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Summer 2018 Newsletter
Enforcement Actions
See enforcement actions taken by the Division of Consumer Services.
Message from Charlie Clark
Summer in the Pacific Northwest just cannot be beat. I hope you are enjoying the warm long days. We are staying busy and on July 16 began licensing Student Education Loan Servicers pursuant to E2SSB 6029, the Student Loan Bill of Rights.
Tips: Anti-Money Laundering (AML) Program and Suspicious Activity Reports (SAR)
Tips and information about the Bank Secrecy Act, Anti-Money Laundering Program, and Suspicious Activity Reports.
Washington Fair Chance Act
The Washington Fair Chance Act, chapter 49.94 RCW, became effective June 7, 2018, and prohibits employers from asking employment applicants about arrests or convictions before determining whether an applicant is otherwise qualified for a position.
Charlie Clark Appointed Member at Large with NDSC
The Non-Depository Supervisory Committee (NDSC) provides a forum for state financial supervisors to discuss interstate non-depository policy supervisory matters.
Student Education Loan Servicing
As part of the implementation for E2SSB 6029, the Student Loan Bill of Rights, the Department began accepting applications from student education loan servicers on July 16.
S.A.F.E. Act Amendment for Certain MLOs
Congress passed legislation, signed by the President on May 24, 2018, that amends the federal S.A.F.E. Act (federal licensing requirement for mortgage loan originators) to generally provide for a streamlined licensing process at the state level when a registered mortgage loan originator (MLO) moves to a position requiring state licensure.
Guidance for Virtual Currency Business Licensees on Regulation Changes
The rules at chapter 208-690 WAC, adopted under chapter 19.230 RCW (The Uniform Money Services Act), have recently been updated. The new rules become effective August 1, 2018. These changes, as they relate to virtual currency business licensees, are as follows:
Rulemaking Updates
Updates for Student Education Loan Servicers, Consumer Loan Act, and Uniform Money Services Act.
Mortgage Industry Updates
Updates for the mortgage industry.
Check Casher and Seller Updates
Updates for Check Cashers and Sellers.
Escrow Updates
Updates for the Escrow industry.
Money Services Update
Updates for the Money Services industry.
