What types of information must a licensee include on a borrower's application for a small loan?
The licensee must require and maintain an application for each borrower in each small loan transaction. Each application must contain the borrower's full name, Social Security number or other unique identifier acceptable to the director, current address, loan origination date, and whether the applicant is a military borrower at any time prior to the termination date of the loan. As used in this section "other unique identifier" means a state identification card, a passport, a document issued by the U.S. Immigration and Customs Enforcement that provides identification of the borrower, a matricula consular, a driver's license, or other forms as approved by the director.
Licensees may rely upon an applicant representation regarding the applicant's military status, and are not required to conduct an independent investigation regarding military status.
[Statutory Authority: RCW 43.320.040
. WSR 07-23-094, § 208-630-470, filed 11/20/07, effective 12/21/07. Statutory Authority: RCW 31.04.165
. WSR 05-22-009, § 208-630-470, filed 10/21/05, effective 11/21/05.]