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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-610 - What accounting and financial records must I keep?

Current through Register Vol. 24-14, July 15, 2024
You must maintain the records in this section for at least
							two years.
(1) Generally, you must
						maintain the books, accounts, records, papers, documents, files, and other
						information relevant to the business.
(2) Specifically, you must maintain a record
						of transactions conducted. The record may be limited to the following provided
						a sufficient audit trail is available through records obtainable from your bank
						of account:
(a) Amount of the checks
						cashed;
(b) Amount of fees charged
						for cashing the check;
(c) Amount
						of cash deducted from the transaction for the sales of other services or
						products;
(d) Amount of each check
						or monetary instrument sold;
(e)
						Amount of fee charged for the monetary instrument;
(f) Amount of small loan proceeds
						disbursed;
(g) Fees charged for
						small loans;
(h) Amount of payments
						on small loans received;
(i)
						Origination date of each small loan;
(j) Termination date of each small
						loan;
(k) Installment plan payment
						due dates;
(l) Application
						information as required by rule;
(m) Records of cash payments made on small
						loans. The record must include the date of the payment, the borrower's name,
						the amount of cash received, the identity of the employee who received the
						cash, and whether the payment was applied to a loan or installment
						plan;
(n) Copies of receipts
						required under WAC
						208-630-505.
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 208-630-620 - In what form must a licensee maintain accounting and financial records?

Current through Register Vol. 24-14, July 15, 2024
Licensees may maintain records required in combined form,
							hand or machine posted, or automated, and licensees may maintain them on any
							electronic, magnetic, optical or other storage media. However the licensee must
							maintain the necessary technology to permit access to the records by the
							department for the period required by law.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-620, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-630 - May the director ask a licensee for records regarding the previous day's transactions?

Current through Register Vol. 24-14, July 15, 2024
Upon request of the director or director's designee a
							licensee must within one business day make available, either directly or
							through a third party, a record of the previous day's
							transactions.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-630, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-640 - What specific accounting records must a licensee maintain?

Current through Register Vol. 24-14, July 15, 2024
Licensees must maintain a general ledger containing records
							of all assets, liabilities, capital, income, and expenses. The licensee must
							post a general ledger from the daily record of checks cashed or other record of
							original entry, at least monthly, and it must be maintained in such manner as
							to facilitate the preparation of an accurate trial balance of accounts in
							accordance with generally accepted accounting practices.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-640, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-650 - May a licensee maintain a consolidated general ledger if the licensee has two or more locations?

Current through Register Vol. 24-14, July 15, 2024
A licensee may maintain a consolidated general ledger
							reflecting activity at two or more locations by the same licensee provided that
							the licensee maintain books of original entry separately for each
							location.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-650, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-660 - What must a licensee have in employees' personnel files?

Current through Register Vol. 24-14, July 15, 2024
Every licensee must maintain personnel files for its
							employees. Each file must contain the employee's full name, date of birth, date
							of hire and date of termination, last known address and Social Security
							number.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-660, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-670 - If I have a small loan endorsement on my license, what information must I keep in every loan file?

Current through Register Vol. 24-14, July 15, 2024
(1) If
						you have a small loan endorsement, each loan file must contain at least a
						record of the application, a record of the note or loan agreement, a record of
						the documentation used to substantiate the borrower's gross income, a record of
						the borrower's identification verification, a record of any disclosure
						statements, a record of an installment plan entered into, and records of the
						receipts required in WAC
						208-630-505. As used in this
						section, "application" means any information you received from the borrower for
						the purposes of making a lending decision, including, but not limited to,
						personal employment history and credit history;
(2) Records required to be maintained may be
						in paper form or on any electronic, magnetic, optical or other storage media,
						or any combination thereof, so long as the licensee maintains the necessary
						technology to permit access to the records by the department for the period
						required by law.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-670, 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, §
											208-630-670, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-680 - Are there specific banking requirements for check sellers?

Current through Register Vol. 24-14, July 15, 2024
All monetary instruments issued by check sellers must be
							drawn on a financial institution domiciled in the United
							States.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-680, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-690 - When must a check casher deposit a monetary instrument?

