reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › ANNUAL ASSESSMENTS › Section 208-630-400 - Once licensed, what fees must a licensee pay to keep a license current?

Current through Register Vol. 24-14, July 15, 2024
(1) The
						director will charge each licensee an annual assessment at the rate set forth
						in subsection (2) of this section. Assessments for a calendar year will be
						computed on total volume of transactions as of December 31 of the previous
						calendar year.
(2) The annual
						assessment rate is:
(a) For check cashers:
(i) If the volume of checks cashed is one
						million dollars or less, there is no annual assessment;
(ii) If the volume of checks cashed is over
						one million dollars, the annual assessment is five hundred thirteen dollars and
						ninety-five cents per licensed location.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › ANNUAL ASSESSMENTS › Section 208-630-420 - How can a license be reinstated after it expires?

Current through Register Vol. 24-14, July 15, 2024
The director may reinstate the license if, within twenty days
							after the effective date of expiration, the licensee:
(1) Pays both the annual assessment fee and
						the late fee; and
(2) Attests under
						penalty of perjury that it did not engage in conduct requiring a license under
						this chapter during the period its license was expired. The director may
						confirm the licensee's attestation by an investigation.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-420, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › ANNUAL ASSESSMENTS › Section 208-630-450 - When may the director waive fees?

Current through Register Vol. 24-14, July 15, 2024
The director may waive any or all of the fees and assessments
							imposed, in whole or in part, when he or she determines that both of the
							following factors are present:
(1) The
						consumer services program fund exceeds the projected acceptable minimum fund
						balance level approved by the office of financial management; and
(2) That such course of action would be
						fiscally prudent.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-450, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-461 - What is the maximum amount that all licensees may lend to a borrower?

Current through Register Vol. 24-14, July 15, 2024
The total outstanding principal of all small loans made by
							all licensees to a single borrower may not exceed seven hundred dollars or
							thirty percent of the borrower's gross monthly income, whichever is
							lower.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-461, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-462 - What documentation is acceptable as proof of the borrower's gross monthly income?

Current through Register Vol. 24-14, July 15, 2024
(1) A record of
						the borrower's pay stub or payroll receipt;
(2) A record of the borrower's receipt
						documenting payment of government benefits; or
(3) Other documentation as approved by the
						director, including, but not limited to, records of bank statements that show
						regular direct deposits from an identified source and verified to be in favor
						of the borrower, check cashing history, or an employer's verbal confirmation of
						the borrower's employment status and current gross income;
(4) You must obtain independent verification
						of a borrower's gross monthly income every one hundred eighty days;
(5) On loans made without independent
						verification of the borrower's gross monthly income, you must obtain from the
						borrower a written declaration of change or no change in their gross monthly
						income since the last independent verification.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-462, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-463 - What is the maximum number of small loans that may be made to a single borrower in any twelve-month period?

Current through Register Vol. 24-14, July 15, 2024
The maximum number of loans that all licensees may make to a
							single borrower in any twelve-month period is eight loans.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-463, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-464 - What documentation is acceptable as proof of the borrower's identity?

Current through Register Vol. 24-14, July 15, 2024
(1) For
						small loans made in person you must use one of the following forms of
						identification which must contain a photograph of the borrower:
(a) Driver's license issued in the United
						States, Canada, or Mexico;
(b) Any
						state's state identification card;
(c) Matricula consular;
(d) Tribal identification;
(e) Passport;
(f) Military identification; or
(g) Other forms or methods of verifying
						identification, as approved by the director, that provide a reliable means of
						verifying the borrower's identity.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-466 - What fees can I charge on a small loan?

Current through Register Vol. 24-14, July 15, 2024
(1) You may charge interest or fees for small
						loans not to exceed in the aggregate fifteen percent of the first five hundred
						dollars of principal.
(2) If the
						principal exceeds five hundred dollars, you may charge interest or fees not to
						exceed in the aggregate ten percent of the portion of the principal in excess
						of five hundred dollars.
(3) If you
						make more than one loan to a single borrower, and the aggregated principal of
						all loans made to that borrower exceeds five hundred dollars at any one time,
						you may charge interest or fees not to exceed in the aggregate ten percent on
						the portion of the aggregated principal of all loans at any one time that is in
						excess of five hundred dollars.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-466, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-470 - What types of information must a licensee include on a borrower's application for a small loan?

