reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › PROPRIETARY REVERSE MORTGAGE PRODUCTS › Section 208-620-835 - Under what circumstances will the department determine that the making of a reverse mortgage was unsuitable for a particular borrower and therefore an unfair and deceptive practice in violation of RCW 31.04.027?

Current through Register Vol. 24-14, July 15, 2024
Examples of circumstances which might indicate that an
							offered reverse mortgage loan is unsuitable include reverse mortgage loans when
							the applicant:
(1) Does not intend to
						reside in the property on a long-term basis.
(2) Does not want nonborrower residents of
						the property to be displaced at the maturity of the loan because they will not
						be able to pay off the reverse mortgage loan.
(3) Will use the proceeds of the reverse
						mortgage loan to purchase a product, such as annuities or other investments,
						which are not appropriate for the borrower.
(4) Does not understand the terms and
						conditions of a reverse mortgage loan or what happens to the collateral when
						the reverse mortgage loan matures.
(5) Would receive disbursements from the
						reverse mortgage loan that are insufficient to meet the applicant's stated
						needs or is not enough to justify the initial cost of a reverse mortgage
						loan.
Statutory Authority:
								RCW
								43.320.040,
								31.04.165 and   2010 c  35.
								10-20-122, §
											208-620-835, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › PROPRIETARY REVERSE MORTGAGE PRODUCTS › Section 208-620-850 - What is the process I must follow to obtain the department's approval of my proprietary reverse mortgage product?

Current through Register Vol. 24-14, July 15, 2024
Contact the department for the specific process you must
				  follow to obtain approval.
Statutory Authority:
								RCW
								   43.320.040,
								31.04.165,   2009 c  120, and   2009 c
								 149. 09-24-090, §
											208-620-850, 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 208-620 - Washington Consumer Loan Act › RESIDENTIAL MORTGAGE LOAN SERVICING REQUIREMENTS › Section 208-620-900 - Servicing residential mortgage loans -General requirement

Current through Register Vol. 24-14, July 15, 2024
(1) Other
						applicable laws, regulations, and programs. A violation of an applicable state
						or federal law, regulation, or program is a violation of this act. In addition
						to complying with all other provisions of this act, you must comply with the
						following:
(a) Chapter 61.24 RCW and any
						other applicable state or federal law, regulation, and program.
(b) The federal Servicemembers Civil Relief
						Act.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › RESIDENTIAL MORTGAGE LOAN SERVICING REQUIREMENTS › Section 208-620-905 - Servicing residential mortgage loans-Maintenance of the escrow account

Current through Register Vol. 24-14, July 15, 2024
(1)
(a) If you collect escrow amounts held for
						the borrower for payment of insurance, taxes, or other charges with respect to
						the property, you must collect and make all payments from the escrow account
						and, to the extent you have control, ensure that no late penalties are assessed
						or other negative consequences result for the borrower.
(b) At least annually, or upon the borrower's
						request, you must inform the borrower in writing of the amount of reserve
						required in an escrow account. The notice must also advise the borrower of any
						fees the borrower will incur for not maintaining the reserve amount or fees the
						borrower will incur if you advance escrow amounts on the borrower's behalf and
						then collect the amounts from the borrower.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › RESIDENTIAL MORTGAGE LOAN SERVICING REQUIREMENTS › Section 208-620-920 - Servicing residential mortgage loans-Borrower requests for information

Current through Register Vol. 24-14, July 15, 2024
(1) You must make a
						reasonable attempt to comply with a borrower's request for information about
						the residential mortgage loan account, including a request for information
						about loss mitigation, and to respond to any dispute initiated by the borrower
						about the loan account. A reasonable attempt includes, but is not limited to:
(a) Maintaining written or electronic records
						of each written request for information involving the borrower's account until
						the residential mortgage loan is paid in full, sold, or otherwise
						satisfied;
(b) Providing a written
						statement to the borrower within thirty business days of receipt of a written
						request from the borrower, or by following the response timelines for any loss
						mitigation program. The borrower's request must include the name and account
						number, if any, of the borrower, a statement that the account is or may be in
						error, and sufficient detail regarding the information sought by the borrower
						to permit the servicer to comply.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › RESIDENTIAL MORTGAGE LOAN SERVICING REQUIREMENTS › Section 208-620-930 - Servicing residential mortgage loans-Loss mitigation

