Examinations – Common Violations

“What do I do now?”
“I can’t afford to correct these violations!”
“I didn’t know!”

Finding out the hard way that you’ve been doing things not allowed can be a painful process. We don’t enjoy this experience any more than our licensees do.

DFI examiners review the books and records of licensees to determine compliance with the law. Too often, examiners find violations of law due to inattention to the rules. The results can be costly.

Compliance Saves You Money
Making sure your company is compliant with the necessary laws prior to an examiner’s visit can help reduce the number of negative findings. When you are in compliance, examiners spend less time at your office. Less time for the examiner means you keep more of your money.

To make sure your business is doing things right, study Washington’s law and rules on check cashers and sellers (also known as payday lenders). Visit the DFI Web site www.dfi.wa.gov/cs/rcwswacs.htm. Click on RCW 31.45 and WAC 208-630.

Familiarity with the law and rules will help you know what you should be doing and how to do it.
Examinations – Common Violations Article Continued...

Inside This Issue:

Examinations - Common Violations Most common examination findings under the Check Casher and Seller Act. Examinations - Here's How To Prepare How to prepare for an examination and what to expect. Annual Assessments- Things You Need To Know What you need to know about filing an Annual Assessment Report. What Is A Balance Sheet? Definition of a balance sheet. Rules Updates Rules relating to Check Cashers and Sellers will be updated this summer.