Current through Register Vol. 24-14, July 15, 2024
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. 07-23-094, §
											208-630-470, filed 11/20/07,
								effective 12/21/07. Statutory Authority:
								RCW
								   31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-470, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-480 - How must a licensee maintain customer small loan applications?

Current through Register Vol. 24-14, July 15, 2024
The licensee may maintain a single master application in
							paper or electronic form that the licensee updates each time a customer takes
							out a new loan.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-480, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-490 - What information must the note or small loan agreement contain?

Current through Register Vol. 24-14, July 15, 2024
Each small loan made under a small loan endorsement pursuant
							to chapter 31.45 RCW must be evidenced by a written note or loan agreement
							which must contain at least the following:
(1) The origination date of the
						loan;
(2) The principal of the
						loan;
(3) The manner in which the
						loan is to be repaid, including a statement of whether any check held in
						connection with a small loan may be redeemed in cash and if so, a statement of
						the date and time after which the licensee may choose not to permit
						redemption;
(4) The termination
						date of the loan;
(5) The dollar
						amount of fees and the method of calculating fees;
(6) The annual percentage rate as defined in
						the federal Truth in Lending Act; and
(7) The signature or electronic signature of
						the borrower.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-490, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-500 - When must a licensee provide a note or small loan agreement to the borrower?

Current through Register Vol. 24-14, July 15, 2024
A licensee must provide a copy of the note or loan agreement
							(or if in electronic form, make available) to the borrower at the time the
							borrower executes the note or loan agreement.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-500, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-501 - How must I determine the due date on the loan?

Current through Register Vol. 24-14, July 15, 2024
(1) The earliest due date for repayment is on
						or after the borrower's next pay date unless the pay date is within seven days
						of the date of the small loan. If the pay date falls within the seven days, you
						must set the repayment date on or after the borrower's second pay date after
						the date of the small loan. With the small loan origination date being day
						zero, count seven days out to determine the first available due date. A
						borrower with pay dates on the 5th and 20th of each month has a small loan with
						a loan origination date of February 1st. February 1st is day zero. February 8th
						is day seven. The borrower's pay date of February 5th is "within" seven days
						from loan's origination date. So the first due date will have to be on or after
						the borrower's next occurring pay date, February 20th.
(2) A loan's due date must be forty-five days
						or fewer from the origination date on the loan unless the term of the loan is
						extended by written agreement between you and the borrower at no additional
						cost to the borrower.
(3) If a
						small loan's due date falls on a date your business is not open, you must
						automatically extend the due date to your next business day.
(4) For purposes of this section, "pay date"
						means the borrower's scheduled pay date or the date the borrower's account is
						credited with any direct deposit or other electronic transfer of funds into
						their bank account, whichever is later.
(5) The borrower can pay off the loan at any
						time before the due date at no additional charge or fee.
Statutory Authority:
								RCW
								   43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-501, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-505 - What process must I follow when a borrower pays off a small loan, or makes a payment toward an installment plan, with cash?

Current through Register Vol. 24-14, July 15, 2024
You must prepare a receipt with information that includes,
							but is not limited to, the date of the payment, the borrower's name, the amount
							of cash received, an indication that the payment was made in cash, an
							indication that the payment was made on a loan or towards an installment plan,
							and an authorized signature, stamp, or other authenticating mark confirming you
							received the payment.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-505, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								43.320.040. 07-23-094, §
											208-630-505, filed 11/20/07,
								effective 12/21/07.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-506 - What are my obligations if the borrower notifies me that he or she will be or is unable to pay the small loan on time?

Current through Register Vol. 24-14, July 15, 2024
You must inform the borrower that he or she has a right to
							convert the small loan to an installment plan. See WAC
							208-630-520.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-506, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-510 - When does a borrower have a right to enter into an installment plan?