Current through Register Vol. 24-14, July 15, 2024
(1) The obligation to assign an individual
						servicer representative with the information and authority to answer questions
						and resolve disputes and to act as a single point of contact for the homeowner
						during loss mitigation attaches when the borrower requests loss mitigation.
						This individual servicer representative must have the authority and ability to
						perform the following duties:
(a) Explain
						loss mitigation options and requirements;
(b) Track documents submitted by the
						homeowner and documents provided to the homeowner;
(c) Inform the homeowner of the status of
						their loss mitigation process;
(d)
						Ensure the homeowner is considered for all loss mitigation options;
						and
(e) Access individuals with the
						authority to delay or stop foreclosure proceedings.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › RESIDENTIAL MORTGAGE LOAN SERVICING REQUIREMENTS › Section 208-620-935 - Servicing residential mortgage loans-Foreclosure

Current through Register Vol. 24-14, July 15, 2024
(1) Before you refer a loan to foreclosure,
						you must document in the loan file evidence to substantiate the borrower's
						default and your right to foreclose. The file must also contain loan ownership
						information.
(2) If a borrower's
						property goes into foreclosure and the foreclosure sale occurs, you must notify
						the borrower within three business days of sale of the completion of the sale.
						You must mail the notification to the borrower's last known address provided to
						you.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › STUDENT EDUCATION LOAN SERVICING REQUIREMENTS › Section 208-620-960 - Servicing student education loans-Requests for information

Current through Register Vol. 24-14, July 15, 2024
(1) You must make a reasonable attempt to
				comply with a borrower's request for information about the student education
				loan account and to respond to any dispute initiated by the borrower about the
				loan account. A reasonable attempt includes, but is not limited to:
(a) Maintaining written or electronic records
				of each written request for information involving the borrower's account until
				the student education loan is paid in full, sold, or otherwise
				satisfied;
(b) Providing a written
				statement to the borrower within fifteen business days of receipt of a written
				request from the borrower. The borrower's request must include the name and
				account number, if any, of the borrower, a statement that the account is or may
				be in error, and sufficient detail regarding the information sought by the
				borrower to permit the servicer to comply. If you are in compliance with an
				applicable federal requirement, you are deemed in compliance with this
				subsection.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › STUDENT EDUCATION LOAN SERVICING REQUIREMENTS › Section 208-620-970 - Servicing student education loans-Acquiring, transferring, or selling servicing activities

Current through Register Vol. 24-14, July 15, 2024
If you are acquiring, transferring, or selling servicing
							activities of federal student education loans in compliance with the department
							of education contractual requirements, you are not subject to the following
							requirements of this section.
(1) When
						acquiring servicing rights from another servicer you must:
(a) Notify the student education loan
						borrowers in writing no more than sixty days and no less than forty-five days
						before the effective date of the transfer of the students' loans to provide
						them with:
(i) The effective date of the
						transfer of servicing, and the date at which you will begin to accept payments
						relating to the loan, if different;
(ii) The name, mailing address, and toll-free
						telephone number for your designated points of contact, as well as the
						designated points of contact for the transferring servicer, at which the
						borrower can obtain answers to inquiries;
(iii) A statement that the transfer of
						servicing does not affect any term or condition of the student education loan
						other than the entity servicing the loan;
(iv) Information about how to obtain a
						payment history from you or the transferring servicer, including a count of
						payments that qualify toward any forgiveness options, as applicable;
(v) A notification indicating whether an
						alternative repayment plan or loan consolidation application is pending, if
						available; and
(vi) Information
						about how to appropriately direct and submit a complaint to the United States
						Department of Education, the student loan advocate, student loan ombuds, and
						other relevant federal or state agencies that collect borrower complaints, in
						the event of a servicing error. This requirement may be satisfied by language
						referring the student education loan borrower to their state's relevant
						authority.
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) › LICENSING REQUIREMENTS › Section 208-630-120 - What does a business have to do to operate as a check casher and seller, or to make small loans as a payday lender?

