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.

Student Loan Servicers will be required to obtain a license from the Department of Financial Institutions (DFI) to operate in this state, and the law permits the DFI to establish fees and regulate student loan servicers under RCW 31.04. DFI’s enforcement and examination authority will begin January 1, 2019, or when final rules are adopted, whichever is sooner. See our rulemaking page at https://dfi.wa.gov/rulemaking/student-education-loan-servicers.

We are working to establish the licensing protocols and will be sharing more complete information as we implement our project plan. Licensing applications will be accepted through the NMLS, and we will develop checklists for applicants and establish a firm date for when we will begin accepting applications. Please watch our webpage for an announcement.

Please continue reading our newsletter for additional information about licensing and examinations for all license types.