Current through Register Vol. 24-14, July 15, 2024
(1) The borrower
						has the right to convert a small loan into an installment plan upon request
						made on or before the small loan's due date. If the request is made on the
						small loan's due date, it must be made before the close of business, or at
						another time on the due date as agreed to in the written small loan agreement,
						but in no event can the agreed upon time be earlier than three o'clock p.m. on
						the due date.
(2) If you extend a
						small loan's due date, the borrower's right to request an installment plan on
						that loan follows the extended date.
(3) If you extend a small loan's due date,
						you must update the data base with that new date as soon as
						practicable.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-510, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								   31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-510, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-520 - If a borrower and licensee enter into an installment plan, what are the terms of the installment plan?

Current through Register Vol. 24-14, July 15, 2024
An installment plan under
							RCW
							   31.45.084 must contain the following
							terms:
(1) The plan must be in
						writing;
(2) If the small loan is
						four hundred dollars or less the term must be for a period of at least ninety
						days;
(3) If the small loan is over
						four hundred dollars the term must be for a period of at least one hundred
						eighty days;
(4)
(a) Installment payments must be both
						substantially equal in payment amount and substantially equally distributed
						over the installment plan payment period.
(b) An installment plan for ninety to one
						hundred eighty days is in compliance if there is at least one payment in each
						month in the period and payments are substantially equally distributed
						throughout the installment plan period.
(c) The borrower and licensee may mutually
						agree to fewer payments as long as they are substantially equal in amount and
						substantially equally distributed over the installment plan payment
						period.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-530 - If a borrower and licensee enter into an installment plan, how must the payments be structured?

Current through Register Vol. 24-14, July 15, 2024
All installment plans under
							RCW
							   31.45.084 must:
(1) Be in writing and acknowledged by both
						the borrower and licensee; and
(2)
						Provide for at least three payments; and
(3) Provide for an installment plan length of
						not less than ninety days for a loan amount of up to and including four hundred
						dollars; or
(4) Provide for an
						installment plan length of not less than one hundred eighty days for a loan
						amount over four hundred dollars; and
(5) Be equal to the total amount of the
						installment plan balance divided by the number of payments subject to
						reasonable rounding.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-530, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								   31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-530, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-531 - May I charge any fees if a borrower decides to convert their loan to an installment plan?

Current through Register Vol. 24-14, July 15, 2024
No. You may not charge any fee or interest to the borrower
							for converting the small loan to an installment plan as provided under
							RCW
							   31.45.084.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-531, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-532 - May I make a small loan to a borrower who is in default on another small loan?

Current through Register Vol. 24-14, July 15, 2024
No. You are prohibited from making a small loan to a
							borrower who is in default on another small loan. This prohibition expires if
							the small loan is paid in full or two years have passed from the origination
							date of the small loan, whichever occurs first.
Statutory Authority:
								RCW
								   43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-532, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-533 - May I make a small loan to a borrower who is in an installment plan?

Current through Register Vol. 24-14, July 15, 2024
No. You are prohibited from making a small loan to a borrower
							who is making payments as part of an installment plan with any licensee until
							after that loan is paid in full or two years have passed from the initiation
							date of the installment plan, whichever occurs first.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-533, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-5401 - What duties and restrictions must a licensee comply with when making loans to military borrowers?

Current through Register Vol. 24-14, July 15, 2024
(1) For purposes of this section, "military
						borrower" means any active duty member of the armed forces of the United
						States, or any member of the National Guard or the reserves of the armed forces
						of the United States who has been called to active duty.
(2) A licensee must:
(a) Comply with the restrictions on loans to
						military borrowers and their dependents as required by Section 670 of the John
						Warner National Defense Authorization Act for Fiscal Year 2007 and  32 C.F.R.
						Part 232, as amended.
(b) Honor the
						terms of any repayment agreement, including any repayment agreement negotiated
						through military counselors or third party credit counselors.
(c) Defer all collection activity against a
						military borrower who has been deployed to a combat or combat support posting,
						for the duration of the posting.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-542 - What fees may I charge or collect when a borrower defaults on a small loan?

