Washington State Department of Financial Institutions

News Release

Monday, March 15, 2010

Contact

Lyn Peters, Director of Communications
PH (360) 902-8731, Cell 360.349.8501, lyn.peters@dfi.wa.gov

Deborah Bortner, Director of Consumer Services
PH 360.902.8703, deb.bortner@dfi.wa.gov

FOR IMMEDIATE RELEASE:


Governor Gregoire Signs DFI-Requested Bill Aimed At Making Fees More Fair For Smaller Money Transmitters

Restructuring of examination fees levels program cost for small and large companies, clarification of regulation of non FDIC-insured stored value cards protects consumers

OLYMPIA – The Washington State Department of Financial Institutions is pleased to announce the passage of SSB 6371 regarding Money Transmitters with Governor Gregoire’s signing of the bill into law this afternoon.

“We requested this bill in part to ensure program costs were more fairly distributed between small and large businesses,” Deborah Bortner, DFI’s Director of Consumer Services said. “Additionally, we wanted to make sure consumers were protected with the clarification regarding regulation of certain stored value devices not insured by the FDIC. This bill helps DFI meet all of those goals.”

Money Transmitters (SSB 6371)

This law goes into effect June 10, 2010.


About DFI
www.dfi.wa.gov ▪ 360.902.8700 ▪ 877.RINGDFI (746.4334)
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 also works to improve financial education throughout Washington through its outreach programs and online clearinghouse www.dfi.wa.gov/financial-education. In addition to posting information about licensees and administrative actions, DFI uses the Web and social media to provide financial education information:
www.twitter.com/FinEd4Allwww.twitter.com/DFIConsumersfinlit.blogspot.comwww.youtube.com/user/WADFIwww.homeownership.wa.gov

About Consumer Services
www.dfi.wa.gov/cs ▪ 360.902.8703 ▪877.RINGDFI (746.4334)
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, licensee examinations, investigations, and enforcing selected state and federal statutes and rules. Consumer Services regulates the business activities of consumer loan companies, mortgage brokers, money transmitters and currency exchangers, as well as check cashers and sellers, also known as "payday lenders." The Division is entirely self-supporting, with funding provided by licensing, auditing, and policing of regulated businesses and individuals. No money is received from the state General Fund or other public revenue source.

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