Current through Register Vol. 24-14, July 15, 2024
(1) In order to engage in the business of
						check cashing and selling, a business must apply for and obtain from the
						department a check cashing or selling license.
(2) In order to make payday loans (small
						loans), a business must first obtain a license as a check casher or seller and
						then obtain a small loan endorsement to that license.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-120, 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, §
											208-630-120, 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) › LICENSING REQUIREMENTS › Section 208-630-130 - How does a business apply for a check casher's or seller's license or a small loan endorsement to a check casher's or seller's license?

Current through Register Vol. 24-14, July 15, 2024
Each applicant for a check casher license, or check seller
							license, or a small loan endorsement to a check casher's or seller's license
							must apply to the director by filing the following:
(1) An application in a form prescribed by
						the director including at least the following information:
(a) The legal name, residence, and business
						address of the applicant if the applicant is an individual or sole
						proprietorship, and in addition, if the applicant is a partnership,
						corporation, limited liability company, limited liability partnership, trust,
						company, or association, the name and address of every member, partner,
						officer, controlling person, and board director;
(b) The trade name or name under which the
						applicant will do business under the act;
The director or the director's designated representative may
							deny an application for a proposed license or trade name if the proposed
							license or trade name is similar to a currently existing licensee name,
							including trade names.
(c)
						The street and mailing address of the company headquarters and each location in
						which the applicant will engage in business under the act;
(d) The location at which the applicant's
						records will be kept; and
(e)
						Financial statements and any other pertinent information the director may
						require with respect to the applicant and its board directors, officers,
						trustees, members, or employees, including information regarding any civil
						litigation filed within the preceding ten years against the applicant or
						controlling person of the applicant;
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) › LICENSING REQUIREMENTS › Section 208-630-135 - What must I do to be authorized to offer small loan agent services?

Current through Register Vol. 24-14, July 15, 2024
(1) Persons
						providing small loan agent services must license with the department. To
						license you must provide the following information:
(a) The legal name, residence, and business
						address if an individual or sole proprietorship, and in addition, if a
						partnership, corporation, limited liability company, limited liability
						partnership, trust, company, or association, the name and address of every
						member, partner, officer, controlling person, and board director.
(b) The trade or business name under which
						you will do business. Please note, your request may be denied if the proposed
						trade or business name is similar to a currently existing licensee name,
						including trade names.
(c) The
						street and mailing address of each location where you will engage in
						business.
(d) The location at which
						your records will be kept.
(e)
						Whether the applicant or other person subject to the act is, or has been,
						subject to a cease and desist order or an injunction issued pursuant to the act
						or rules or any state or federal law applicable to the business
						activity.
(f) Whether the applicant
						or other person subject to the act has been charged or found through an
						administrative, civil, or criminal proceeding to have violated the provisions
						of the act or rules, or any state or federal law applicable to the business
						activity.
(g) Whether the applicant
						or other person subject to the act has been convicted of, or pled guilty or
						nolo contendere, in a domestic, foreign, or military court to:
(i) A gross misdemeanor involving dishonesty
						or financial misconduct within the prior seven years;
(ii) A felony within the prior seven years;
						or
(iii) A felony that involved an
						act of fraud, dishonesty, breach of trust, or money laundering at any time
						preceding the date of application.
(h) Any other pertinent information the
						director may require.
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) › LICENSING REQUIREMENTS › Section 208-630-136 - If I am licensed to provide small loan agent services, what activities may I engage in?

Current through Register Vol. 24-14, July 15, 2024
The small loan agent services license is a limited license.
							You may only provide the following services:
(1) Marketing and advertising small
						loans;
(2) Collecting nonpublic
						personal information, including social security, bank account, or credit card
						numbers, from consumers in anticipation of selling the information to potential
						licensed lenders or other entities providing small loan agent
						services;
(3) Assisting consumers
						in completing small loan documentation;
(4) Providing required disclosures;
(5) Collecting on small loans if licensed
						under chapter 19.16 RCW or exempt from that chapter or otherwise authorized
						under Washington law to act as a collection agent.
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) › LICENSING REQUIREMENTS › Section 208-630-137 - What disclosures must I provide when conducting business pursuant to a small loan agent services license?

