Chapter 208-620 WAC
WASHINGTON CONSUMER LOAN ACT
(Formerly chapter 50-20 WAC)
Last Update: 7/22/08

WAC SECTIONS

208-620-010 Definitions.
LICENSING
208-620-230 Do I need to apply for a consumer loan license if I am lending money in the state of Washington?
208-620-235 Is there a maximum rate of interest allowed under the act?
208-620-240 Once I am licensed, does the act apply to all loans I make or only those above twelve percent?
208-620-245 Does the Consumer Loan Act allow me to make one or two loans subject to the act without being licensed?
208-620-250 If my out-of-state company applies for a license under the Consumer Loan Act do we have to have a branch in the state of Washington?
208-620-260 If I am licensed under the Consumer Loan Act, can I broker loans in the state of Washington?
208-620-270 Can I make a loan subject to the act without first getting a license?
208-620-280 How do I apply for a consumer loan license?
208-620-285 If my application is incomplete when I file it with the department, what will happen?
208-620-290 What fees will I be charged for my application for a consumer loan license?
208-620-300 If I want to open more than one office, do I have to file an application for each location?
208-620-310 Is it necessary to license an office that is only providing underwriting and other back-office services?
208-620-320 What is the amount of the bond required for my consumer loan license?
208-620-330 Does the surety bond need to reflect coverage for licensee and its W-2 employees and independent contractors?
208-620-340 Do I have any alternative to maintaining a surety bond?
208-620-350 If I qualify to use a bond substitute in lieu of a surety bond, what documentation do I have to provide to the department?
208-620-360 What if I choose the bond substitute alternative and my unimpaired capital falls below the minimum?
208-620-370 What are the grounds for denying or conditioning my license application?
208-620-380 Are there any additional requirements for out-of-state licensees?
208-620-390 If I am offering loans by mail or internet to Washington residents, do I have to license those locations?
208-620-395 Do I need to display my license in my place of business?
208-620-400 Can I share an office with another business?
208-620-410 May I sell other types of products from my licensed location?
208-620-420 May I transact business in a name other than the name on my license?
208-620-425 May I transfer or assign my license?
LICENSEE REPORT REQUIREMENTS
208-620-430 What are my annual filing requirements as a consumer loan licensee?
208-620-440 How do I calculate my annual assessment for activity in Washington?
208-620-460 Must I file my annual report even if I go out of business during the year?
208-620-470 Do I need to notify the department if I move the location of my office?
208-620-475 Must I notify the department if I cease doing business in this state if I am doing business in other states?
208-620-480 What are my reporting responsibilities if my company files for bankruptcy?
208-620-490 What are my reporting responsibilities when something of significance happens to my business?
208-620-500 What are my reporting requirements if I want to close one or more of my branch offices?
DISCLOSURE AND OTHER OBLIGATIONS
208-620-505 In addition to the Consumer Loan Act, what other laws do I have to comply with?
208-620-510 What are my disclosure obligations to consumers under the Consumer Loan Act?
208-620-512 If I pull a credit report on a consumer who has identified a specific property on a purchase and sales agreement or contract, or is refinancing a specific property, is that enough to trigger the required disclosures under RESPA and TILA?
POWERS AND RESTRICTIONS
208-620-515 What authority do I have as a licensee?
RECORDKEEPING
208-620-520 How long do I have to maintain my records under the Consumer Loan Act?
208-620-530 Can I maintain my records electronically?
208-620-540 Do I need to account separately for payments from borrowers for third party service providers?
RESTRICTIONS, PROHIBITIONS AND GROUNDS FOR REVOCATION
208-620-550 What business practices are prohibited?
208-620-560 What restrictions are there for charging fees other than the loan origination fee?
208-620-570 What are the grounds for suspending or revoking a license?
EXAMINATIONS
208-620-580 As a licensee, will my business be subject to periodic examinations?
208-620-590 How much will I be charged for my periodic examinations and when will the payment be due?
208-620-600 How often will the department visit my business to examine my records?
INVESTIGATIONS
208-620-610 What authority does the department have to investigate violations of the Consumer Loan Act?
208-620-611 What federal guidance has the director adopted for use by the department in determining if a violation under RCW 31.04.027 has occurred?
ADVERTISING RESTRICTIONS
208-620-620 How do I have to identify my business when I advertise?
208-620-630 What are the advertising restrictions, and what are some examples of those restrictions?
208-620-640 What are some of the federal laws I must comply with when I advertise any loan subject to the Consumer Loan Act?
MISCELLANEOUS
208-620-650 Will the director waive fees charged under the Consumer Loan Act?
