Chapter 208-630 WAC

Last Update: 4/29/16

REGULATION OF CHECK CASHERS AND SELLERS AND SMALL LOANS (PAYDAY LENDERS)

(Formerly chapter 50-30 WAC)

WAC Sections

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