530 If a borrower and licensee enter into a statutory payment plan, how must the payments be structured?
208-630-540 Must a licensee comply with the federal Truth in Lending Act when entering into a payment plan?
208-630-5401 What duties and restrictions must a licensee comply with when making loans to military borrowers?
208-630-550 May the licensee and the borrower enter into a payment plan prior to the fourth consecutive loan?
208-630-560 What types of disclosures must a licensee make to a borrower?
208-630-570 What must be included in the disclosures?
208-630-580 In addition to providing disclosures to the borrower, does a licensee have to post any disclosures?
208-630-590 How must a licensee format disclosures?
208-630-600 What documentation must a licensee keep to show that the licensee has made the proper disclosures?
208-630-610 What are the accounting and financial records that a licensee must keep?
208-630-620 In what form must a licensee maintain accounting and financial records?
208-630-630 May the director ask a licensee for records regarding the previous day's transactions?
208-630-640 What specific accounting records must a licensee maintain?
208-630-650 May a licensee maintain a consolidated general ledger if the licensee has two or more locations?
208-630-660 What must a licensee have in employees' personnel files?
208-630-670 For licensees with small loan endorsements what information must the licensee keep in every loan file?
208-630-680 Are there specific banking requirements for check sellers?
208-630-690 When must a check casher deposit a monetary instrument?
208-630-700 When may a licensee deposit a monetary instrument accepted in the course of making a small loan?
208-630-710 What other federal and state laws and regulations must a licensee comply with?
208-630-711 What are the minimum requirements of a policy that protects borrowers' nonpublic personal information (NPI) under the Gramm-Leach-Bliley Act?
208-630-712 When must a licensee obtain identifying information about its customers?
208-630-720 Is a licensee required to register as a money service business with the Secretary of the Treasury?
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?
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?
208-630-740 What obligation does a licensee have to assure that employees comply with the laws and rules regarding payday lending and check cashing and selling?
208-630-750 What fees may licensees charge to collect a delinquent small loan?
208-630-770 May a licensee allow a borrower to refinance or "rollover" a small loan with another small loan?
208-630-780 May a licensee use a name or place of business other than that named on the license or small loan endorsement?
208-630-790 What is the limit on the amount of checks a licensee may hold from one borrower?
208-630-800 May a licensee holding a borrower's check for a period longer than the statutory limit of forty-five days charge additional fees?
208-630-810 May a licensee charge additional fees to cash monetary instruments issued as part of a small loan?
208-630-820 May a licensee charge any fees if a borrower decides to convert their loan to a payment plan?
PROHIBITED PRACTICES
208-630-8201 What business practices are prohibited?
208-630-830 What are a licensee's annual reporting requirements?
208-630-8301 What happens if a licensee is late filing the annual reports and paying the annual assessment?
208-630-840 Who may a licensee hire to prepare the financial statements in the annual report?
208-630-880 What must a check seller report when surrendering or revoking a license?
208-630-890 What must a licensee, other than a check seller, report when surrendering or revoking a license?
208-630-910 May a licensee request an extension of time to comply with reporting requirements?
208-630-920 Under what circumstances would a licensee submit unaudited financial statements to the director?
208-630-930 When may the director reject financial statements and other reports submitted to the director by the licensee?
208-630-940 How much time does a licensee have to correct the deficiency in financial statements or other reports?
208-630-950 What are the trust accounting requirements that a licensee must comply with?