reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.24 - Industrial Development Corporations. › 31.24.230 - Simultaneous applications—Business development company and nondepository lender of certain loans—Procedure—Fees.

RCW 31.24.230
Simultaneous applications—Business development company and nondepository lender of certain loans—Procedure—Fees.
(1) An applicant may apply simultaneously for both a business development company charter, under this chapter, and for a license as a nondepository lender of federally guaranteed small business loans, under chapter 31.40 RCW.
(2) An applicant may apply simultaneously for both a business development company charter, under this chapter, and for a license as a nondepository lender of guaranteed agricultural loans, under chapter 31.35 RCW.
(3) Notwithstanding any provisions of this chapter or chapter 31.35 or 31.40 RCW, applications presented to the director as set forth in subsections (1) and (2) of this section shall be considered and evaluated by the director as one application, and an applicant:
(a) If granted a business development company charter based on a joint application as provided in subsections (1) and (2) of this section, shall pay fees and charges only as required by this chapter and be subject to joint and simultaneous application review and periodic examination; and
(b) If denied a business development company charter when having made a joint application as provided in subsections (1) and (2) of this section, shall pay fees and charges only as required by this chapter.
(4) An existing business development company organized under this chapter may apply for either a license, under chapter 31.35 RCW, or a license, under chapter 31.40 RCW, or both; and, if granted, the business development company, as a dual licensee, shall then pay fees and charges only as required by this chapter and be subject to joint and simultaneous application review and periodic examination.
[ 2006 c 87 § 27.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.010 - Findings—Intent.

RCW 31.35.010
Findings—Intent.
The legislature finds and declares that nondepository agricultural lenders can enhance their access to working capital for the purpose of financing agricultural borrowers by using the United States farmers home administration loan guaranty program. The farmers home administration loan guaranty program provides financing to agricultural borrowers needing working capital and longer term financing for the purchase of real estate, agricultural production expenses, debt refinancing, equipment, and the purchase of other fixed assets. Loans can be made to agricultural borrowers by nondepository lenders and guaranteed by the farmers home administration only if the state provides an ongoing opportunity for examination of such entities to confirm good lending practices and solvency.
It is the intent of the legislature to empower the director of financial institutions to examine nondepository agricultural lenders for the purpose of allowing such lenders to qualify for participation in the farmers home administration loan guaranty program.
[ 1994 c 92 § 251; 1990 c 134 § 1.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.020 - Definitions.

RCW 31.35.020
Definitions.
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Agricultural lender" means a Washington corporation incorporated under Title 23B or 24 RCW and qualified as such under this chapter and the jurisdiction of the federal government agency sponsoring the loan guaranty program.
(2) "Director" means the director of financial institutions.
(3) "Loan guaranty program" means the farmers home administration loan guaranty program, or any other government program for which the agricultural lender is eligible and which has as its function the provision, facilitation, or financing of agricultural business operations.
[ 1994 c 92 § 252; 1990 c 134 § 2.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.030 - Administration—Rules—Duties of director.

RCW 31.35.030
Administration—Rules—Duties of director.
(1) The director shall administer this chapter. The director may issue orders and adopt rules that, in the opinion of the director, are necessary to execute, enforce, and effectuate the purposes of this chapter. Rules to enforce the provisions of this chapter shall be adopted under the administrative procedure act, chapter 34.05 RCW.
(2) An application filed with the director under this chapter shall be in such form and contain such information as required by the director by rule and be consistent with the requirements of the loan guaranty program.
(3) After the director is satisfied that the applicant has satisfied all the conditions necessary for approval, the director shall issue a license to the applicant authorizing it to be an agricultural lender under this chapter.
(4) Any change of control of an agricultural lender shall be subject to the approval of the director. Such approval shall be subject to the same criteria as the criteria for approval of the original license. For purposes of this subsection, "change of control" means directly or indirectly, alone or in concert with others, to own, control, or hold the power to vote ten percent or more of the outstanding voting stock of an agricultural lender or the power to elect or control the election of a majority of the board of directors of an agricultural lender.
(5) The director may deny, suspend, or revoke a license if the agricultural lender violates any provision of this chapter or any rules promulgated pursuant to this chapter.
[ 1994 c 92 § 253; 1990 c 134 § 3.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.040 - Participation by agricultural lender—Powers and privileges.