Current through Register Vol. 24-14, July 15, 2024
If the small loan is not in an installment plan, you may
							charge or collect a fee equal to or less than twenty-five dollars for a check
							returned unpaid by the bank drawn upon. Only one fee may be collected with
							respect to a particular check even if it has been redeposited and returned more
							than once. See WAC
							208-630-549 for allowable default
							fees charged on small loans in an installment plan. On any one loan you can
							only charge the borrower twenty-five dollars. The fee will either be in the
							form of a returned check fee or an installment plan default fee, or some
							combination thereof; but in no event can you charge the borrower more than
							twenty-five dollars over the life of one loan.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-542, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-543 - What are the specifications required of the communication log in RCW 31.45.082(4)?

Current through Register Vol. 24-14, July 15, 2024
The communication log must contain:
(1) The date, time, and brief description of
						all telephone communications initiated by the licensee for collection purposes;
						and
(2) The date, time, and brief
						description of all written communications initiated by the licensee for
						collection purposes.
Returning a communication from a borrower is not initiating a
							communication with the borrower; however, the response must not violate any of
							the provisions of
							RCW
							   31.45.082.
The communication log may be in hard copy or electronic form,
							and must indicate the borrower's name.
The log must be maintained in a manner that will allow the
							examiner to review all collection communications covered under
							RCW
							   31.45.082 made during a period of
							time.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-543, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-544 - May I allow a borrower to refinance a small loan with another small loan?

Current through Register Vol. 24-14, July 15, 2024
No. You may not allow a borrower to use a new small loan to
							pay off an existing small loan by the same lender or an affiliate of the
							lender. Licensees may not apply the proceeds from any small loan to any other
							loan from the same lender or affiliate of the lender.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-544, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-545 - How do I use a trade name when conducting business?

Current through Register Vol. 24-14, July 15, 2024
(1) You may add a trade or "DBA" name to your
						license if you first apply to the department, in a form prescribed by the
						department, and receive department approval. When the department has approved
						the trade name, you must conduct business under that trade name in at least one
						of the two following ways:
(a)Use your license
						name together with the trade name; or
(b) Use your license number together with the
						trade name.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-546 - What is the limit on the number of checks I may hold from one borrower?

Current through Register Vol. 24-14, July 15, 2024
You may not hold more than one check per small loan unless
							the loan is in an installment plan.
(1) If you have made multiple loans to a
						single borrower, you may not hold checks that total more than the lower of:
(a) Seven hundred dollars plus the allowable
						fees; or
(b) Thirty percent of the
						borrower's gross monthly income plus allowable fees.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-547 - May I continue to hold the borrower's original check or ACH authorization once the borrower has converted the loan to an installment plan?

Current through Register Vol. 24-14, July 15, 2024
(1) No. At the
						initiation of an installment plan, you must either return or, at the borrower's
						request, destroy any postdated check securing the original small
						loan.
(2) The initiation of an
						installment plan voids your authorization to use the borrower's original ACH
						authorization. You may accept another ACH authorization or authorizations
						consistent with the payment terms of the installment plan.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-547, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-548 - May I hold postdated checks for the installment plan payments?

Current through Register Vol. 24-14, July 15, 2024
Yes. You may take postdated checks at the time the
							installment plan is originated. The checks may not be written for a value more
							than the amount of the borrower's installment plan payments. If any of the
							checks are later dishonored, you may not charge the borrower any fee for the
							dishonored check or checks. Exception, see WAC
							208-630-549.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-548, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-549 - May I charge the borrower additional fees if the borrower defaults on an installment plan?

Current through Register Vol. 24-14, July 15, 2024
Yes. You may charge the borrower a one time default fee of
							twenty-five dollars. A borrower defaults on an installment plan when the
							borrower fails to pay any installment plan payment within ten days after the
							date upon which the installment was scheduled to be paid. On any one loan you
							can only charge the borrower twenty-five dollars. The fee will either be in the
							form of a returned check fee or an installment plan default fee, or some
							combination thereof; but in no event can you charge the borrower more than
							twenty-five dollars over the life of one loan.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-549, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-551 - May I charge a fee to cash monetary instruments I issue as proceeds of a small loan?