Current through Register Vol. 24-14, July 15, 2024
You must display the following information on your internet
							home (landing) page in a clear and conspicuous manner:
(1) That you are not a lender and will not be
						the entity lending money to the consumer.
(2) The department's name and telephone
						number for consumers to contact with complaints.
The information required in subsections (1) and (2) of this
							section must be displayed in a manner substantially similar to the
							following:
"Your use of this web site is not an offer or solicitation to
							lend you money. The owner of this web site is not a lender and does not make
							loans or credit decisions. The owner of this web site may sell all or part of
							your information to lenders and other persons and you may be contacted by
							lenders and other persons. Contact the Department of Financial Institutions
							(1-877-746-4334) with complaints."
(3) Your privacy policy that describes all
						actions you may take with consumers' nonpublic personal information.
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) › LICENSING REQUIREMENTS › Section 208-630-138 - What laws govern my conduct as a small loan agent licensee?

Current through Register Vol. 24-14, July 15, 2024
Small loan agent licensees are subject to chapter 31.45 RCW
							and chapter 208-630 WAC, including being subject to the following
							prohibitions:
(1) Selling nonpublic
						personal information, including Social Security, bank account, or credit card
						numbers, to potential lenders or other entities providing small loan agent
						services without first verifying that the lender or other entity is licensed
						under the act, or is exempt from licensing.
(2) Selling nonpublic personal information,
						including Social Security, bank account, or credit card numbers, to persons not
						required to license under the act without first giving the consumer an
						opportunity to prohibit the sale of their information.
(3) Failing to comply with the applicable
						provisions of the Gramm-Leach-Bliley Act,  15 U.S.C. 6801-6809  and
						15 U.S.C.
						6821-6827.
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) › LICENSING REQUIREMENTS › Section 208-630-140 - Once a business finishes the application process, when does the director issue a license?

Current through Register Vol. 24-14, July 15, 2024
If the director determines that all licensing criteria of
							chapter 31.45 RCW have been met and the appropriate fees paid, the director
							shall issue a nontransferable license for the applicant to engage in the
							business of cashing and/or selling checks or a small loan endorsement to a
							license.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-140, 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) › LICENSING REQUIREMENTS › Section 208-630-150 - When does the license expire?

Current through Register Vol. 24-14, July 15, 2024
The license and small loan endorsement will remain
							continuously in effect until surrendered, suspended, or
							revoked.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-150, 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) › LICENSING REQUIREMENTS › Section 208-630-155 - May I conduct my business from more than one location?

Current through Register Vol. 24-14, July 15, 2024
Yes. You may establish one or more branch offices under your
							license.
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) › LICENSING REQUIREMENTS › Section 208-630-160 - Does each location where a licensee makes small loans have to have a small loan endorsement?

Current through Register Vol. 24-14, July 15, 2024
The law requires a small loan endorsement for each location
							where a licensee makes small loans. These locations include, in addition to
							traditional staffed locations, unstaffed locations at which electronic or
							telephonic terminals such as facsimile machines, telephones, computer terminals
							or similar devices are available to the public to provide access to small
							loans, whether or not the locations are located within the premises of an
							exempt entity.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-160, 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) › LICENSING REQUIREMENTS › Section 208-630-170 - Where may a licensee make small loans?

Current through Register Vol. 24-14, July 15, 2024
A small loan endorsement may authorize a licensee to make
							small loans at a location other than the licensed location where it cashes and
							sells checks.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-170, 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) › LICENSING REQUIREMENTS › Section 208-630-180 - Is there a bond requirement for my license?

Current through Register Vol. 24-14, July 15, 2024
If you sell checks, drafts, or money orders or if you have a
							small loan endorsement under chapter 31.45 RCW you must obtain and maintain a
							bond. The bond must run to the benefit of the state and any person or persons
							who suffer loss as a result of your actions. You must file the bond with the
							director at the beginning of each calendar year. The bond must be issued by a
							surety that meets the requirements of
							chapter
							48.28 RCW. The bond form
							must be acceptable to the director. You may obtain a copy of an acceptable form
							from the department.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-180, 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, §
											208-630-180, 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) › LICENSING REQUIREMENTS › Section 208-630-190 - What type of bond is necessary and what are the conditions?

