A reminder that all payday loans made by Washington licensed lenders must go through the Veritec database unless you are licensed in another state and are following that state’s law when making a loan to a consumer in that state.
DFI’s use of the NMLS is expanding. Starting in April, Money Transmitter and Currency Exchanger licensees can voluntarily start using the NMLS to manage their records. Check Casher and Payday Lender licensees can join the NMLS in July 2012.
The Dodd-Frank Act introduced a new concept to the regulatory scheme, hoping to prohibit abusive acts or practices by providers of consumer financial products or services. While DFI statutes uniformly prohibit unfair or deceptive acts or practices, known as UDAPs, the new Consumer Finance Protection Bureau (CFPB), which oversees non-depository financial institutions, may write rules prohibiting unfair, deceptive, or abusive acts or practices, known as UDAAPs.
Update on 3 pieces of current legislation of interest to Division of Consumer Services' licensees.
There are no rulemaking updates at this time.