Inside This Issue - Fall 2007

New Rules for Check Cashers and Sellers
The Department of Financial Institutions has amended rules affecting Check Cashers and Sellers. The rule amendments will become effective December, 21, 2007. The changes to the rules are published and available on DFI's website.

Examinations - Common Violations
In the course of examining the books and records of licensees DFI examiners are finding that many payday lending companies are making the same mistakes. This article offers a few points on which you can focus. Doing so should help you have a cleaner examination next time.

How to Prepare for a Compliance Examination
Department of Financial Institutions examiners regularly visit licensees to examine licensee’s for compliance with state and federal laws. The Department strives to make these examinations as efficient and effective as possible. This article offers tips and suggestions on how to prepare for a compliance examination.

DFI Notice to Collection Agents and Small Claims Courts
The Department of Financial Institutions recently sent a letter to collection agencies throughout Washington reminding them that they need to be careful not to violate the law when collecting debts for payday lenders.

Your Law

It may be a wise idea to add the law relating to Check Cashers and Sellers to your favorites on your computer. Having the law a click or two away makes it easy to look up when you have a question. Learn more.

Enforcement

Visit the Department of Financial Institutions web page to review Administrative Actions taken against licensees.

2006 Payday Lending Report

DFI recently released its 2006 Payday Lending Report. The report is available online.
View report (PDF).