Current through Register Vol. 24-14, July 15, 2024
No. You may not charge a fee to cash a monetary instrument
							you or your affiliate issue as proceeds of a small loan you or an affiliate
							make under chapter 31.45 RCW.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-551, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-555 - What is the purpose of the data base?

Current through Register Vol. 24-14, July 15, 2024
The purpose of this data base system is to:
(1)Prevent the practice of refinancing a
						small loan with another small loan;
(2) Prevent multiple licensees from making
						simultaneous small loans to an individual borrower so that the loans' total
						principal balance exceeds the lesser of seven hundred dollars or thirty percent
						of the borrower's gross monthly income;
(3)Prevent licensees from making more than
						eight loans to any one borrower in any twelve-month period;
(4)Prevent a licensee from making a loan to a
						borrower who already has an outstanding small loan principal balance of the
						lesser of seven hundred dollars or thirty percent of their gross monthly
						income;
(5)Prevent licensees from
						making a loan to a borrower who is in default on a small loan or is in an
						installment plan; and
(6)Ensure
						that licensees set the small loan due date no earlier than the borrower's next
						pay date that is more than seven days from the origination date.
Statutory Authority:
								RCW
								   43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-555, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-556 - How do I use the data base system for small loan transactions?

Current through Register Vol. 24-14, July 15, 2024
(1) Beginning
						January 1, 2010, each small loan transaction must be registered with the data
						base system and receive a data base system-generated transaction authorization
						number. The transaction authorization number demonstrates that the transaction
						has been recorded in the data base prior to you making the small loan to the
						borrower.
(2)
Do I have to
						buy any equipment, hardware, or software to use the data base system?
You must have a computer with access to the internet and Microsoft Internet
						Explorer 6 or higher. Dial-up capacity of at least 56 kps is sufficient. DSL or
						broadband access will provide faster access and response. It is also possible
						to interface directly with the data base system; the data base vendor can
						provide you with information about that process.
(3)
How and when may I access the data
						base system?
(a)The data base system is
						the means by which real-time access to the data is made available to you
						through your internet connection.
(b)You must use a computer and the internet
						to access the data base system.
(c)The data base system will be accessible
						twenty-four hours a day every day of the year, except for routine scheduled
						system maintenance and upgrades performed by the data base vendor.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-560 - What disclosures must I make to a borrower?

Current through Register Vol. 24-14, July 15, 2024
(1) You must deliver to the borrower at the
						time you make a small loan, a disclosure that meets the requirements of all
						applicable laws, including the federal Truth in Lending Act. Compliance with
						the federal Truth in Lending Act and Regulation Z,  12 C.F.R. Part 226, will be
						deemed in compliance with this subsection.
(2) You must deliver to the borrower at the
						time you make the small loan a disclosure of the right to rescind the loan and
						the right to convert the loan to an installment plan. See WAC
						208-630-570.
(3) You must include a statement on the front
						page of the application for a small loan that is in at least twelve point type
						and is substantially similar to the following: "At the time you repay this
						loan, you should have sufficient funds to meet your other financial
						obligations. If you cannot pay other bills because you are paying off this
						debt, you should enter the installment plan offered in connection with this
						loan."
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-560, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								43.320.040. 07-23-094, §
											208-630-560, filed 11/20/07,
								effective 12/21/07. Statutory Authority:
								RCW
								   31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-560, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-570 - What must be included in the disclosure referred to in WAC 208-630-560(2)?

