Check Cashers & Sellers (Payday Lenders)
Check Cashers and Sellers doing business in Washington State must be licensed with DFI's Division of Consumer Services.
Quick Links for Check Cashers & Sellers
What's New
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Draft Payday Loan Brochure - Submit Your Comments
Review the draft information brochure (PDF)* that lenders must provide to borrowers during 2010 pursuant to proposed rule 208-630-601. - 2008 Payday Lending Report
Statistics & trends for the payday lending industry.
View report (PDF)*. - Payday Lending Survey To Provide DFI With Important Information. Please Respond
By August 31st.
The Department of Financial Institutions (DFI) is required by law to gather information about the impact of rules it adopts. Please complete a short survey about the impact of DFI’s proposed rules on your business. The survey is designed to only capture information about those costs required of you by DFI’s proposed rules. It is not designed to capture the costs that the legislature imposed on your business by passing the law.
As you know, the legislature passed two important pieces of legislation during the last session that affect payday lenders. SB 5164 requires you to create and maintain a log of your collection communications with borrowers. Another law, ESHB 1709, requires you to use a statewide database to determine each borrower’s eligibility for each loan you make. You must access the database with certain borrower information and receive an eligibility determination before making the loan. The payment plan is changed into an installment plan and has specific terms based on the amount of the loan. The installment plan is available to all borrowers on each loan if they request it from you before the due date of the loan.
This information will be used to determine if there is any way the DFI can mitigate the impact of our rules on your business. Please respond to the survey by August 31st.
Take The Survey - Important Information Regarding SB 5164
SB 5164 (PDF)* became effective July 26, 2009. This legislation puts restrictions on your delinquent loan collection activities. The department has begun rulemaking on this legislation along with rulemaking on ESHB 1709, the legislation that puts an eligibility database in place. However, you must comply with the provisions of SB 5164 beginning immediately. The provisions of ESHB 1709 (PDF)* and new and amended rules to implement both pieces of legislation are anticipated to be effective January 1, 2010. - Annual Report And Assessment Due April 15, 2009
The Annual Assessment Report (AAR), Consolidated Annual Report (CAR), and assessment fees must be completed and filed with DFI by close of business Wednesday, April 15, 2009.
Report Available In 3 Formats:
Fillable Annual Report and Assessment (PDF)*
Fillable Annual Report and Assessment (Word)**
Print Only Annual Report and Assessment (PDF)*
- Payday Loan Notice (Pursuant to WAC 208-630-580)
Download or print this notice (PDF)* for compliance with WAC 208-630-580.
- Check Cashers & Sellers ListServ
Subscribe to the check cashers & sellers ListServ.
Laws & Rules
- Check Cashers and Sellers Laws - (RCW 31.45)
- Check Cashers and Sellers Rules - (WAC 208-630)
Resources
- Payday Loan Notice (PDF)*
This notice is pursuant to WAC 208-630-560 - Check Cashers and Sellers Interpretive Letters
- DFI's Letter About Changes to RCW 31.45 Resulting from Senate Bill 5415 (PDF)*
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Complying With The Red Flags Rule
A "How to Guide for Business" on the rules from the FTC.
Payday Lending Reports
- 2007 Payday Lending Report (PDF)*
- 2006 Payday Lending Report (PDF)*
- 2005 Payday Lending Report (PDF)*
- 2004 Payday Lending Report (PDF)*
- 2003 Payday Lending Report (PDF)*
Newsletters
Contact Us
If you have any questions about loan originator licensing, feel free to contact us by phone at 360-902-8703 or toll free at 1-877 RING DFI (746-4334). You may also email us at 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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