DISPOSITIONS OF SECTIONS FORMERLY CODIFIED IN THIS CHAPTER
208-620-020 License application. [Statutory Authority: RCW 43.320.040 and 31.04.165. 99-22-047, § 208-620-020, filed 10/29/99, effective 11/29/99. Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145,[31.04].155 and [31.04].165. 96-04-013, § 208-620-020, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-030 Surety bond. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145, [31.04].155 and[31.04].165 . 96-04-013, § 208-620-030, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-040 Bond substitute in lieu of surety bond. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105,[31.04].145 , [31.04].155 and [31.04].165. 96-04-013, § 208-620-040, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-050 Interstate operations. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145, [31.04].155 and [31.04].165. 96-04-013, § 208-620-050, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-060 Registered agent and agent's office for out-of-state licensees. [Statutory Authority: RCW 43.320.040, 31.04.045,[31.04].105 , [31.04].145, [31.04].155 and [31.04].165. 96-04-013, § 208-620-060, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-070 Change of registered agent or agent's office for out-of-state licensees. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145, [31.04].155 and [31.04].165. 96-04-013, § 208-620-070, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-080 Resignation of registered agent. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145,[31.04].155 and [31.04].165. 96-04-013, § 208-620-080, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-090 Service on out-of-state licensee. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145,[31.04].155 and [31.04].165. 96-04-013, § 208-620-090, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-100 Records. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145, [31.04].155 and[31.04].165 . 96-04-013, recodified as § 208-620-100, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-100, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-110 The note. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145, [31.04].155 and[31.04].165 . 96-04-013, recodified as § 208-620-110, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-110, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-120 Contents of disclosure statement to borrower. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105,[31.04].145 , [31.04].155 and [31.04].165. 96-04-013, recodified as § 208-620-120, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-120, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-130 Restrictions as to charges. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145,[31.04].155 and [31.04].165. 96-04-013, recodified as § 208-620-130, filed 1/26/96, effective 2/26/96. Statutory Authority: RCW 31.04.165. 93-16-033, § 50-20-130, filed 7/27/93, effective 8/27/93. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-130, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-140 Open-end loans -- Increase in interest -- Notice to borrower. [Statutory Authority: RCW 43.320.040, 31.04.045,[31.04].105 , [31.04].145, [31.04].155 and [31.04].165. 96-04-013, recodified as § 208-620-140, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-160, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-150 Open-end loans -- Periodic statements. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105,[31.04].145 , [31.04].155 and [31.04].165. 96-04-013, § 208-620-150, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-160 Advertising -- Restrictions and requirements. [Statutory Authority: RCW 31.04.165. 02-21-101, § 208-620-160, filed 10/22/02, effective 11/22/02. Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145,[31.04].155 and [31.04].165. 96-04-013, recodified as § 208-620-160, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-140, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-170 Knowledge of the law and regulations. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105,[31.04].145 , [31.04].155 and [31.04].165. 96-04-013, § 208-620-170, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-180, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-180 Examinations. [Statutory Authority: RCW 43.320.040 and 31.04.165. 99-22-047, § 208-620-180, filed 10/29/99, effective 11/29/99. Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145, [31.04].155 and[31.04].165 . 96-04-013, § 208-620-180, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-190 Schedule of fees. [Statutory Authority: RCW 18.44.410, 19.146.223, 19.146.225, 19.146.265, 31.04.165, 31.45.200. 01-12-029, § 208-620-190, filed 5/29/01, effective 7/1/01. Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145, [31.04].155 and [31.04].165. 96-04-013, recodified as § 208-620-190, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-190, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-191 Fee increase. [Statutory Authority: RCW 18.44.410, 19.146.223, 19.146.225, 19.146.265, 31.04.165, 31.45.200. 01-12-029, § 208-620-191, filed 5/29/01, effective 7/1/01.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-192 Waiver of fees. [Statutory Authority: RCW 18.44.410, 19.146.223, 19.146.225, 19.146.265, 31.04.165, 31.45.200. 01-12-029, § 208-620-192, filed 5/29/01, effective 7/1/01.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-200 Change of place of business. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145,[31.04].155 and [31.04].165. 96-04-013, § 208-620-200, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-210 Other business in same office. [Statutory Authority: RCW 43.320.040, 31.04.045, [31.04].105, [31.04].145,[31.04].155 and [31.04].165. 96-04-013, recodified as § 208-620-210, filed 1/26/96, effective 2/26/96. Statutory Authority: 1991 c 208 § 17. 91-22-035, § 50-20-150, filed 10/30/91, effective 1/1/92.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175
208-620-220 Annual report and annual fee -- Due date -- Late penalties. [Statutory Authority: RCW 43.320.040, 31.04.045,[31.04].105 , [31.04].145, [31.04].155 and [31.04].165. 96-04-013, § 208-620-220, filed 1/26/96, effective 2/26/96.]  Repealed by 06-04-053, filed 1/27/06, effective 2/27/06. Statutory Authority: RCW 31.04.165, 31.04.015, 31.04.045, 31.04.075, 31.04.085, 31.04.093, 31.04.102, 31.04.115, 31.04.145, 31.04.155, and 31.04.175