Current through Register Vol. 24-14, July 15, 2024
Once a licensee cashes a monetary instrument the licensee
							must send the monetary instrument for deposit to the licensee's account at a
							depository financial institution located in Washington state or send it for
							collection not later than the close of business on the third business day after
							the day on which the licensee accepted the monetary instrument for cash. This
							subsection does not apply if the licensee accepted the monetary instrument as
							part of a small loan transaction under chapter 31.45 RCW.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-690, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-700 - When may I deposit a monetary instrument accepted in the course of making a small loan?

Current through Register Vol. 24-14, July 15, 2024
(1) If you have a
						small loan endorsement you may not deposit a monetary instrument accepted in
						the course of making a small loan under the act prior to the due date of the
						small loan or any date disclosed on the note or small loan agreement.
(2) If the borrower notifies you that he or
						she is unable to repay the loan when it is due and an installment plan is
						initiated, you must return or destroy any postdated check or ACH authorization
						the borrower has given you prior to entering into the installment plan. If
						destruction of an ACH authorization is not possible, the initiation of an
						installment plan voids your authorization to use the original ACH
						authorization. You may accept another ACH authorization or authorizations from
						the borrower 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, §
											208-630-700, 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, §
											208-630-700, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-710 - What other federal and state laws and regulations must a licensee comply with?

Current through Register Vol. 24-14, July 15, 2024
Each licensee must comply with applicable federal and state
							laws including, but not limited to, applicable provisions of the
							following:
(1) Washington laws:
						Chapter
						63.29 RCW, the Uniform
						Unclaimed Property Act.
(2) Federal
						Laws and Regulations:
"Bank Secrecy Act (BSA)" means the Currency and Foreign
							Transactions Reporting Act,  31 U.S.C. Sec. 5311-5330  and  12 U.S.C. Sec. 1818(s), and 1951-1959,  31 C.F.R. Part 103.
"Department of Defense Military Borrower Rules" means Section
							670 of the John Warner National Defense Authorization Act for Fiscal Year 2007
							and  32 C.F.R. Part 232.
"Equal Credit Opportunity Act" means the Equal Credit
							Opportunity Act (ECOA),  15 U.S.C. Sec. 1691  et seq., Regulation B,  12 C.F.R.
							Part 202.
"Fair Credit Reporting Act" means the Fair Credit Reporting
							Act (FCRA),  15 U.S.C. Sec. 1681  et seq.
"Federal Trade Commission Act" means the Federal Trade
							Commission Act,  15 U.S.C. Sec. 45(a).
"Gramm-Leach-Bliley Act (GLBA)" means the Financial
							Modernization Act of 1999,  15 U.S.C. Sec. 6801-6809, and the GLBA-mandated
							Federal Trade Commission (FTC) privacy rules, at 16 C.F.R. Parts
							313-314.
"Telemarketing and Consumer Fraud and Abuse Prevention Act"
							means the Telemarketing and Consumer Fraud and Abuse Prevention Act,  15 U.S.C. Sec. 6101-6108, Telephone Sales Rule,  16 C.F.R. Part 310.
"Truth in Lending Act" means the Truth in Lending Act (TILA),
							 15 U.S.C. Sec. 1601  et seq., Regulation Z,  12 C.F.R. Part 226  et
							seq.
Statutory Authority:
								RCW
								43.320.040. 07-23-094, §
											208-630-710, 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, §
											208-630-710, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-711

Current through Register Vol. 24-14, July 15, 2024
Statutory Authority:
								RCW
								   43.320.040. 07-23-094, §
											208-630-711, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-712 - When must a licensee obtain identifying information about its customers?

