Rulemaking Update
The Division of Consumer Services adopted amended rules under the Check Cashers and Sellers Act rules, chapter 208-630 WAC. The final amended rule increases the information system database fee payday lender licensees pay per loan from $1.00 to $2.00. This fee has not been increased since 2010 when it was implemented. The fee increase is needed to ensure payday lender licensees continue to access information needed to ensure Washington borrowers don’t receive more than eight payday loans in a 12-month period.
Visit DFI’s rulemaking webpage to view all rulemaking documents.
Legislative Update
The 2025 Legislative session started on January 13, and it has been a busy session so far. SB 5280, which is legislation requested by the Division of Consumer Services, proposes to tighten the regulations of virtual currency kiosks and implement better controls to combat consumer fraud and illicit activity.
There are several additional bills that the Division has been monitoring that have been listed below. More updates will be shared once the legislative session concludes.
- HB 1268 – a bill concerning virtual currency kiosks. This bill is not by agency request.
- HB 1063 – a new chapter to regulate earned wage access services.
- HB 1464 – a new chapter on home equity sharing agreements.
- HB 1599 – a bill concerning debt adjusters and debt resolution services providers.