Examination information, faq’s, and resources for Washington Check Cashers and Payday Lenders.

The Manager’s Questionnaire is provided for the licensee ahead of a routine assessment. The Manager’s Questionnaire will likely to be finished by the licensee and came back to your Department before the assessment.

Typical Examination Findings

Failure to publish needed disclosures in lobby See: WAC 208-630-580

Failure to determine borrowers that are military period of application See: WAC 208-630-470

Failure to upgrade apps with every deal See: WAC 208-630-480

Failure to deliver adequate deal receipts See: WAC 208-630-505

Failure to own A aml that is adequate program needed See: WAC 208-630-721

Failure to possess notification that is adequate of taken kind See: Regulation B ECOA

Failure to possess a sufficient truth in lending agreement See: Regulation Z TILA

Examination FAQs

Responses to typical questions regarding www.speedyloan.net/payday-loans-ms/ruleville/ exams carried out by DFI.

What’s a cash solutions company (MSB)? Have always been we an MSB?If you may be certified beneath the Check Cashers and Sellers Act, you may be an MSB underneath the Bank Secrecy Act. Check always Casher and Seller licensees are MSBs when they take part in cash transmission, check cashing (only when the licensee cashes checks over $1,000 for almost any one individual in almost any one day), check selling (only when the licensee offers checks or cash requests over $1,000 for just about any one individual in almost any 1 day), or attempting to sell saved value (as long as the licensee offers saved value over $1,000 for almost any one individual in virtually any 1 day). So what performs this suggest for you personally? If you’re an MSB, your online business could be at the mercy of additional guidelines and regulations.

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