Current through Register Vol. 24-14, July 15, 2024
Each licensee must obtain, verify and maintain records of
							identifying information about its customers to the extent required by
							applicable law, including, without limitation, in the following
							situations:
(1) When completing and
						filing suspicious activity reports (SARs) of any suspicious transaction
						relevant to a possible violation of any law or regulation, as required by  31
						C.F.R. Section 103.20.
(2) When
						completing and filing currency transaction reports (CTRs) for transactions
						involving more than ten thousand dollars in currency in any one day, as
						required by  31 C.F.R. Section 103.22.
(3) When issuing or selling one or more
						checks or drafts, cashier's checks, money orders, or traveler's checks for
						three thousand dollars or more, in currency in any one day, as required by  31
						C.F.R. Section 103.29.
Statutory Authority:
								RCW
								43.320.040. 07-23-094, §
											208-630-712, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-715 - What are the minimum requirements of an information security program required by the Federal Safeguards Rule implementing the Gramm-Leach-Bliley Act?

Current through Register Vol. 24-14, July 15, 2024
(1) Generally,
						applicants and licensees must have a written program appropriate to the
						company's size and complexity, the activity conducted, and the sensitivity of
						information at issue. The program must ensure the information's security and
						confidentiality, protect against anticipated threats or hazards to the security
						or integrity of the information, and protect against unauthorized access to or
						use of the information.
(2)Specifically, at a minimum the plan
						described in subsection (1) of this section must:
(a) Designate an employee or employees to
						coordinate the information security program;
(b)Identify and assess the risks to customer
						information;
(c)Design and
						implement safeguards to control the risks identified in the risk assessment and
						regularly monitor and test the safeguards;
(d)Select service providers that can maintain
						appropriate safeguards and oversee their handling of customer information;
						and
(e)At least annually evaluate
						and adjust the program in light of relevant circumstances, including changes in
						business operations, or the results of testing and monitoring the effectiveness
						of the implemented safeguards.
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 208-630-716 - What are the minimum requirements for Consumer Financial Information Privacy under the Gramm-Leach-Bliley Act (Regulation P)?

Current through Register Vol. 24-14, July 15, 2024
Licensees must comply with Regulation P.
(1)At a minimum, licensees must:
(a) Provide customers with initial and annual
						notices regarding their privacy policies. These notices describe whether and
						how the licensee shares consumers' nonpublic personal information, including
						personally identifiable financial information, with other entities;
						and
(b)If licensees share certain
						customer information with particular types of third parties, the institutions
						are also required to provide notice to their customers and an opportunity to
						opt out of the sharing. If a licensee limits its types of sharing to those
						which do not trigger opt-out rights, it may provide a "simplified" annual
						privacy notice to its customers that does not include opt-out information. If a
						licensee's privacy policy has not changed, additional notices may not be
						required.
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 208-630-717 - Must a licensee provide notice to consumers if its data is compromised?

Current through Register Vol. 24-14, July 15, 2024
Maybe. If the licensee's data is compromised the licensee
							may be subject to chapter 19.255 RCW and may have to provide notices to
							consumers whose information was acquired. Under certain circumstances notice of
							the breach may also be required by the attorney general's
							office.
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 208-630-720 - Is a licensee required to register as a money service business with the Secretary of the Treasury?

Current through Register Vol. 24-14, July 15, 2024
Licensees may be required to register as a money services
							business (MSB) under the Bank Secrecy Act,  31 U.S.C. Section 5330, or any
							regulations promulgated thereunder. Generally, an MSB is a business that cashes
							checks or exchanges currency (other than as an agent for another business) in
							an amount greater than one thousand dollars in currency or monetary or other
							instruments for any person on any day, in one or more
							transactions.
Statutory Authority:
								RCW
								43.320.040. 07-23-094, §
											208-630-720, 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, §
											208-630-720, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-721 - If a licensee is considered a money service business (MSB) under the Bank Secrecy Act (see WAC 208-630-720), what are the minimum requirements for the anti-money laundering program the licensee must develop?

Current through Register Vol. 24-14, July 15, 2024
A licensee who qualifies as a money services business under
							the Bank Secrecy Act must develop, implement, and maintain an effective
							anti-money laundering program consistent with federal law and the requirements
							of  31 C.F.R. Section 103.125.
Statutory Authority:
								RCW
								43.320.040. 07-23-094, §
											208-630-721, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-730 - What records and actions does a licensee need to take to assure the licensee is correctly reporting under the Bank Secrecy Act?