Current through Register Vol. 24-14, July 15, 2024
The bond must be continuous and conditioned upon your
							compliance with chapter 31.45 RCW and all rules in this chapter. The bond must
							also be conditioned upon you paying to persons who purchase monetary
							instruments the face value of any monetary instrument dishonored by the drawee
							financial institution due to insufficient funds or by reason of the account
							having been closed. The surety is only liable for the face value of the
							dishonored monetary instrument, and not for any interest or consequential
							damages. If you have a small loan endorsement, the bond must run to the benefit
							of the state and any person or persons who suffer loss due to your violation of
							chapter 31.45 RCW or this chapter.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-190, 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, §
											208-630-190, 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) › LICENSING REQUIREMENTS › Section 208-630-200 - How is a bond canceled?

Current through Register Vol. 24-14, July 15, 2024
The bond may be canceled by the surety by giving written
							notice to the director and licensee of its intent to cancel the bond. The
							cancellation is effective thirty days after the notice is received by the
							director.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-200, 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) › LICENSING REQUIREMENTS › Section 208-630-210 - What is the liability of the surety under the bond?

Current through Register Vol. 24-14, July 15, 2024
Whether or not the bond is renewed, continued, reinstated,
							reissued, or otherwise extended, replaced, or modified, including increases or
							decreases in the penal sum, it shall be considered one continuous obligation,
							and the surety shall not be liable in an aggregate or cumulative amount
							exceeding the penal sum set forth on the face of the bond. In no event shall
							the penal sum, or any portion thereof, at two or more points in time be added
							together in determining the surety's liability. The surety shall not be liable
							for any liability of the licensee for tortious acts, whether or not such
							liability is imposed by statute or common law, or is imposed by contract. The
							bond shall not be a substitute or supplement to any liability or other
							insurance required by law or by contract. If the surety desires to make payment
							without awaiting court action against it, the penal sum of the bond shall be
							reduced to the extent of any payment made by the surety in good faith under the
							bond.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-210, 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) › LICENSING REQUIREMENTS › Section 208-630-220 - Who may make claims against the bond?

Current through Register Vol. 24-14, July 15, 2024
Any person who is a purchaser of a monetary instrument from
							the licensee having a claim against the licensee for the dishonor of any
							monetary instrument by the drawee financial institution due to insufficient
							funds or by reason of the account having been closed, or any person who
							obtained a small loan from the licensee and was damaged by the licensee's
							violation of chapter 31.45 RCW or this chapter, may bring suit upon such bond
							or deposit in the superior court of the county in which the monetary instrument
							was purchased, or in the superior court of a county in which the licensee
							maintains a place of business. Jurisdiction shall be exclusively in the
							superior court. Any action must be brought not later than one year after the
							dishonor of the monetary instrument on which the claim is based. If the claims
							against a bond or deposit exceed the amount of the bond or deposit, each
							claimant shall only be entitled to a pro rata amount, based on the amount of
							the claim as it is valid against the bond, or deposit, without regard to the
							date of filing of any claim or action.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-220, 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) › LICENSING REQUIREMENTS › Section 208-630-230 - What must I do if there are claims against the bond?

Current through Register Vol. 24-14, July 15, 2024
You must notify the department of any claim against the bond
							within ten days of receiving notice of a claim.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-230, 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, §
											208-630-230, 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) › LICENSING REQUIREMENTS › Section 208-630-240 - What is the amount of bond needed for licensees engaging only in check selling?

Current through Register Vol. 24-14, July 15, 2024
The penal sum of the surety bond for a person with a check
							seller license shall not be less than the amount established in the following
							table:
Highest Monthly
Liability*
Required
Bond
Plus Percentage
of Excess
Up to $50,000
Highest Monthly
Liability or $10,000, whichever is greater
$0
$50,001 to $100,000
$50,000
.5 above $50,000
$100,001 and above
$75,000
.25 above $100,000
* The monthly liability is the total sum of checks for a
							given month. The "highest monthly liability" shall be determined by multiplying
							the highest monthly liability of checks from the preceding calendar year by
							seventy-five percent.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-240, 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) › LICENSING REQUIREMENTS › Section 208-630-250 - What is the amount of bond needed if a licensee has a small loan endorsement?

