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Enforcement Actions

See enforcement actions taken by the Division of Consumer Services.

Message from Charlie Clark

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It seems that Spring may finally be here. I hope all of you have had an opportunity to enjoy some of the recent days with warming temperatures and blue sky. I am pleased to report that another bright spot this Spring is that our agency request legislation passed, amending the Uniform Money Services Act (chapter 19.230 RCW). The Governor signed Substitute Senate Bill 5031 on April 17, 2017. The amendments will become effective July 23, 2017. The amendments, among other things, codify the agency’s Interim Guidance on the regulation of companies engaged in money transmission and virtual currency....

Message from Charlie Clark


Examinations Update

Magnify Paperwork

During the first quarter of 2017 the examinations unit conducted 42 compliance examinations, including 17 consumer loan origination exams, 11 residential loan servicing exams, ten mortgage broker exams, and four escrow agent exams. Sixty-two percent of the examinations were off-site examinations. Factors that determine if an exam is off-site include a rating of two or better on the prior exam and relatively low origination or servicing volume.

Examinations Update


Tips of the Quarter for Managing Licenses on NMLS

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Tips for managing licenses on NMLS.

Tip one: Don’t forget to “attest & submit” when changing your NMLS record. Anytime you update your NMLS record to change a disclosure or update your employment history...

Tips of the Quarter for Managing Licenses on NMLS


Material Changes and Money Services Business Licensees

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The Money Services Business examination team would like to remind licensees of the requirement to notify the Department of a material change within thirty days of the change per RCW 19.230.150. Material change means any change that is not trivial, and that, if not reported, would cause an investigation or examination to be ineffective or delayed.

Material Changes and Money Services Business Licensees


A New Look for Washington’s Driver License and ID Card

New Driver License

The design of the Washington State driver license and ID card has changed. In February 2017, the Department of Licensing (DOL) began issuing the newly designed license and card. Both feature a different look and enhanced security features to prevent fraud and identity theft.

 

A New Look for Washington’s Driver License and ID Card


Rulemaking Update

Washington Capitol Building

DFI has adopted the proposed amendments to the rules on capital requirements for licensees under the Consumer Loan Act servicing residential mortgage loans.

The amended rules become effective January 1, 2018. This extended effective date will allow licensees time to plan for and implement the changes.

Rulemaking Update