Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-620 - Washington Consumer Loan Act › RESTRICTIONS, PROHIBITIONS AND GROUNDS FOR REVOCATION › Section 208-620-570 - What are the grounds for suspending or revoking a consumer loan company license?

Current through Register Vol. 24-14, July 15, 2024
The director may suspend or revoke a license if the licensee,
							or any principal, officer, or board director of the licensee:
(1)
Failing to pay.
Fails to pay
						a fee due the department;
(2)
Injunction or administrative action.
Is or has been subject to an
						injunction or a civil or administrative action issued pursuant to the Consumer
						Loan Act, the Consumer Protection Act, the Mortgage Broker Practices Act or
						similar laws of this state or another state;
(3)
Substantial unpaid debt.
Has
						accumulated substantial unpaid debt;
(4)
Violation of lending laws.
Has been found in violation of another state's lending laws, securities laws,
						real estate laws or insurance laws resulting in substantial license limitations
						or significant fines, restitution, or both;
(5)
Criminal charges.
The person
						is the subject of a criminal felony charge, or a criminal misdemeanor charge
						involving dishonesty or financial misconduct;
(6)
Bond canceled.
Has had its
						surety bond canceled or revoked for cause;
(7)
Deterioration of business.
Has allowed the licensed consumer loan business to deteriorate into a condition
						which would result in denial of a new application for a license;
(8)
Aiding unlicensed practice.
Has aided or abetted an unlicensed person to practice in violation of the
						Consumer Loan Act or the Mortgage Broker Practices Act;
(9)
Incompetence resulting in
						injury.
Has demonstrated incompetence or negligence that results in
						financial harm to a person or that creates an unreasonable risk that a person
						may be harmed;
(10)
Insolvency.
Is insolvent in the sense that the value of the
						licensee's liabilities exceeds its assets or in the sense that the applicant or
						licensee cannot meet its obligations as they mature;
(11)
Failure to comply.
Has
						failed to comply with an order, directive, subpoena, or requirement of the
						director, or his or her designee, or with an assurance of discontinuance
						entered into with the director, or his or her designee;
(12)
Misrepresentation or fraud.
Has performed an act of misrepresentation or fraud in any aspect of the conduct
						of the lending or brokering business or profession;
(13)
Failure to cooperate.
Has
						failed to cooperate with the director, or his or her designee, including
						without limitation by:
(a) Not furnishing
						records requested by the director for purposes of conducting a lawful
						investigation for disciplinary actions or denial, suspension, or revocation of
						a license; or
(b) Not furnishing
						records requested by the director for purposes of conducting a lawful
						investigation into a complaint against the licensee filed with the department,
						or providing a full and complete written explanation of the circumstances of
						the complaint upon request by the director;