Current through Register Vol. 24-14, July 15, 2024
The required penal sum of the bond for a small loan
							endorsement must be ten thousand dollars plus an additional one thousand
							dollars for each endorsed branch office beyond one branch.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-250, 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) › LICENSING REQUIREMENTS › Section 208-630-270 - When and under what circumstances may the director have access to the criminal history of an applicant or licensee, or controlling person?

Current through Register Vol. 24-14, July 15, 2024
(1) The director
						may review any criminal history record information maintained by any federal,
						state, or local law enforcement agency relating to:
(a) An applicant for a license or small loan
						endorsement under chapter 31.45 RCW; or
(b) A controlling person of an applicant for
						a license under chapter 31.45 RCW.
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) › LICENSING FEES › Section 208-630-280 - Does a licensee have to pay a fee for a license application?

Current through Register Vol. 24-14, July 15, 2024
At the time an applicant files for a license, the applicant
							must pay to the director a deposit fee for investigating and processing the
							application.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-280, 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) › LICENSING FEES › Section 208-630-290 - How much are the fees for various license applications, and when does a licensee pay them?

Current through Register Vol. 24-14, July 15, 2024
(1) The director
						shall collect a fee of sixty-nine dollars per employee hour expended for
						services, plus actual expenses, for review, investigation and processing of:
(a) New license applications;
(b) Small loan endorsement
						applications;
(c) Additional
						locations;
(d) Change of
						control;
(e) Relocation of
						office;
(f) Voluntary or
						involuntary liquidation of licensee.
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) › LICENSING FEES › Section 208-630-300 - What happens if a licensee pays a lump sum payment in advance, and there is a surplus or deficiency in the application deposit?

Current through Register Vol. 24-14, July 15, 2024
If the deposit required exceeds the actual amount derived in
							WAC 208-630-290(1),
							the amount in excess shall be refunded.
If the deposit fee does not cover the costs of investigation
							and processing, the applicant will pay for any additional cost, which will be
							itemized and billed by the director.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-300, 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) › LICENSING FEES › Section 208-630-310 - Is the licensee's deposit fee refundable?

Current through Register Vol. 24-14, July 15, 2024
The deposit fee is not refundable if the application is
							denied or withdrawn, or if the license is issued. The director will apply the
							deposit fee to the actual cost of investigating and processing the
							application.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-310, 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) › EXAMINATION AND INVESTIGATION › Section 208-630-320 - What examination authority does the director have?

Current through Register Vol. 24-14, July 15, 2024
The director determines the frequency of examinations for the
							purpose of determining compliance with chapter 31.45 RCW and these
							rules.
The director or designee may at any time examine the records
							and documents used in the business of any licensee or licensee's agent wherever
							located. This includes licensees whose business is conducted entirely on the
							internet.
The director or designee may examine the records and
							documents of any person the director believes is engaging in unlicensed
							business governed by chapter 31.45 RCW wherever located.
Statutory Authority:
								RCW
								43.320.040. 07-23-094, §
											208-630-320, 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, §
											208-630-320, 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) › EXAMINATION AND INVESTIGATION › Section 208-630-330 - May the director accept other reports in lieu of an examination?

Current through Register Vol. 24-14, July 15, 2024
The director or designees may accept reports prepared by
							independent certified professionals or prepared by another state or the federal
							government in lieu of, in whole or in part, an examination performed by the
							director.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-330, 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) › EXAMINATION AND INVESTIGATION › Section 208-630-340 - What should a licensee expect the director to review during an examination?