RCW 31.35.040
Participation by agricultural lender—Powers and privileges.
(1) An agricultural lender may participate in a loan guaranty program. If an agricultural lender participates in a loan guaranty program, the agricultural lender shall comply with the requirements of that program.
(2) An agricultural lender may be incorporated under either the Washington business corporation act, Title 23B RCW, or the Washington nonprofit corporation act, Title 24 RCW. In addition to the powers and privileges provided to an agricultural lender by this chapter, an agricultural lender has all the powers and privileges conferred by its incorporating statute that are not inconsistent with or limited by this chapter.
[ 1990 c 134 § 4.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.050 - Costs of supervision—Fees.

RCW 31.35.050
Costs of supervision—Fees.
(1) The director is authorized to charge a fee for the estimated direct and indirect costs for examination and supervision by the director of an agricultural lender or a subsidiary of an agricultural lender. Excess examiner time shall be billed at a reasonable rate established by rule.
(2) All such fees shall be deposited in the financial services regulation fund and administered consistent with the provisions of RCW 43.320.110.
[ 2001 c 177 § 7; 1994 c 92 § 254; 1990 c 134 § 5.]
NOTES:
Effective date—2001 c 177: See note following RCW 43.320.080.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.060 - Responsibility of agricultural lender—Recordkeeping—Loan loss reserve.

RCW 31.35.060
Responsibility of agricultural lender—Recordkeeping—Loan loss reserve.
(1) An agricultural lender shall keep books, accounts, and other records in such form and manner as required by the director. These records shall be kept at such place and shall be preserved for such length of time as specified by the director by rule.
(2) Not more than ninety days after the close of each calendar year, or within a period specified by the director, an agricultural lender shall file with the director a report containing the following:
(a) Financial statements, including the balance sheet, the statement of income or loss, the statement of changes in capital accounts, and the statement of changes in financial position; and
(b) Other information that the director may require.
(3) Each agricultural lender shall provide for a loan loss reserve sufficient to cover projected loan losses that are not guaranteed by the United States government or any agency thereof.
[ 1994 c 92 § 255; 1990 c 134 § 6.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.070 - Examination of agricultural lender.

RCW 31.35.070
Examination of agricultural lender.
(1) The director shall visit each agricultural lender at least every twenty-four months for the purpose of assuring that the agricultural lender remains in compliance with and qualified for the loan guaranty program.
(a) The director may accept timely audited financial statements and other timely reports the director determines to be relevant and accurate as part of a full and complete examination of the agricultural lender. The director shall make an independent review of loans guaranteed by the loan guaranty program.
(b) The agricultural lender shall be exempt from examination under this subsection if it terminates its activities under the loan guaranty program and no loans guaranteed by the loan guaranty program remain on the books. This exemption becomes effective upon notification to the director. The director shall confirm termination of activities under the loan guaranty program with the appropriate federal agency.
(c) All examination reports and all information obtained by the director and the director's staff in conducting examinations of an agricultural lender are confidential to the same extent bank examinations are confidential under *RCW 30.04.075.
(d) All examination reports may be shared with other state or federal agencies consistent with **chapter 30.04 RCW.
(2) A director, officer, or employee of an agricultural lender or of a subsidiary of an agricultural lender being examined by the director or a person having custody of any of the books, accounts, or records of the agricultural lender or of the subsidiary shall facilitate the examination so far as it is in his or her power to do so.
(3) If in the opinion of the director it is necessary in the examination of an agricultural lender or of a subsidiary of an agricultural lender, the director may retain any certified public accountant, attorney, appraiser, or other person to assist the director. The agricultural lender being examined shall pay the fees of a person retained by the director under this subsection.
[ 1994 c 92 § 256; 1990 c 134 § 7.]
NOTES:
Reviser's note: *(1) RCW 30.04.075 was recodified as RCW 30A.04.075 pursuant to 2014 c 37 § 4, effective January 5, 2015.
**(2) Chapter 30.04 RCW was recodified as chapter 30A.04 RCW pursuant to 2014 c 37 § 4, effective January 5, 2015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.080 - Enforcement—Responsibility of director—Penalty.

