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WAC 208-630-135

What must I do to be authorized to offer small loan agent services?

(1) Persons providing small loan agent services must license with the department. To license you must provide the following information:
(a) The legal name, residence, and business address if an individual or sole proprietorship, and in addition, if a partnership, corporation, limited liability company, limited liability partnership, trust, company, or association, the name and address of every member, partner, officer, controlling person, and board director.
(b) The trade or business name under which you will do business. Please note, your request may be denied if the proposed trade or business name is similar to a currently existing licensee name, including trade names.
(c) The street and mailing address of each location where you will engage in business.
(d) The location at which your records will be kept.
(e) Whether the applicant or other person subject to the act is, or has been, subject to a cease and desist order or an injunction issued pursuant to the act or rules or any state or federal law applicable to the business activity.
(f) Whether the applicant or other person subject to the act has been charged or found through an administrative, civil, or criminal proceeding to have violated the provisions of the act or rules, or any state or federal law applicable to the business activity.
(g) Whether the applicant or other person subject to the act has been convicted of, or pled guilty or nolo contendere, in a domestic, foreign, or military court to:
(i) A gross misdemeanor involving dishonesty or financial misconduct within the prior seven years;
(ii) A felony within the prior seven years; or
(iii) A felony that involved an act of fraud, dishonesty, breach of trust, or money laundering at any time preceding the date of application.
(h) Any other pertinent information the director may require.
(2) You must also provide to the department a declaration that the company will not sell consumers' nonpublic personal information to unlicensed entities making loans or to unlicensed small loan agents.
(3) The small loan agent license expires December 31st of each year. You must pay the renewal fee prescribed by the director to renew the license.
(4) If any information about the company changes from that provided to the department at the time of licensure, you must notify the director in writing of the change within a reasonable amount of time from the change.
[Statutory Authority: Chapter 43.320 RCW, RCW 31.45.200. WSR 16-10-046, § 208-630-135, filed 4/29/16, effective 6/1/16; WSR 14-24-048, § 208-630-135, filed 11/25/14, effective 1/1/15.]
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