Current through Register Vol. 24-14, July 15, 2024
The disclosure must be substantially in the following
							form:
Your right to rescind (cancel) this loan. You have the
							right to rescind this loan
by returning the amount of the loan in cash,
							or returning the check given to you by us to our office by the close of
							business on our next business day following the date of this loan. We may not
							charge you for canceling the loan and we will return to you, or at your request
							destroy any postdated check or electronic equivalent authorization you have
							given to us. If the ACH authorization cannot be destroyed it becomes void if
							you cancel the loan.
Your right to an installment plan when you are unable
							to pay your small loan when it is due.
If you will be or are unable to pay your loan when it is due,
							you may convert your loan to an installment plan with us by notifying us on or
							before the loan's due date. If your loan amount is four hundred dollars or
							less, you may enter into an installment plan that allows you to pay off your
							loan in substantially equal payments over ninety days. If your loan amount is
							more than four hundred dollars, you may enter into an installment plan that
							allows you to pay off your loan in substantially equal payments over one
							hundred eighty days.
An installment plan will allow you
to pay all
							that you owe without having to pay any additional fees, interest charges or
							other charge for converting your small loan into an installment
							plan.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-570, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								   31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-570, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-580 - In addition to providing disclosures to the borrower, must I post any disclosures?

Current through Register Vol. 24-14, July 15, 2024
(1) If
						you make small loans you must post the following notices conspicuously at each
						location where small loans are made:
(a) A
						notice substantially in the form set forth in WAC
						208-630-570; and
(b) A notice of how consumers may contact the
						department, substantially in the following form: "If you have questions about
						your rights and responsibilities when taking out a payday loan, contact the
						Department of Financial Institutions at 1-800-RINGDFI (1-877-746-4334), or
						360-902-8700, or 150 Israel Road S.W., Tumwater, Washington, 98501."
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-590 - How must I format disclosures?

Current through Register Vol. 24-14, July 15, 2024
All disclosures must be presented in a manner and physical
							format that is clear, conspicuous and designed to call attention to each right
							and responsibility of the borrower and lender being disclosed. Except for the
							disclosure that is required on the application (see WAC
							208-630-560(3)), such disclosures may be provided separately or included within the note or
							loan agreement.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-590, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								   31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-590, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-600 - What documentation must a licensee keep to show that the licensee has made the proper disclosures?

Current through Register Vol. 24-14, July 15, 2024
A licensee must maintain in its files sufficient information
							to show compliance with the consumer disclosure requirements of chapter 31.45
							RCW, these rules, and state and federal law.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-600, filed 10/21/05,
								effective 11/21/05.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › SMALL LOAN REQUIREMENTS (PAYDAY LENDING) › Section 208-630-601 - Must I provide any information about the changes to the law to borrowers?

Current through Register Vol. 24-14, July 15, 2024
Yes. Throughout 2010, when you take a small loan application
							or use any other form to initiate a small loan, or upon request by a borrower
							who has not yet made application for a small loan, you must provide to the
							borrower a written notice with content produced by the department, that
							describes the changes to the payday lending law due to chapter 510, Laws of
							2009 (ESHB 1709). On subsequent loans to the same borrower, during 2010, you
							must make the information in the notice available to the borrower by providing
							the information in the lobby area accessible by the borrower in each licensed
							location or by inquiring whether the borrower would like another copy of the
							written notice. If you make small loans over the internet, you must make the
							content provided by the department available on your web site throughout 2010.
							The department will provide the content of the notice in Spanish to be made
							available in the same manner described above. If the notice becomes available
							in other languages the department will notify all licensees and provide
							guidance as to its use.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-601, filed 12/1/09,
								effective 1/1/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-605 - Must I maintain a business resumption plan?

Current through Register Vol. 24-14, July 15, 2024
Yes. Licensees must have a written plan that details the
							company's response and recovery to any event that results in damage to or
							destruction of the books and records relating to the licensee's business
							triggering the license requirement. The plan must be maintained as part of the
							licensee's books and records.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-606 - Must I have a policy that deals with records disposal?

Current through Register Vol. 24-14, July 15, 2024
Yes. Licensees must have written policies and procedures for
							the destruction of records relating to the licensee's business triggering the
							license requirement, including electronic records, when the two-year retention
							period ends. The destruction of records must be accomplished so that the
							information cannot be reconstructed or read. The destruction of consumer credit
							report information must also comply with the Federal Disposal Rule at  16 C.F.R.
							682.