Tuesday, January 29, 2008
Deb Bortner, Director of Consumer Services
PH 360.902.0511 email@example.com
Lyn Peters, Director of Communications
PH (360) 902-8731 firstname.lastname@example.org
FOR IMMEDIATE RELEASE:
DFI Investigation Reveals Payday Lender Company President/Majority Owner In Prison After Felony Conviction
OLYMPIA – After receiving an anonymous tip that the president and 91% owner of Pacific Checks, Inc. (doing business as Dollarwise in 12 Puget Sound locations) was operating his business from prison, the Washington State Department of Financial Institutions (DFI) investigated and found the man and his company in violation of state law.
DFI determined that in October 2006 Seil was charged with the following felonies:
- Count 1) Watercraft Homicide — DUI pursuant to RCW 79A.60.050; or in the alternative
- Count 2) Watercraft Homicide — Reckless pursuant to 79A.60.050;
- Count 3) Watercraft Assault pursuant to RCW 79A.60.060; and
- Count 4) Watercraft Assault pursuant to RCW 79A.60.060 in the Superior Court of Washington for Grant County.
Seil pleaded guilty to one count of Watercraft Homicide — Reckless in June 2007 but neglected to notify DFI of his conviction. State law requires licensees or controlling persons to do so within 15 days of conviction.
“This case is a prime example of DFI’s dedication to consumer safety and ensuring that all businesses licensed by DFI adhere to the law,” Consumer Services Director Deb Bortner said. “Consumers and staff employed by Washington businesses should feel confident that the companies they do business with abide by the law and are not practicing business under false pretenses.”
Pacific Checks, Inc. submitted licenses to conduct business as a payday lender as Dollarwise for 12 locations:
- 15001 Pacific Highway 5, Tukwila, WA 98188
- 2816 Auburn Way North, Auburn, WA 98008
- 22848 Pacific Highway South, Des Moines, WA 98198
- 31007 Pacific Highway South, Federal Way, WA 98003
- 10426 Kent Kangley Road, Kent, WA 98031
- 9211 Delridge Way SW, Seattle, WA 98106
- 19410 State Highway 410 E, Tukwila, WA 98390
- 3825 Pacific Ave. #3, Tukwila, WA 98408
- 9671 Silverdale Way NW, Silverdale, WA 98001
- 2416 SW 336th Street, Federal Way, WA 98188
- 5500 Olympic Dr NW, Gig Harbor, WA 98335
- 27112 167th Place SE, Covington, WA 98042
DFI recommends the following actions be taken:
- Pacific Checks, Inc.’s license to conduct the business of a check seller check casher with a small loan endorsement be revoked;
- Pacific Checks, Inc. and Seil jointly and severally pay a fine of $1,500;
- Pacific Checks, Inc. be banned from participation in the conduct of the affairs of any check casher or check casher with a small loan endorsement or check seller licensed by DFI in any manner, for a period of seven (7) years;
- Seil be banned from participation in the conduct of the affairs of any check casher or check casher with a small loan endorsement or check seller licensed by DFI, in any manner, for a period of seven (7) years; and
- Pacific Checks, Inc. and Charles C. Seil jointly and severally pay an investigation fee. The investigative fee totals at least $1,731.90.
DFI’s Consumer Services Division is continuing its investigation into any wrongdoing committed by Pacific Checks, Inc. (Dollarwise) or its employees.
www.dfi.wa.gov ▪ 360.902-8700 ▪ 877.746-4334 ▪ In Espaņol 888.976.4422
The Washington State Department of Financial Institutions regulates a variety of financial service providers such as banks, credit unions, mortgage brokers, consumer loan companies, payday lenders, and securities brokers and dealers. The department has won numerous awards for its financial literacy and outreach programs developed to protect consumers from financial fraud. In addition to posting information about licensees and administrative actions, the DFI’s Web site features consumer tips on a variety of financial fraud-related topics.
About the Division of Consumer Services
www.dfi.wa.gov/cs/ ▪ 360.902.8703
The Division of Consumer Services licenses and regulates business activities of consumer loan companies, mortgage brokers, escrow agents, escrow officers, check cashers, check sellers, payday lenders, and money service providers. The division reviews the books and records of these businesses checking for compliance with applicable state and federal laws, handles consumer complaints against them, and may require that refunds be made or that other appropriate actions be taken.
The mission of the Division of Consumer Services is to protect consumers from illegal and fraudulent lending practices. The division accomplishes its mission through licensing, conducting examinations of the books and records of licensees, investigating consumer complaints, and enforcing selected state and federal statutes and rules relating to lending practices.
The Division of Consumer Services regulates the business activities of the following entities:
- Mortgage Brokers
- Loan Originators
- Escrow Agents and Officers
- Check Casher/Sellers
- Consumer Loan Companies
- Money Transmitters & Currency Exchangers
- Tax Refund Anticipation Loan Facilitators