WAC 208-620-490   What are my reporting responsibilities when something of significance happens to my business?  (1) Prior notification required. A licensee must notify the director in writing ten days prior to a change of the licensee's:

     (a) Principal place of business or any of its branch offices;

     (b) Name or legal status (e.g., from sole proprietor to corporation, etc.);

     (c) Name and mailing address of the out-of-state licensee's registered agent;

     (d) Legal or trade name; or

     (e) A change of ownership control of ten percent or more.

     (2) Post notification within ten days. A licensee must notify the director in writing within ten days after an occurrence of any of the following:

     (a) Change in mailing address, telephone number, fax number, or e-mail address;

     (b) Cancellation or expiration of its Washington state master business license;

     (c) Change in its standing with the state of Washington secretary of state, including the resignation or change of the registered agent;

     (d) Failure to maintain the appropriate unimpaired capital under WAC 208-620-340; or

     (e) Receipt of notification of cancellation of the licensee's surety bond.

     (3) Post notification within twenty days. A licensee must notify the director in writing within twenty days after the occurrence of any of the following developments:

     (a) Receipt of notification of the institution of license revocation procedures in any state against the licensee;

     (b) The filing of a felony indictment or information related to lending or brokering activities of the licensee, or any officer, board director, or principal of the licensee or an indictment or information involving dishonesty of the licensee, or any officer, board director, or principal of the licensee;

     (c) The licensee, or any officer, director, or principal of the licensee is convicted of a felony, or a gross misdemeanor involving lending, brokering or financial misconduct; or

     (d) The filing of any material litigation against the licensee.



[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, § 208-620-490, filed 1/27/06, effective 2/27/06.]