Current through Register Vol. 24-14, July 15, 2024
Each licensee shall maintain detailed records to satisfy
							currency transaction reporting and suspicious activity reporting requirements
							of the United States Treasury Department.
Each licensee shall implement an antimoney laundering program
							that includes the development of internal policies, procedures and controls,
							training of employees, the appointment of a compliance officer, and the
							appointment of an external reviewer of the antimoney laundering program if
							required by  31 U.S.C. Section 5318(h).
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-730, 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) › REQUIREMENTS FOR ALL LICENSEES › Section 208-630-740 - What obligation do I have to assure that employees comply with the laws and rules regarding payday lending and check cashing and selling?

Current through Register Vol. 24-14, July 15, 2024
Because you are responsible for their actions, including
							violations, you must ensure that any employee or person who engages in business
							on your behalf (including agents) under the authority granted by chapter 31.45
							RCW has sufficient understanding of the law and rules to assure
							compliance.
Statutory Authority: Chapter 43.320 RCW and
								RCW
								31.45.200. 13-05-005, §
											208-630-740, filed 2/6/13,
								effective 3/9/13. Statutory Authority:
								RCW
								   43.320.040,
								31.45.200, and
								2009 c
								510. 09-24-089, §
											208-630-740, 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, §
											208-630-740, 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) › PROHIBITED PRACTICES › Section 208-630-8201 - What business practices are prohibited?

Current through Register Vol. 24-14, July 15, 2024
(1) It is a violation of this chapter for any
						person subject to this chapter to:
(a)
						Directly or indirectly employ any scheme, device, or artifice to defraud or
						mislead any borrower, to defraud or mislead any lender, or to defraud or
						mislead any person;
(b) Directly or
						indirectly engage in any unfair or deceptive practice toward any
						person;
(c) Directly or indirectly
						obtain property by fraud or misrepresentation;
(d) Make a small loan to any person
						physically located in Washington through use of the internet, facsimile,
						telephone, kiosk, or other means without first obtaining a small loan
						endorsement;
(e) Accept
						applications or referrals from an agent or pay for any services provided on
						your behalf by an agent without first verifying that the agent is licensed
						under the act;
(f) Directly or
						indirectly refer a borrower, or encourage a borrower, to use the services of
						more than one payday lending business that results in an amount outstanding
						that exceeds the loan limit in
						RCW
						   31.45.073;
(g) Directly or indirectly structure a loan
						transaction in order to exceed the loan limit in
						RCW
						   31.45.073;
(h) Directly or indirectly pressure a
						borrower to not enter into an installment plan;
(i) Directly or indirectly pressure an
						applicant or borrower to borrow more money than they state they want; provided,
						it is not a violation of this subsection for a licensee to inform a borrower as
						to his or her maximum loan amount or that he or she is subject to a limit of
						eight loans per twelve-months period;
(j) Cash a postdated check before the date
						written on the check except as permitted by
						RCW
						   31.45.070(2);
(k) Make a loan without processing it through
						the data base system except as specifically allowed in law or rule;
(l) Refuse to provide an installment plan to
						a borrower who has notified you before the due date of the small loan that they
						cannot pay the small loan; and
(m)
						Engage in any device or subterfuge to evade the requirements of the
						act.
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) › REPORTING REQUIREMENTS › Section 208-630-830 - What are my annual reporting requirements?

Current through Register Vol. 24-14, July 15, 2024
On or before April 15th of each year, you must submit the
							following reports:
(1) Annual
						financial statements. The financial statements must include at least a balance
						sheet and a statement of income prepared in accordance with generally accepted
						accounting principles. If you have established a fiscal year different from the
						calendar year, the financial statements are due not later than one hundred five
						days after the close of the fiscal year.
(2) Annual assessment report (AAR). You must
						submit an AAR on your Washington activities, in a form prescribed by the
						director. The AAR must contain the following:
(a) The total dollar volume of checks cashed
						during the period, if applicable; and
(b) The total dollar volume of checks sold
						during the period, if applicable; and
(c) The total dollar volume of small loans
						made during the period, if applicable; and
(d) The annual assessment fee calculation.
						See WAC 208-630-400.
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) › REPORTING REQUIREMENTS › Section 208-630-8301 - What happens if I am late filing the annual reports and paying the annual assessment?

