Payday Lender & Check Casher/Seller
Closure Process
When a Check Casher and Seller licensee that offers small loans closes, there are specific requirements that must be completed in order to ensure the orderly winding down of the business activities.
These requirements also apply if the company remains open to cash or sell checks but surrenders its small loan endorsement. The purpose of these requirements is to ensure that customers and the general public are protected and that adequate notice is provided to the Washington Department of Financial Institutions (DFI).
Information For:
Payday Lender Closure Process
The following steps must be completed in order to close a payday lending company:
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Notify DFI 30 days before ceasing operations by completing the Notification of Payday Lender Ceasing Operations form:
Form Available in 2 Formats:
Ceasing Operations Form - Print Only (PDF)* or
Ceasing Operations Form - Fillable (Word)** - Complete any of the steps necessary to close out all loans in a manner satisfactory to DFI.
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After all loans are paid or closed in a manner satisfactory to DFI, submit the Closure/Surrender Form and Closure Assessment Worksheet:
Closure/Surrender Form Available in 2 Formats:
Closure/Surrender Form - Print Only (PDF)* or
Closure/Surrender Form - Fillable (Word)**
Where do I find information about how to close my loans satisfactorily?
Please, see our Payday Lender Closure FAQs.
Additional Information:
Even if a company has closed or stopped making new loans, the license must be maintained until we have proof that all loans have been paid or closed in a manner satisfactory to DFI. Companies that have open loans must maintain their bond and meet all other licensing requirements.
See RCW 31.45.050 and WAC 208-630-836.
Check Casher/Seller Closure Process
- Notify DFI 30 days before ceasing operations by submitting an email to dcs@dfi.wa.gov or written letter to DFI with the date of closure, contact name, address, email, and phone number.
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Immediately after the date of closure, submit the Closure/Surrender Form and Closure Assessment Worksheet:
Closure/Surrender Form Available in 2 Formats:
Closure/Surrender Form - Print Only (PDF)* or
Closure/Surrender Form - Fillable (Word)**
Additional Information:
See RCW 31.45.050 and WAC 208-630-836.
Questions? Contact Us
Main Telephone Line: (360) 902-8703
Toll Free: (877) RING DFI (746-4334)
TDD: (360) 664-8126
Email: dcs@dfi.wa.gov
* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.
** This document is a Microsoft Word file, and you will need Microsoft Word to view it.
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