Message from Charlie Clark

Spring has finally arrived! I hope the improved weather finds you all well and able to enjoy some sun. We are enjoying a busy season as we gear up to implement E2SSB 6029, the Student Loan Bill of Rights, which amends the Consumer Loan Act, RCW 31.04.

Governor Inslee signed the bill into law on March 15, 2018. Student Education Loan Servicers will have licensing, examination and compliance obligations under the Consumer Loan Act, RCW 31.04.

Message from Charlie Clark

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AML Policy Tips for Mortgage Brokers

As of August 13, 2012, mortgage brokers have been required to comply with the same anti-money laundering (AML) rules as mortgage lenders.

During an examination, the Department will review the company’s AML policy, as well as any previous policies that were in effect during the scope of the exam.

AML Policy Tips for Mortgage Brokers

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Escrow Committee Openings

The Department is currently seeking individuals to fill two openings on the Escrow Committee. You must be a licensee under RCW 18.44, the Escrow Agent Registration Act. Members of the escrow committee are appointed by the Department’s Director and meet quarterly via webinar to discuss industry issues.

Escrow Committee Openings

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Washington DFI Leads Effort to Streamline Multi-State Licensing

To streamline the licensing process for money services businesses (MSBs) companies wishing to operate in multiple states, DFI Consumer Services proposed to a number of states an agreement describing a two phase licensing process.

Participating states are conducting a pilot licensing project this month. After making any adjustments based upon the pilot project, the Participating states will offer multistate licensing under the agreement more broadly to new applicants.

DFI Leads Effort to Streamline Multi-State Licensing

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Rulemaking Update

Rulemaking updates for student education loan servicers, consumer loan act, and uniform money services act.

Rulemaking Update