Current through Register Vol. 24-14, July 15, 2024
If you do not file the financial statements (if due at that
							time), assessment report, consolidated annual report, and pay the annual
							assessment fee by April 15 of each year, the director will send you a notice of
							suspension and assess a late fee of twenty-five percent of the annual
							assessment fee. The reports and payment of both the annual assessment fee and
							any late fee must arrive in the department's offices by 5:00 p.m. on the tenth
							day after April 15, unless the department is not open for business on that
							date, then the reports and payment of both the annual assessment fee and any
							late fee must arrive in the department's offices by 5:00 p.m. on the next day
							the department is open for business.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-8301, filed 12/1/09,
								effective 1/1/10. Statutory Authority:
								RCW
								43.320.040. 08-16-092, §
											208-630-8301, filed 8/5/08,
								effective 9/5/08.
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) › REPORTING REQUIREMENTS › Section 208-630-835 - When must I inform the director of significant changes in my business?

Current through Register Vol. 24-14, July 15, 2024
(1) You must notify
						the director in writing within five days of the occurrence of any of the
						following significant developments:
(a) Your
						company filing for a chapter 7 or 11 bankruptcy;
(b) Your company receiving notification of a
						license revocation procedure against it in any state;
(c)You, or a director, officer, partner,
						member or controlling person of the company being convicted of a
						crime;
(d)You, or a director,
						officer, partner, member or controlling person of the company receiving
						notification of the filing of criminal charges or a criminal indictment or
						information, in any way related to check cashing, check selling or small loan
						activities.
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) › REPORTING REQUIREMENTS › Section 208-630-836 - When ceasing my small loan business, what information must I file before I close the business?

Current through Register Vol. 24-14, July 15, 2024
(1) You
						must notify the department at least thirty days before ceasing operations. The
						notice must be in writing, signed by a principal of the small loan licensee,
						and include the following:
(a)The date you
						will cease small loan activity;
(b)A list of all open and pending
						transactions;
(c)Your contact
						address and e-mail address; and
(d)Your plan for the orderly closure of open
						loans on the data base system.
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) › REPORTING REQUIREMENTS › Section 208-630-840 - Who may a licensee hire to prepare the financial statements in the annual report?

Current through Register Vol. 24-14, July 15, 2024
Financial statements contained in the annual report may be
							prepared by outside accountants or by the licensee's own
							accountants.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-840, 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) › REPORTING REQUIREMENTS › Section 208-630-880 - As a check seller what must I report when my license is surrendered or revoked?

Current through Register Vol. 24-14, July 15, 2024
If you are engaged in the business of selling monetary
							instruments you must submit to the director, at your own expense, a closing
							annual report containing audited financial statements as of the effective date
							of the surrender or revocation. The director must receive the closing annual
							report on or before one hundred five days after the effective date of the
							surrender or revocation. The closing annual report must cover the twelve months
							ending with the surrender or revocation date or for such other time period as
							the director may specify. If the report, certificate, or opinion of the
							independent accountant is in any way qualified, the director may require you to
							take such action as appropriate to permit an independent accountant to remove
							any qualification from the report, certificate, or opinion. The report shall
							include relevant information specified by the director.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-880, 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, §
											208-630-880, 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) › REPORTING REQUIREMENTS › Section 208-630-890 - If I am not a check seller what must I report when my license is surrendered or revoked?

Current through Register Vol. 24-14, July 15, 2024
If you are not engaged in the business of selling monetary
							instruments you must submit to the director at your own expense a closing
							annual report covering the twelve months ending with the surrender or closure
							date, or for such other time period as the director may specify. The closing
							annual report must be received by the director on or before one hundred five
							days after the effective date of surrender or revocation. Financial statements
							contained in this closing report may be prepared by outside accountants or by
							your own accountants.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-890, 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, §
											208-630-890, 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) › REPORTING REQUIREMENTS › Section 208-630-910 - May I request an extension of time to comply with the reporting requirements?

