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Winter 2018 Newsletter
Check Casher/Seller and Payday Lender Industry Update
| License Types | As of January 2018 | As of January 2017 |
| Check Casher - Main Office | 105 | 109 |
| Check Casher Branch Office | 266 | 271 |
| Check Seller Main Office | 1 | 1 |
| Payday - Main Office | 23 | 26 |
| Payday - Branch Office | 57 | 61 |
Annual Assessment Reminder –April 15 Deadline
With the arrival of a new year, you are reminded that you must file an Annual Report and Assessment by April 15 each year. The 2017 Annual Report and Assessment form is typically available by the end of February. You must also provide year-end financial statements, including both a balance sheet and income statement prepared in accordance with Generally Accepted Accounting Principles (GAAP).
Please review WAC 208-630-830 for more information on the annual reporting requirement.
Electronic Surety Bond Conversion - July 1 Deadline
Payday Lender licensees, have you taken the steps necessary to convert your paper surety bond to the Electronic Surety Bond (ESB) in NMLS? So far, 3 licensees completed the process in 2017. The remaining licensees have until July 1 to complete the conversion.
Converting a paper surety bond to ESB involves granting authority to the surety company in NMLS, coordinating with the surety so the electronic bond can be created and then routing that electronic bond from the surety to the licensee and then to the Department. Licensees with questions about this conversion process can email DCS@dfi.wa.gov .
For more information about converting the paper surety bond to ESB, visit ESB for Licensees