In This Issue

1) Message From Deb Bortner

Welcome to the annual edition of the Check Casher and Seller Newsletter. We hope that sharing information keeps your business in compliance and also helps the ultimate customer – Washingtonians using your services.

Read Message From Deb

2) 2007 Payday Lending Report

DFI just released its 2007 Payday Lending Report. The report contains data reported to DFI from all payday lending licensees for fiscal year 2007. DFI creates the report annually as an educational tool for policy makers and other interested persons.

View 2007 Payday Lending Report (PDF)

3) Are You A Money Service Business?

If you are licensed under the Check Cashers and Sellers Act, you may be a money services business (MSB) under the Bank Secrecy Act.

Check Casher and Seller licensees are MSBs if they engage in money transmission, check cashing (only if the licensee cashes checks over $1,000 for any one person in any one day), check selling (only if the licensee sells checks or money orders over $1,000 for any one person in any one day), or selling stored value (only if the licensee sells stored value over $1,000 for any one person in any one day).

Read Are You A Money Service Business?

4) Enforcement Actions Since January 2008

PACIFIC CHECKS, INC., dba DOLLARWISE and CHARLES C. SEIL, President and Owner

WCS LOANS, INC., d/b/a ADVANCE TIL PAYDAY, and LOREN C. GILL, President and Owner

Zippy Cash, LLC, d/b/a Zippy Cash and d/b/a/ Advance Til Payday, and Daniel M. Van Gasken, Managing Member and Executive Trustee

CASH IN ADVANCE, INC., JOHN W. GRIFFIN, President and 50% Owner, and HURSHELL ALAN DASHER, Vice President and 50% Owner

View Enforcement Activity

Rulemaking Update

On August 5, 2008, the Department of Financial Institutions adopted final rules on annual reporting requirements for Check Casher and Sellers.

Public comments were requested beginning July 2008, and accepted through the public comment period in August.

The final rules clarify a licensee’s annual reporting requirement including requirements for financial statements, annual assessment reports, and the penalty for late filings.

View a complete copy of the new language.

Annual Reporting Requirements

The Annual Assessment Report (AAR), Consolidated Annual Report (CAR), and assessment fees must be completed and filed with DFI by close of business Tuesday, April 15, 2008.

Download 2007 Annual Report and Assessment (PDF)

Contact Us

Phone: (877) RING DFI
Email: dcs@dfi.wa.gov
Web: http://dfi.wa.gov