Current through Register Vol. 24-14, July 15, 2024
For good cause and upon written request, the director may
							extend the time for compliance with reporting requirements if you make the
							request at least ten days prior to the date the report is
							due.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-910, 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, §
											208-630-910, 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) › REPORTING REQUIREMENTS › Section 208-630-920 - Under what circumstances would a licensee submit unaudited financial statements to the director?

Current through Register Vol. 24-14, July 15, 2024
A licensee shall, when requested by the director, for good
							cause, submit its unaudited financial statement, prepared in accordance with
							generally accepted accounting principles and consisting of at least a balance
							sheet and statement of income as of the date and for the period specified by
							the director.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-920, 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) › REPORTING REQUIREMENTS › Section 208-630-930 - When may the director reject financial statements and other reports submitted to the director by the licensee?

Current through Register Vol. 24-14, July 15, 2024
The director may reject any financial statement, report,
							certificate, or opinion filed pursuant to this section. The director must
							notify the licensee or other person required to make such filing of its
							rejection and the cause thereof.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-930, 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) › REPORTING REQUIREMENTS › Section 208-630-940 - How much time does a licensee have to correct the deficiency in financial statements or other reports?

Current through Register Vol. 24-14, July 15, 2024
Within thirty days after the receipt of such notice, the
							licensee or other person shall correct such deficiency. The director shall
							retain a copy of all filings so rejected.
Statutory Authority:
								RCW
								31.04.165,
								43.320.040,
								31.45.030,
								31.45.050,
								31.45.200. 05-22-009, §
											208-630-940, 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) › REPORTING REQUIREMENTS › Section 208-630-950 - What trust accounting requirements must a I comply with?

Current through Register Vol. 24-14, July 15, 2024
(1) At least monthly a licensee in the
						business of selling checks must withdraw from the trust account an amount equal
						to fees earned for the corresponding period from the sale of monetary
						instruments. The remaining balance of the trust account must be sufficient to
						cover all monetary instruments that remain outstanding and drawn against the
						trust account.
(2) A licensee is
						prohibited from allowing the financial institution holding the trust account to
						charge back checks or drafts deposited to the trust account and subsequently
						dishonored against the trust account.
(3) A licensee whose license has expired or
						been suspended or terminated must not make withdrawals from the trust account
						without the director's consent, until a closing report has been received
						according to these rules.
Statutory Authority:
								RCW
								43.320.040,
								31.45.200, and   2009 c  510.
								09-24-089, §
											208-630-950, 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, §
											208-630-950, 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 208-660 - Mortgage brokers and loan originators-Licensing › Section 208-660-005 - Purpose, scope and coverage

Current through Register Vol. 24-14, July 15, 2024
(1)
What is the purpose of the Mortgage
					Broker Practices Act?
The purpose of the Mortgage Broker Practices Act
					is to establish a state system of licensure and rules of practice and conduct
					for mortgage brokers and loan originators, to promote honesty and fair dealing
					with citizens, and to preserve public confidence in the lending and real estate
					community.
(2)
What is the
					purpose of the Mortgage Broker Practices Act rules?
The purpose of these
					rules is to administer and interpret the Mortgage Broker Practices Act in order
					to govern the activities of licensed mortgage brokers, loan originators, and
					other persons subject to the act.
(3)
What is the scope and coverage of
					the Mortgage Broker Practices Act and these rules?
There are four
					criteria to determine the scope and coverage of the Mortgage Broker Practices
					Act and these rules. All of the criteria must be met in order for a person or
					entity to fall under the scope and coverage of the act and these rules. The
					criteria are:
(a) The persons or entities
					conducting business;
(b) The type
					of transactions performed when conducting the business;
(c) The identification of residential real
					estate; and
(d) The location of the
					mortgage broker, loan originator, potential borrower, and residential real
					estate.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › Section 208-660-008 - Exemptions

