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Check Casher/Seller & Payday Lender Industry Update

Licensing Updates

Number of licenses:

License Types	Count as of May 2012	Count as of May 2011
Check Casher-Main Office	141	176
Check Casher-Branch Office	423	537
Check Seller-Main Office	1	3
Payday-Main Office	48	79
Payday-Branch Office	157	283

NMLS Expansion for Check Cashers and Payday Lenders Coming in July

The second phase of DFI’s expansion onto NMLS is coming this summer, starting July 30. Currently licensed Check Cashers and Payday Lenders can voluntarily start using NMLS to manage their records. NMLS is a secure, web-based system created by state regulators to provide for efficient processing of applications and to improve supervision of state regulated industries.

There is still some work to do to ensure a smooth transition and we are working with NMLS again to jointly communicate with our licensees in order to help you navigate the steps needed to ensure a successful transition. Some of the things our licensees can expect to hear about in the coming months include:

• Transition Webinar to walk you through the NMLS and DFI process
• Website Resources to assist you
• Listserv Updates and Reminders on the Transition Process and its Requirements

Please Note:

While the use of NMLS for existing licensees is currently voluntary, starting July 30th, all new Check Casher and Payday Lender applicants must apply through NMLS.

More Information About Expansion

You can find more information about NMLS using the following link: http://mortgage.nationwidelicensingsystem.org.

Questions?

For additional questions about transitioning, please contact Ariana Wood at ariana.wood@dfi.wa.gov.

Examination Update

None at this time.