Current through Register Vol. 24-14, July 15, 2024
In conducting examinations the director or designee
							may:
(1) Obtain access, during
						reasonable business hours, to the offices and places of business, books,
						accounts, papers, files, records, computers, safes and vaults of any person in
						possession of information relevant to the examination;
(2) Interview any person the director or
						designee believes has information relative to the examination, including, but
						not limited to, any party to the transaction;
(3) Obtain statements in writing by any
						person, under oath or otherwise, as to all facts and circumstances concerning
						the matters under examination;
(4)
						Require the production of copies of any items in subsection (1) of this
						section;
(5) Require assistance and
						cooperation, from any licensee or employee or agent of any licensee under
						examination with respect to the conduct and subject matter of the
						examination;
(6) Conduct meetings
						and exit review with owners, managers or employees of the licensee being
						examined;
(7) Require a response
						from the subject of the examination.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-340, 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) › EXAMINATION AND INVESTIGATION › Section 208-630-350 - Who pays for the costs of an examination?

Current through Register Vol. 24-14, July 15, 2024
Every licensee must pay to the director the actual cost of
							examining and supervising each licensed place of business at the examination
							hourly rate of sixty-nine dollars per person per hour expended, plus actual
							expenses, which for out-of-state exams includes, without limitation, travel,
							lodging and per diem expense.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-350, 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) › EXAMINATION AND INVESTIGATION › Section 208-630-360 - When may the director conduct an investigation?

Current through Register Vol. 24-14, July 15, 2024
The director or designee may conduct investigations at any
							time, in or outside of the state, to determine whether any person has violated
							or is about to violate chapter 31.45 RCW, these rules, or any order issued
							under these laws and rules. This includes a licensee or a business that may be
							conducting transactions requiring a license. For these purposes the director or
							designee may conduct inquiries, interviews and examinations of any person
							relevant to the investigation.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-360, 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, §
											208-630-360, 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) › EXAMINATION AND INVESTIGATION › Section 208-630-370 - What powers does the director have during an investigation?

Current through Register Vol. 24-14, July 15, 2024
The director or designee may investigate the business of a
							licensee, or other business or personal financial records of any person subject
							to investigation. In conducting investigations, the director or designee
							may:
(1) Have access to any location
						where records of the subject of the investigation are located, including
						offices, places of business, commercial storage facilities, computers, safes
						and vaults for the purposes of obtaining, reviewing or copying books, accounts,
						papers, files, or records, including electronic records, or records in any
						format;
(2) Administer oaths and
						affirmations;
(3) Subpoena
						witnesses and compel their attendance at a time and place determined by the
						director or designee, and compel their testimony regarding any matter related
						to an investigation or examination under chapter 31.45 RCW or these rules,
						including:
(a) Testimony regarding the
						existence, description, nature, custody, condition and location of any relevant
						evidence;
(b) The identity and
						location of persons having knowledge of any matter related to the
						investigation; and
(c) Any matter
						reasonably calculated to lead to the discovery of material evidence.
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) › EXAMINATION AND INVESTIGATION › Section 208-630-380 - What are the fees for an investigation?

Current through Register Vol. 24-14, July 15, 2024
Unless the person investigated is not required to hold a
							license, the person must pay the cost of the investigation at the hourly rate
							of sixty-nine dollars per person per hour expended, plus actual expenses, which
							for out-of-state investigations includes, without limitation, travel, lodging
							and per diem expense.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-380, 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) › EXAMINATION AND INVESTIGATION › Section 208-630-390 - May the director hire other specialists to assist with examinations and investigations, and who will pay for them?

Current through Register Vol. 24-14, July 15, 2024
(1) The director may retain attorneys,
						accountants, or other professionals and specialists as examiners, auditors, or
						investigators, to conduct, or assist in the conduct of examinations, or
						investigations. Fees for services provided to the director by such
						professionals and specialists under this paragraph will be billed at such rates
						and in the manner described in WAC
						208-630-350 and
						208-630-380.
(2) The director may order the retention of
						such professionals and specialists as auditors, or investigators to conduct, or
						assist in the conduct of audits or investigations. Unless the director
						determines that the person investigated is not required to hold a license or
						otherwise should not bear the cost, the actual cost of these services will be
						borne by the person who is the subject of the audit, or
						investigation.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-390, filed 10/21/05,
								effective 11/21/05.