WAC 208-620-280   How do I apply for a consumer loan license?  (1) Application. An applicant for a consumer loan company license must complete a consumer loan license application form and include all of the following:

     (a) In regard to each principal, officer or member of the board of directors:

     (i) The names, addresses, occupation and prior employment history including a statement of their experience and qualifications;

     (ii) A description of any material litigation in which they are involved;

     (iii) A signed authorization for a background investigation on a form provided by the department;

     (iv) A complete set of fingerprints taken by an authorized law enforcement officer, if requested; and

     (v) An independent credit report obtained from a recognized credit reporting agency, if requested;

     (b) A current financial statement as of the most recent quarter end, prepared in accordance with generally accepted accounting principles. The statement does not have to be audited but must include a statement of assets and liabilities and a profit and loss statement;

     (c) A current, dated organizational chart for the applicant with names and titles of all officers, managers and supervisory personnel;

     (d) A current, dated organizational chart identifying the holding companies, affiliates, and subsidiaries of the applicant and percentage owned or controlled;

     (e) A certificate of existence/authorization obtained from the Washington secretary of state;

     (f) A valid surety bond in the amount specified in WAC 208-620-320;

     (g) For out-of-state licensees, the name, address, phone number, and fax number of its registered agent;

     (h) The location of its records;

     (i) A description of any current material civil litigation involving the company or any of the officers, directors or owners; and

     (j) The fee required under WAC 208-620-290.

     (2) Completion of an application. An application is not considered to be complete unless:

     (a) All documents and other information requested by the department have been submitted in a completed form; and

     (b) There are no unresolved complaints filed with the department or other outstanding regulatory or law enforcement issues concerning the applicant and its principals, officers and directors.

     (3) Responsible applicants. Each of the principals, officers and directors of the entity that is applying for a license is deemed responsible for the information submitted as part of the application.



[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. 06-04-053, § 208-620-280, filed 1/27/06, effective 2/27/06.]