RCW 31.35.080
Enforcement—Responsibility of director—Penalty.
(1) The director shall adopt rules to enforce the intent and purposes of this chapter. Such rules shall include, but not be limited to, the following:
(a) Disclosure of conflicts of interest;
(b) Prohibition of false statements made to the director on any form required by the director or during any examination; or
(c) Prevention of fraud and undue influence within an agricultural lender.
(2) A violation of any provision of this chapter or any rule of the director adopted under this chapter by an agent, employee, officer, or director of the agricultural lender shall be punishable by a fine, established by the director, not to exceed one hundred dollars for each offense. Each day's continuance of the violation shall be a separate and distinct offense. All fines shall be credited to the financial services regulation fund.
(3) The director may issue and serve upon an agricultural lender a notice of charges if, in the opinion of the director, the agricultural lender is violating or has violated the law, rule, or any condition imposed in writing by the director or any written agreement made by the director.
(a) The notice shall contain a statement of the facts constituting the alleged violation or practice and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist should issue against the agricultural lender. The hearing shall be set not earlier than ten days nor later than thirty days after service of the notice unless a later date is set by the director at the request of the agricultural lender.
Unless the agricultural lender appears at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease and desist order. In the event of consent or if, upon the record made at the hearing, the director finds that any violation or practice specified in the notice of charges has been established, the director may issue and serve upon the agricultural lender an order to cease and desist from the violation or practice. The order may require the agricultural lender and its directors, officers, employees, and agents to cease and desist from the violation or practice and may require the agricultural lender to take affirmative action to correct the conditions resulting from the violation or practice.
(b) A cease and desist order shall become effective at the expiration of ten days after the service of the order upon the agricultural lender concerned, except that a cease and desist order issued upon consent shall become effective at the time specified in the order and shall remain effective as provided in the order unless it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
[ 2001 c 177 § 8; 1994 c 92 § 257; 1990 c 134 § 8.]
NOTES:
Effective date—2001 c 177: See note following RCW 43.320.080.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.090 - Enforcement—Court order.

RCW 31.35.090
Enforcement—Court order.
If, in the opinion of the director, an agricultural lender violates or there is reasonable cause to believe that an agricultural lender is about to violate any provision of this chapter or any rule adopted under this chapter, the director may bring an action in the appropriate court to enjoin the violation or to enforce compliance. Upon a proper showing, a restraining order, or preliminary or permanent injunction, shall be granted, and a receiver or a conservator may be appointed for the agricultural lender or the agricultural lender's assets.
[ 1994 c 92 § 258; 1990 c 134 § 9.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.100 - Notice—Investments not insured.

RCW 31.35.100
Notice—Investments not insured.
All agricultural lenders shall notify their members at the time of membership and annually thereafter that their investment in the agricultural lender, although regulated by the director, is not insured, guaranteed, or protected by any federal or state agency.
[ 1994 c 92 § 259; 1990 c 134 § 10.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.105 - Application of RCW 31.24.230.

RCW 31.35.105
Application of RCW 31.24.230.
RCW 31.24.230 (2) through (4) supersede any contrary provision of this chapter.
[ 2006 c 87 § 28.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.35 - Agricultural Lenders—Loan Guaranty Program. › 31.35.900 - Severability—Administrative review—1990 c 134.

RCW 31.35.900
Severability—Administrative review—1990 c 134.
If any provision of this act or its application to any person or circumstance is held invalid or, if in the written opinion of the farmers home administration, is contrary to the intent and purposes of the loan guaranty program, the director shall not enforce such provision, but the remainder of the act or the application of the provision to other persons or circumstances shall not be affected.
[ 1994 c 92 § 260; 1990 c 134 § 11.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.010 - Intent.

RCW 31.40.010
Intent.
The legislature finds and declares that small and moderate-size companies can enhance their access to working capital and to capital for acquiring and equipping commercial and industrial facilities by using the United States small business administration national small business loan program known as the 7(a) loan guaranty program. The 7(a) loan guaranty program provides financing to small firms needing working capital and longer term financing for equipment and other fixed assets. Such loans can be made to small businesses by nondepository lenders and guaranteed by the small business administration only if the state provides for the ongoing regulation and examination of such entities.
It is the intent of the legislature that the director of financial institutions [license], regulate, and subject to ongoing examination, nondepository lenders for the purpose of allowing such lenders to participate in the small business administration's 7(a) loan guaranty program.
[ 1994 c 92 § 261; 1989 c 212 § 1.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.020 - Definitions.

RCW 31.40.020
Definitions.
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Licensee" means a Washington corporation licensed under the terms of this chapter.
(2) "Director" means the director of financial institutions.
[ 1994 c 92 § 262; 1989 c 212 § 2.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.030 - Director—Powers and duties.

