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Spring 2018 Newsletter
See enforcement actions taken by the Division of Consumer Services.
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.
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.
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.
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.
Rulemaking updates for student education loan servicers, consumer loan act, and uniform money services act.