Consumer Loan Companies Licensing

DFI uses NMLS to manage all Consumer Loan licenses. All applications and changes to a Consumer Loan license must be made through NMLS.

Apply for a Washington Consumer Loan Company License

Before You Apply

Before you can apply, you will need to obtain certain registrations, licenses, and accounts outside of DFI.

Register with these Agencies

  1. Washington Secretary of State - You will need to receive a corporate registration
  2. Washington Business License Services - You will need to receive a Business License
  3. Washington Department of Revenue - You will need to have an open/active account

Application Steps

  1. Gather all items listed on the New Application Checklist
    Note: Do not apply for the license through NMLS until you have ALL items on the checklist
  2. Surety Bond
    New Consumer Loan applicants must have a $100,000 surety bond (unless the company ONLY services, then a $30,000 surety bond is required).

    See: Surety Bond Requirements

  3. Business Plan
    Prepare the company’s business plan which must include steps for resolving customer complaints, and upload into company’s MU1 in NMLS.

    See: Document Upload Quick Guide

  4. Financial Statements
    Prepare the company’s balance sheet for the most recent quarter end and upload the statement into the company’s MU1 in NMLS.

    See: Financial Statement Quick Guide

  5. Fingerprints
    Have each control person in the company get fingerprinted, unless the control person already holds a MLO license in Washington
  6. Submit Your Application Through NMLS
    Once you have completed your application, submit your application for Washington Consumer Loan Company Main Office License through NMLS, including paying the licensing fee ($1,162.21)

    More Information:
    For help on submitting an application, see: Submitting Company Form Quick Guide

    Sponsor Mortgage Loan Originator
    If the company is brokering and/or lending you must have Mortgage Loan Originator, so sponsor them now:

    See: MLO Sponsorship Quick Guide

    Submit Branch Locations
    If the company has additional locations where Washington activity will be done, submit license applications for those branches:

    See: Submitting Branch Form Quick Guide

  7. Mail the original bond, fingerprint cards and checklist to Department of Financial Institutions the same day as applying through NMLS so it is received within 5 days.

    See: Consumer Loan Company New Application Checklist

    For U.S. Postal Service:
    Department of Financial Institutions
    Division of Consumer Services
    PO Box 41200
    Olympia WA 98504-1200

    For Overnight Delivery:
    Department of Financial Institutions
    Division of Consumer Services
    150 Israel Rd SW
    Tumwater WA 98501

Helpful Resources

  1. FAQs for Consumer Loan Application
  2. NMLS Getting Started Guide
  3. NMLS New Application Checklist for Consumer Loan License