RCW 31.40.030
Director—Powers and duties.
(1) The director shall administer this chapter. The director may issue orders and adopt rules that, in the opinion of the director, are necessary to execute, enforce, and effectuate the purposes of this chapter. Rules to enforce the provisions of this chapter shall be adopted under the administrative procedure act, chapter 34.05 RCW.
(2) Whenever the director issues an order or a license under this chapter, the director may impose conditions that are necessary, in the opinion of the director, to carry out the purposes of this chapter.
(3) An application filed with the director under this chapter shall be in such a form and contain such information as the director may require.
(4) Any change of control of a licensee shall be subject to the approval of the director. Such approval shall be subject to the same criteria as the criteria for approval of the original license. For purposes of this subsection, "change of control" means directly or indirectly, alone or in concert with others, to own, control, or hold the power to vote ten percent or more of the outstanding voting stock of a licensee or the power to elect or control the election of a majority of the board of directors of the licensee.
[ 1994 c 92 § 263; 1989 c 212 § 3.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.040 - Licensee—Powers and duties.

RCW 31.40.040
Licensee—Powers and duties.
(1) A licensee may participate in the 7(a) loan guaranty program of the small business administration pursuant to section 7(a) of the federal small business investment act of 1958, 15 U.S.C. Sec. 636(a), or any other government program for which the licensee is eligible and which has as its function the provision or facilitation of financing or management assistance to business firms. If a licensee participates in a program referred to in this section, the licensee shall comply with the requirements of that program.
(2) A licensee may be incorporated under either the Washington business corporation act or the Washington nonprofit corporation act. In addition to the powers and privileges provided to a licensee by this chapter, a licensee has all the powers and privileges conferred by its incorporating statute which are not inconsistent with or limited by this chapter.
[ 1989 c 212 § 4.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.050 - License approval.

RCW 31.40.050
License approval.
After a review of information regarding the directors, officers, and controlling persons of the applicant for a license, a review of the applicant's business plan, including at least three years of detailed financial projections and other relevant information, and a review of such additional information as is considered relevant by the director, the director shall approve an application for a license if, and only if, the director determines that:
(1) The applicant is capitalized in an amount that is not less than five hundred thousand dollars and that such sum is adequate for the applicant to transact business as a nondepository 7(a) lender and that in evaluating the capital position of the applicant the director may consider and include the net worth of any corporate shareholder of the applicant corporation if the shareholder guarantees the liabilities of the applicant: PROVIDED, That such corporate shareholder be subject to the reporting requirements of RCW 31.40.080;
(2) Each director, officer, and controlling person of the applicant is of good character and sound financial standing; that the directors and officers of the applicant are competent to perform their functions with respect to the applicant; and that the directors and officers of the applicant are collectively adequate to manage the business of the applicant as a nondepository 7(a) lender;
(3) The business plan of the applicant will be honestly and efficiently conducted in accordance with the intent and purposes of this chapter; and
(4) The proposed activity possesses a reasonable prospect for success.
[ 1994 c 92 § 264; 1989 c 212 § 5.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.060 - Prohibited loans—Exception.

RCW 31.40.060
Prohibited loans—Exception.
(1) Either by itself or in concert with a director, officer, principal shareholder, or affiliate, or with another licensee, a licensee shall not hold control of a business firm to which it has made a loan under section 7(a) of the federal small business investment act of 1958, 15 U.S.C. Sec. 636(a), except that, to the extent necessary to protect the licensee's interest as creditor of the business firm, a licensee that provides financing assistance to a business firm may acquire and hold control of that business firm. Unless the director approves a longer period, a licensee holding control of a business firm under this section shall divest itself of the interest which constitutes holding control as soon as practicable or within five years after acquiring that interest, whichever is sooner.
(2) For the purposes of subsection (1) of this section, "hold control" means alone or in concert with others:
(a) Ownership, directly or indirectly, of record or beneficially, of voting securities greater than:
(i) For a business firm with outstanding voting securities held by fewer than fifty shareholders, forty percent of the outstanding voting securities;
(ii) For a business firm with outstanding voting securities held by fifty or more shareholders, twenty-five percent of the outstanding voting securities;
(b) Being able to elect or control the election of a majority of the board of directors.
[ 1994 c 92 § 265; 1989 c 212 § 6.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.070 - Fees.

