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Consumer Loan Companies

Mortgage Loan Originators Working For Consumer Loan Licensees Must Be Actively Licensed By July 1st

The Department is currently processing applications for Mortgage Loan Originators (MLO) who work for Consumer Loan Licensees. To avoid potential business interruption, DFI strongly encourages MLOs working for a Consumer Loan licensee to apply for a MLO license no later than April 30, 2010. If a MLO already has a 2010 license which isn’t sponsored, Consumer Loan companies are strongly encouraged to sponsor those MLO licenses as quickly as possible.

Consumer loan companies doing business in Washington State must be licensed with DFI's Division of Consumer Services.

Quick Links for Consumer Loan Companies

What's New

Criminal Background Check Through The NMLS For All New MLO Applicants
Effective January 25, 2010, all new MLO applications will require fingerprints to be on file with NMLS and request a federal criminal background check to be processed through NMLS. DFI will not issue a license until results from the federal criminal background check have been received.
Licensing Required as of July 1st for all CLA Mortgage Loan Originators
On April 20th, Governor Gregoire signed SHB 1621, a bill that will require significant regulatory changes for consumer loan companies and their mortgage loan originators. As of July 1, 2010, all mortgage loan originators working for consumer loan act (CLA) companies must be licensed by DFI.
- Loan Originator Licensing Requirements
2009 Consumer Loan Company Annual Reporting, Assessment Filing, And Bond Calculation Reports Due By 03/01/2010
2009 annual reporting, assessment filing, and bond calculation are due to DFI no later than March 01, 2010.
- 2009 Annual Report & Assessment (PDF)*
Renewal Requests Must Be Submitted No Later Than 02/28/2010
While Consumer Loan licenses are perpetual, licensees must submit a renewal request for each location annually via the Nationwide Mortgage Licensing System (NMLS). All renewal requests must be submitted no later than February 28, 2010.
- Submit A Renewal Request
Consumer Loan Act Emergency Rulemaking (WAC 208-620-515) Rule Effective 12/22/09
DFI has filed an emergency rulemaking of WAC 208-620-515. Some licensees formerly operating under chapter 31.45 (the payday lending law) have begun offering products under the Consumer Loan Act that mirror small loans, but with unconscionable terms that fail to provide the protections of the payday lending law.
- Learn More And View Amended Rule
Final Rules (WAC 208-620) Filed - Effective January 1, 2010
DFI has filed the CR-103. The new rules will become effective January 1, 2010.
- View Adopted Rules (PDF)*or visit the Rulemaking Web page for more information and documents.
Consumer Loan Companies Making Reverse Mortgages
EHB 1311 (PDF)* regulating reverse mortgages became effective July 26, 2009. While the department is conducting rulemaking on the provisions that create an approval process for proprietary reverse mortgage products, all provisions of the bill are now effective including the provisions, sections 12 and 13 that allow consumer loan companies to make HECMs.

If you have any questions, contact Cindy Fazio at 360-902-8800
Loan Modifications - License Required
Companies and individuals providing loan modification services in Washington must be licensed as mortgage brokers, consumer loan companies, or loan originators. Upfront fees for services are prohibited.
- Information About Loan Modification Services

Laws & Rules

Consumer Loan Law (RCW 31.04)
Consumer Loan Rules (WAC 208-620)
Consumer Loan Act FAQs
Usury Law (RCW 19.52)
Mortgage Lending and Homeownership Law (RCW 19.144)
Mortgage Lending and Homeownership Rules (WAC 208-600)

1 Page Disclosure Summary Forms And Instructions

Print Only PDF Versions of Disclosure Summary Forms

Microsoft Word Versions Of Disclosure Summary Forms

How To Use The 1 Page Disclosure Summary Forms

Disclosure Summary Forms Instructions (PDF)*

Resources

Contact Us

If you have any questions about consumer loan companies or obtaining a consumer loan license, feel free to contact us by phone at 360-902-8703 or toll free at 1-877 RING DFI (746-4334). You may also email us at dcs@dfi.wa.gov.

* This document is a PDF file, and you will need Adobe Acrobat Reader to view it. If you don't already have Acrobat Reader installed on your computer, you may download it for free from Adobe.

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