Check Casher/Seller and Payday Lender Industry Update

License Types	As of July 2018	As of July 2017
Check Casher - Main Office	105	108
Check Casher Branch Office	267	257
Check Seller Main Office	1	1
Payday - Main Office	25	24
Payday - Branch Office	56	57

Electronic Surety Bond Conversion

The deadline for completing the process of converting paper surety bonds to the new Electronic Surety Bond (ESB) was July 1, 2018. To date, 21 Check Cashers with Small Loan Endorsement licensees completed the conversion process. The Department appreciates the willingness of these licensees to jump in early to finish 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. The following are some challenges faced by licensees:

• Once the bond is delivered by the surety, licensees must designate a signer for the bond and that person must log into NMLS to “sign” the bond
• Signed bonds must be designated “Mark Ready” in order to be delivered to the Department

ESB for Licensees

2017 Annual Assessments

Check Casher and Check Casher w/Small Loan Endorsement licensees’ annual assessment was due on or by April 16, 2018. As of the end of the assessment period 101 companies had renewed.

Pending Applications

The industry is still growing with 3 new application pending with the Licensing Unit, all Washington State locations.