RCW 31.40.070
Fees.
(1) The director is authorized to charge a fee for the estimated direct and indirect costs of the following:
(a) An application for a license and the investigation thereof;
(b) An application for approval to acquire control of a licensee and the investigation thereof;
(c) An application for approval for a licensee to merge with another corporation, an application for approval for a licensee to purchase all or substantially all of the business of another person, or an application for approval for a licensee to sell all or substantially all of its business or of the business of any of its offices to another licensee and the investigation thereof;
(d) An annual license;
(e) An examination by the director of a licensee or a subsidiary of a licensee. Excess examiner time shall be billed at a reasonable rate established by rule.
(2) A fee for filing an application with the director shall be paid at the time the application is filed with the director.
(3) All such fees shall be deposited in the financial services regulation fund and administered consistent with the provisions of RCW 43.320.110.
[ 2001 c 177 § 9; 1994 c 92 § 266; 1989 c 212 § 7.]
NOTES:
Effective date—2001 c 177: See note following RCW 43.320.080.
Construction—1989 c 212 § 7: "Nothing in section 7 of this act shall be construed to prevent repayment to the general fund of the twenty-five thousand dollar start-up appropriation set forth in section 15 of this act." [ 1989 c 212 § 14.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.080 - Records—Reports—Loan loss reserve.

RCW 31.40.080
Records—Reports—Loan loss reserve.
(1) A licensee shall keep books, accounts, and other records in such a form and manner as the director may require. These records shall be kept at such a place and shall be preserved for such a length of time as the director may specify.
(2) Not more than ninety days after the close of each calendar year or within a period specified by the director, a licensee shall file with the director a report containing the following:
(a) Financial statements, including the balance sheet, the statement of income or loss, the statement of changes in capital accounts and the statement of changes in financial position; and
(b) Other information that the director may require.
(3) Each licensee shall provide for a loan loss reserve sufficient to cover projected loan losses which are not guaranteed by the United States government or any agency thereof.
[ 1994 c 92 § 267; 1989 c 212 § 8.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.090 - Examination of licensees.

RCW 31.40.090
Examination of licensees.
(1) The director shall examine each licensee not less than once every twenty-four months.
(2) The director may with or without notice and at any time during regular business hours examine a licensee or a subsidiary of a licensee.
(3) A director, officer, or employee of a licensee or of a subsidiary of a licensee being examined by the director or a person having custody of any of the books, accounts, or records of the licensee or of the subsidiary shall otherwise facilitate the examination so far as it is in his or her power to do so.
(4) If in the director's opinion it is necessary in the examination of a licensee, or of a subsidiary of a licensee, the director may retain any certified public accountant, attorney, appraiser, or other person to assist the director. The licensee being examined shall pay the fees of a person retained by the director under this subsection.
[ 2006 c 87 § 30; 1994 c 92 § 268; 1989 c 212 § 9.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.100 - Application denial.

RCW 31.40.100
Application denial.
If the director denies an application, the director shall provide the applicant with a written statement explaining the basis for the denial.
[ 1994 c 92 § 269; 1989 c 212 § 10.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.110 - Rules—Penalties.

RCW 31.40.110
Rules—Penalties.
(1) The director shall adopt rules to enforce the intent and purposes of this chapter. Such rules shall include, but need not be limited to, the following:
(a) Disclosure of conflicts of interest;
(b) Prohibition of false statements made to the director on any form required by the director or during any examination requested by the director; or
(c) Prevention of fraud and undue influence by a licensee.
(2) A violation of any provision of this chapter or any rule of the director adopted under this chapter by an agent, employee, officer, or director of the licensee shall be punishable by a fine, established by the director, not to exceed one hundred dollars for each offense. Each day's continuance of the violation shall be a separate and distinct offense. Each such fine shall be credited to the financial services regulation fund.
[ 2001 c 177 § 10; 1994 c 92 § 270; 1989 c 212 § 11.]
NOTES:
Effective date—2001 c 177: See note following RCW 43.320.080.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.120 - Injunction.

RCW 31.40.120
Injunction.
If, in the opinion of the director, a person violates or there is reasonable cause to believe that a person is about to violate any provision of this chapter or any rule adopted under this chapter, the director may bring an action in the appropriate court to enjoin the violation or to enforce compliance. Upon a proper showing, a restraining order, preliminary or permanent injunction, shall be granted, and a receiver or a conservator may be appointed for the defendant or the defendant's assets.
[ 1994 c 92 § 271; 1989 c 212 § 12.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.130 - Penalty—License impairment.

