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Fall 2018 Newsletter
Check Casher/Seller and Payday Lender Industry Update
|License Types||As of October 2018||As of October 2017|
|Check Casher - Main Office||107||107|
|Check Casher Branch Office||256||266|
|Check Seller Main Office||1||1|
|Payday - Main Office||25||24|
|Payday - Branch Office||56||57|
NMLS Annual Attestation
The arrival of fall means it is time to get ready to complete the annual attestation for your Washington license. Account administrators for licensees already began receiving emails about what NMLS calls the “annual renewal period.” Because the Check Casher and Check Casher with Small Loan Endorsement licenses are perpetual, the license does not require renewal but licensees must attest to the accuracy of their NMLS record and pay the annual NMLS system fee. Here are some specific details:
- The annual attestation must be completed between November 1 and December 31 each year.
- NMLS System Fees are $100 for a main office and $20 for each branch license.
- The following steps should be done now to prepare for the annual attestation:
- Log into NMLS to review and clear all license items
- Review company and branch records for accuracy as the attestation is a legal certification that the record is accurate.
- The NMLS annual attestation does not replace your annual assessment which is due by April 15.
- If you do not want to maintain your license, you must request surrender through NMLS and provide the Department with the required closure documents.
NMLS Annual Attestation Resources
Payday Lender Industry Update
The Department is preparing two additional FAQs for our FAQ webpage. The two FAQs will discuss payment plans that the borrower and lender can agree to that go beyond 45 days in term. Any such payment plan is separate from, and does not replace the statutory installment plan a borrower can request prior to the due date of a loan. The Department’s industry FAQ webpage is here. Notification will be sent via GovDelivery when the additional FAQs are posted.