FYI Financial News

  - Updates from DFI's Consumer Services

Winter 2012

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Check Casher/Seller & Payday Lender Industry Update

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Licensing Updates

Number of licenses:

License Types Count as of
January, 2012		 Count as of
January, 2011
Check Casher-Main Office 155 177
Check Casher-Branch Office 444 585
Check Seller-Main Office 3  3
Payday-Main Office 61 84
Payday-Branch Office 183 333

NMLS Voluntary Expansion-Money Transmitters & Currency Exchangers in April- Check Cashers and Payday Lenders July

DFI’s use of the NMLS is expanding to include additional, non-mortgage related license types. The expansion will take place in two stages and will be on a voluntary basis for companies. The first stage, beginning April 16, involves Money Transmitters and Currency Exchangers. The second stage starts in July and involves Check Cashers and Payday Lenders.

Scott Jarvis, Director of DFI states, "The Department is pleased to expand its use of NMLS, bringing the efficiencies and improved oversight of NMLS to other financial services industries, specifically Money Transmitters, Currency Exchangers, Check Cashers and Payday Lenders."

What is NMLS?
NMLS is a secure, web-based system created by state regulators to provide efficiencies in the processing of state licenses and to improve supervision of state regulated industries. Through NMLS, companies maintain a single record which they use to apply for, maintain, and surrender license authorities in one or more states. In addition to the benefit of easier licensing between states, NMLS also provides an easy way to maintain dual licenses. For example, a company that holds a Money Transmitter and a Check Casher license would be able to maintain many parts of both licenses using the same base NMLS record. NMLS began operations on January 2, 2008 and currently fifty-eight state agencies and six federal agencies use the system.

Where do I go to get more information about NMLS?
You can find more information about the NMLS using the following link http://mortgage.nationwidelicensingsystem.org

What are the fees for NMLS?
There is no processing fee for submitting a new application or transitioning an existing license onto NMLS. Once you are on the system, NMLS will annually charge a processing fee of $100 per company license and $20 per licensed branch location. Please note that DFI regulatory fees remain the same.

What’s next?
DFI will be communicating additional materials to licensees in the coming months through ListServ, the DFI website, webinar, and emails. If you are considering voluntary participation on the NMLS, or if you have any questions, please contact Ariana Wood at ariana.wood@dfi.wa.gov or by phone at 360-664-7887 to express interest and to get on a list for future direct correspondence.

Renewal for Check Casher/Seller & Payday Lenders

The 2011 Annual Assessment Report (AAR) and Consolidated Annual Report (CAR) are coming! DFI will notify you about the availability of these forms by the end of February. Even if you do not receive a DFI notice, you are still required to file the reports on time.

This year, licensees have one extra day to file the report due to the deadline falling on a weekend. The 2011 annual report and assessment must be filed by Monday, April 16, 2012. Failure to file the Annual Assessment Report (AAR), Consolidated Annual Report (CAR) and assessment fees by April 16, 2012 will lead to a suspension of your license and a late fee. Please see RCW 31.45.050 for more information on this.

Examination Update

None at this time.