RCW 31.40.130
Penalty—License impairment.
The director may deny, suspend, or revoke a license if the applicant or holder violates any provision of this chapter or any rules promulgated pursuant to this chapter.
[ 1994 c 92 § 272; 1989 c 212 § 13.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.135 - Application of RCW 31.24.230.

RCW 31.40.135
Application of RCW 31.24.230.
RCW 31.24.230 (1), (3), and (4) supersede any contrary provision of this chapter.
[ 2006 c 87 § 29.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.40 - Federally Guaranteed Small Business Loans. › 31.40.900 - Severability—1989 c 212.

RCW 31.40.900
Severability—1989 c 212.
If any provision of this act or its application to any person or circumstance is held invalid or, if in the written opinion of the small business administration, is contrary to the intent and purposes of the 7(a) loan guaranty program, the director shall not enforce such provision but the remainder of the act or the application of the provision to other persons or circumstances shall not be affected.
[ 1994 c 92 § 273; 1989 c 212 § 16.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.020 - Application of chapter.

RCW 31.45.020
Application of chapter.
(1) This chapter does not apply to:
(a) Any financial institution or trust company authorized to do business in Washington;
(b) The cashing of checks, drafts, or money orders by any person who cashes checks, drafts, or money orders as a convenience, as a minor part of its customary business, and not for profit;
(c) The issuance or sale of checks, drafts, or money orders by any corporation, partnership, or association that has a net worth of not less than three million dollars as shown by audited financial statements; and
(d) The issuance or sale of checks, drafts, money orders, or other commercial paper serving the same purpose by any agent of a corporation, partnership, or association described in (c) of this subsection.
(2) Upon application to the director, the director may exempt a person from any or all provisions of this chapter upon a finding by the director that although not otherwise exempt under this section, the applicant is not primarily engaged in the business of cashing or selling checks and a total or partial exemption would not be detrimental to the public.
[ 2003 c 86 § 2; 1994 c 92 § 275; 1991 c 355 § 2.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.022 - Privacy or confidentiality of any information or material—Federal or other state's laws.

RCW 31.45.022
Privacy or confidentiality of any information or material—Federal or other state's laws.
(1) The requirements under any federal law or laws of another state regarding the privacy or confidentiality of any information or material provided to the department [of financial institutions], and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to that information or material, continues to apply to the information or material after the information or material has been disclosed to the department [of financial institutions]. If consistent with applicable law, the information and material may be shared with all state and federal regulatory officials without the loss of privilege or the loss of confidentiality protections provided by federal law or state law.
(2) When the department [of financial institutions] is a party to a memoranda of understanding or enforcement order issued by the consumer financial protection bureau, the privacy, confidentiality, or privilege accorded to the document by federal law continues to apply even after the memoranda or order has been signed by the director or a designee.
(3) Any requirement under chapter 42.56 RCW relating to the disclosure of confidential supervisory information or any information or material described in subsection (1) or (2) of this section that is inconsistent with subsection (1) or (2) of this section is superseded by the requirements of this section.
[ 2014 c 36 § 8.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.040 - Application for license or small loan endorsement—Financial responsibility—Director's investigation.