Current through Register Vol. 24-14, July 15, 2024
(1)
Who is exempt from all provisions
			 of the act?
Any person doing business under the laws of the state of
			 Washington or the United States and any federally insured depository
			 institution doing business under the laws of any other state relating to
			 commercial banks, bank holding companies, savings banks, trust companies,
			 savings and loan associations, credit unions, insurance companies, or real
			 estate investment trusts as defined in  26 U.S.C. Sec. 856  and the affiliates,
			 subsidiaries, and service corporations thereof.
(2)
Who is exempt from licensing as a
			 mortgage loan originator?
(a) Any
			 individual who offers or negotiates terms of a residential mortgage loan with
			 or on behalf of an immediate family member of the individual; or
(b) Any individual who offers or negotiates
			 terms of a residential mortgage loan secured by a dwelling that served as the
			 individual's residence.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › Section 208-660-009 - Application of Administrative Procedure Act

Current through Register Vol. 24-14, July 15, 2024
(1) What are my rights when the department
					begins an administrative enforcement action against me? Under the
					Administrative Procedure Act (APA),
					chapter
					34.05 RCW, you have the
					right to request a hearing on the agency's action. Hearings are conducted as
					either formal adjudicative proceedings or may, under certain circumstances, be
					handled as a brief adjudicative proceeding (BAP).
(2) What must I do when I want to request a
					hearing? When you are notified of administrative charges filed against you, you
					are also notified of your right to request a hearing. At that time, the
					department will also notify you as to whether the hearing will be conducted as
					a brief adjudicative proceeding. You are required to notify the department, in
					writing, within twenty days from the date of the director's notice to you
					notifying you of the enforcement action against you. This notice must be
					received by the department by the 20th day following service of the charges on
					you.
(3) What is a brief
					adjudicative proceeding? Under the APA, a brief adjudicative proceeding is a
					hearing that is less formal in nature and typically resolves the charges
					quickly. The department provides a BAP for violations of the act in which the
					facts are undisputed and under circumstances where the parties may present
					their case without the need for witnesses. Typical matters to be heard in a BAP
					include, but are not limited to, license denials or revocations based on
					certain undisputed facts, including criminal convictions or misrepresentations
					on an application.
(4) May I
					request a brief adjudicative proceeding in response to an administrative
					enforcement action? Yes, but only if the matter has been designated by the
					department as one for which a BAP is available. The director adopts
					RCW
					   34.05.482 through
					34.05.494 for the administration
					of brief adjudicative proceedings. Brief adjudicative proceedings shall be
					limited to a determination of one or more of the following issues:
(a) Whether an applicant for a loan
					originator license meets the requirements of
					RCW
					   19.146.310(1)(a), (b), (c), (d), (e), or
					(h);
(b) Whether an applicant for a mortgage
					broker license meets the requirements of
					RCW
					   19.146.210(1)(a), (b), (c), (d), or
					(e); and
(c) Whether a mortgage broker has failed to
					maintain the bond required by
					RCW
					   19.146.205.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › Section 208-660-105 - How does the department interpret the definition of residential mortgage loan modification services in RCW 19146010(21)?

Current through Register Vol. 24-14, July 15, 2024
Residential mortgage loan modification services means
						activities conducted by persons not engaged in servicing the borrower's
						existing residential mortgage loan. The activities may include negotiating,
						attempting to negotiate, arranging, attempting to arrange, or otherwise
						offering to perform residential mortgage loan modification services. The
						activities may also include the collection of data for submission to another
						person performing mortgage loan modification services or to a residential
						mortgage loan servicer.
Any person in violation of the act while providing residential
						mortgage loan modification services is subject to the department's
						investigation and enforcement authorities including being responsible for an
						investigation fee when the department investigates the books and records of any
						person subject to the act.
Statutory Authority: Chapter 43.320 RCW and
							RCW
							   19.146.223. 12-18-048, §
										208-660-105, filed 8/29/12,
							effective 11/1/12.