RCW 31.45.040
Application for license or small loan endorsement—Financial responsibility—Director's investigation.
(1) The director shall conduct an investigation of every applicant to determine the financial responsibility, experience, character, and general fitness of the applicant. The director shall issue the applicant a license to engage in the business of cashing or selling checks, or both, or a small loan endorsement, if the director determines to his or her satisfaction that:
(a) The applicant has satisfied the requirements of RCW 31.45.030;
(b) The applicant is financially responsible and appears to be able to conduct the business of cashing or selling checks or making small loans in an honest, fair, and efficient manner with the confidence and trust of the community; and
(c) The applicant has the required bonds, or has provided an acceptable alternative form of financial security.
(2) The director may refuse to issue a license or small loan endorsement if he or she finds that the applicant, or any person who is a director, officer, partner, agent, sole proprietor, owner, or controlling person of the applicant, has been convicted of a felony in any jurisdiction within seven years of filing the present application or is associating or consorting with any person who has been convicted of a felony in any jurisdiction within seven years of filing the present application. The term "substantial stockholder" as used in this subsection, means a person owning or controlling ten percent or more of the total outstanding shares of the applicant corporation.
(3) A license or small loan endorsement may not be issued to an applicant:
(a) Whose license to conduct business under this chapter, or any similar statute in any other jurisdiction, has been suspended or revoked within five years of the filing of the present application;
(b) Who has been banned from the industry by an administrative order issued by the director or the director's designee, for the period specified in the administrative order; or
(c) When any person who is a sole proprietor, owner, director, officer, partner, agent, or controlling person of the applicant has been banned from the industry in an administrative order issued by the director, for the period specified in the administrative order.
(4) A license or small loan endorsement issued under this chapter shall be conspicuously posted in the place of business of the licensee. The license is not transferable or assignable.
(5) A license or small loan endorsement issued in accordance with this chapter remains in force and effect until surrendered, suspended, or revoked, or until the license expires as a result of nonpayment of the annual assessment fee.
[ 2003 c 86 § 4; 1996 c 13 § 1; 1995 c 18 § 5; 1994 c 92 § 277; 1991 c 355 § 4.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.043 - Multistate licensing system—Director's discretion.

RCW 31.45.043
Multistate licensing system—Director's discretion.
Applicants may be required to make application through a multistate licensing system as prescribed by the director. Existing licensees may be required to transition onto a multistate licensing system as prescribed by the director.
[ 2012 c 17 § 8.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.045 - Reports—Nationwide licensing system.

RCW 31.45.045
Reports—Nationwide licensing system.
Each licensee on a nationwide licensing system shall submit reports of condition which must be in the form and must contain the information as the director may require.
[ 2014 c 36 § 9.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.060 - Licensee—Schedule of fee and charges—Recordkeeping.

RCW 31.45.060
Licensee—Schedule of fee and charges—Recordkeeping.
(1) A schedule of the fees and the charges for the cashing and selling of checks, drafts, money orders, or other commercial paper serving the same purpose shall be conspicuously and continuously posted in every location licensed under this chapter. The licensee shall provide to its customer a receipt for each transaction. The receipt must include the name of the licensee, the type and amount of the transaction, and the fee or fees charged for the transaction.
(2) Each licensee shall keep and maintain such business books, accounts, and records as the director may require to fulfill the purposes of this chapter. Every licensee shall preserve such books, accounts, and records as required in rule by the director for at least two years from the completion of the transaction. Records may be maintained on an electronic, magnetic, optical, or other storage media. However, the licensee must maintain the necessary technology to permit access to the records by the department for the period required under this chapter.
(3) A check, draft, or money order sold by a licensee shall be drawn on an account of a licensee maintained in a federally insured financial institution authorized to do business in the state of Washington.
[ 2003 c 86 § 6; 1994 c 92 § 279; 1991 c 355 § 6.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.070 - Licensee—Permissible transactions—Restrictions.

RCW 31.45.070
Licensee—Permissible transactions—Restrictions.
(1) No licensee may engage in a loan business; the negotiation of loans; or the discounting of notes, bills of exchange, checks, or other evidences of debt in the same premises where a check cashing or selling business is conducted, unless the licensee:
(a) Is conducting the activities of pawnbroker as defined in RCW 19.60.010;
(b) Is a properly licensed consumer loan company under chapter 31.04 RCW;
(c) Is conducting other lending activity permitted in the state of Washington; or
(d) Has a small loan endorsement issued under this chapter.
(2) Except as otherwise permitted in this chapter, no licensee may at any time cash or advance any moneys on a postdated check or draft. However, a licensee may cash a check payable on the first banking day following the date of cashing if:
(a) The check is drawn by the United States, the state of Washington, or any political subdivision of the state, or by any department or agency of the state or its subdivisions; or
(b) The check is a payroll check drawn by an employer to the order of its employee in payment for services performed by the employee.
(3) Except as otherwise permitted in this chapter, no licensee may agree to hold a check or draft for later deposit. A licensee must deposit all checks and drafts cashed by the licensee as soon as practicable.
(4) No licensee may issue or cause to be issued any check, draft, or money order, or other commercial paper serving the same purpose, that is drawn upon the trust account of a licensee without concurrently receiving the full principal amount, in cash, or by check, draft, or money order from a third party believed to be valid.
(5) Each licensee shall comply with all applicable state and federal statutes relating to the activities governed by this chapter.
[ 2012 c 17 § 9; 2003 c 86 § 7; 1995 c 18 § 7; 1994 c 92 § 280; 1991 c 355 § 7.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.077 - Small loan endorsement—Application—Form—Information—Exemption from disclosure—Fees.

RCW 31.45.077
Small loan endorsement—Application—Form—Information—Exemption from disclosure—Fees.
(1) Each application for a small loan endorsement to a check casher or check seller license must be in writing and in a form prescribed by the director and shall contain the following information:
(a) The legal name, residence, and business address of the applicant, and if the applicant is a partnership, corporation, or association, the name and address of every member, partner, officer, and director thereof;
(b) The street and mailing address of each location where the licensee will engage in the business of making small loans;
(c) A surety bond, or other security allowed under RCW 31.45.030, in the amount required; and
(d) Any other pertinent information, including financial statements, as the director may require with respect to the licensee and its directors, officers, trustees, members, or employees.
(2) Any information in the application regarding the licensee's personal residential address or telephone number, and any trade secrets of the licensee as defined under RCW 19.108.010 including any financial statement that is a trade secret, is exempt from the public records disclosure requirements of chapter 42.56 RCW.
(3) The application shall be filed together with an investigation and review fee established by rule by the director. Fees collected shall be deposited to the credit of the financial services regulation fund in accordance with RCW 43.320.110.
[ 2005 c 274 § 256; 2003 c 86 § 9; 2001 c 177 § 13; 1995 c 18 § 3.]
NOTES:
Effective date—2001 c 177: See note following RCW 43.320.080.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.079 - Making small loans—Agent for a licensee or exempt entity—Federal preemption.

RCW 31.45.079
Making small loans—Agent for a licensee or exempt entity—Federal preemption.
A person may not engage in the business of making small loans as an agent for a licensee or exempt entity without first obtaining a small loan endorsement to a check casher or check seller license under this chapter. An agent of a licensee or exempt entity engaged in the business of making small loans is subject to this chapter. To the extent that federal law preempts the applicability of any part of this chapter, all other parts of this chapter remain in effect.
[ 2003 c 86 § 10.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.45 - Check Cashers and Sellers. › 31.45.080 - Trust funds—Deposit requirements—Rules.

RCW 31.45.080
Trust funds—Deposit requirements—Rules.
(1) All funds received by a licensee or its agents from the sale of checks, drafts, money orders, or other commercial paper serving the same purpose constitute trust funds owned by and belonging to the person from whom they were received or to the person who has paid the checks, drafts, money orders, or other commercial paper serving the same purpose.
(2) All such trust funds shall be deposited in a bank, savings bank, or savings and loan association located in Washington state in an account or accounts in the name of the licensee designated "trust account," or by some other appropriate name indicating that the funds are not the funds of the licensee or of its officers, employees, or agents. Such funds are not subject to attachment, levy of execution, or sequestration by order of a court except by a payee, assignee, or holder in due course of a check, draft, or money order sold by a licensee or its agent. Funds in the trust account, together with funds and checks on hand and in the hands of agents held for the account of the licensee at all times shall be at least equal to the aggregate liability of the licensee on account of checks, drafts, money orders, or other commercial paper serving the same purpose that are sold.
(3) The director shall adopt rules requiring the licensee to periodically withdraw from the trust account the portion of trust funds earned by the licensee from the sale of checks, drafts, money orders, or other commercial paper serving the same purpose. If a licensee has accepted, in payment for a check, draft, money order, or commercial paper serving the same purpose issued by the licensee, a check or draft that is subsequently dishonored, the director shall prohibit the withdrawal of earned funds in an amount necessary to cover the dishonored check or draft.
(4) If a licensee or its agent commingles trust funds with its own funds, all assets belonging to the licensee or its agent are impressed with a trust in favor of the persons specified in subsection (1) of this section in an amount equal to the aggregate funds that should have been segregated. Such trust continues until an amount equal to the necessary aggregate funds have been deposited in accordance with subsection (2) of this section.
(5) Upon request of the director, a licensee shall furnish to the director an authorization for examination of financial records of any trust fund account established for compliance with this section.
(6) The director may adopt any rules necessary for the maintenance of trust accounts, including rules establishing procedures for distribution of trust account funds if a license is suspended, terminated, or not renewed.
[ 1994 c 92 § 281; 1991 c 355 § 8.]