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PRIA is a trademark of PRIA Technologies, LLC.

PRIA provides educational policy intelligence and is not a source of investment, legal, or financial advice. Content is for informational purposes only.

Washington Statutes, Title 31

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Washington/Statutes

← All Washington coverage

Title 31, MISCELLANEOUS LOAN AGENCIES

8 chapters · 280 sections in this title.

All chapters in Title 31280 Ch 31.12, Washington state credit union act.99 Ch 31.04, Consumer loan act.72 Ch 31.45, Check cashers and sellers.36 Ch 31.24, Industrial development corporations.30 Ch 31.40, Federally guaranteed small business …15 Ch 31.20, Development credit corporations.14 Ch 31.35, Agricultural lenders—Loan guaranty p…12 Ch 31.13, Corporate credit unions.2

36 sections·Filtered byTitle 31✕Ch 31.45✕

RCW 31.45.010 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter. (1) "Applicant" means a person that files an application for a license under this chapter, including the applicant's sole proprietor, owners, directors, officers, partner…
RCW 31.45.020 Application of chapter.
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(1) This chapter does not apply to: (a) Any financial institution or trust company authorized to do business in Washington; (b) The cashing of checks, drafts, or money orders by any person who cashes checks, drafts, or money orders as a convenience, as a minor part of its customa…
RCW 31.45.022 Privacy or confidentiality of any information or material—Federal or other state's laws.
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(1) The requirements under any federal law or laws of another state regarding the privacy or confidentiality of any information or material provided to the department [of financial institutions], and any privilege arising under federal or state law, including the rules of any fed…
RCW 31.45.030 License required—Small loan endorsement—Application—Fee—Bond—Deposit in lieu of bond—Director's duties.
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(1) Except as provided in RCW 31.45.020, no check casher or seller may engage in business without first obtaining a license from the director in accordance with this chapter. A license is required for each location where a licensee engages in the business of cashing or selling ch…

RCW 31.45.040 Application for license or small loan endorsement—Financial responsibility—Director's investigation.

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(1) The director shall conduct an investigation of every applicant to determine the financial responsibility, experience, character, and general fitness of the applicant. The director shall issue the applicant a license to engage in the business of cashing or selling checks, or b…

RCW 31.45.043 Multistate licensing system—Director's discretion.

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Applicants may be required to make application through a multistate licensing system as prescribed by the director. Existing licensees may be required to transition onto a multistate licensing system as prescribed by the director. [ 2012 c 17 s 8.]

RCW 31.45.045 Reports—Nationwide licensing system.

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Each licensee on a nationwide licensing system shall submit reports of condition which must be in the form and must contain the information as the director may require. [ 2014 c 36 s 9.]

RCW 31.45.050 Investigation or examination fee and annual assessment fee required—Amounts determined by rule—Failure to pay—Notice requirements of licensee.

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(1) Each applicant and licensee shall pay to the director an investigation or examination fee as established in rule and an annual assessment fee for the coming year in an amount determined by rule as necessary to cover the operation of the program. The annual assessment fee is d…

RCW 31.45.060 Licensee—Schedule of fee and charges—Recordkeeping.

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(1) A schedule of the fees and the charges for the cashing and selling of checks, drafts, money orders, or other commercial paper serving the same purpose shall be conspicuously and continuously posted in every location licensed under this chapter. The licensee shall provide to i…

RCW 31.45.070 Licensee—Permissible transactions—Restrictions.

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(1) No licensee may engage in a loan business; the negotiation of loans; or the discounting of notes, bills of exchange, checks, or other evidences of debt in the same premises where a check cashing or selling business is conducted, unless the licensee: (a) Is conducting the acti…

RCW 31.45.073 Making small loans—Endorsement required—Due date—Termination date—Maximum amount—Installment plans—Interest—Fees—Postdated check or draft as security.

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(1) No licensee may engage in the business of making small loans without first obtaining a small loan endorsement to its license from the director in accordance with this chapter. An endorsement will be required for each location where a licensee engages in the business of making…

RCW 31.45.077 Small loan endorsement—Application—Form—Information—Exemption from disclosure—Fees.

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(1) Each application for a small loan endorsement to a check casher or check seller license must be in writing and in a form prescribed by the director and shall contain the following information: (a) The legal name, residence, and business address of the applicant, and if the ap…

RCW 31.45.079 Making small loans—Agent for a licensee or exempt entity—Federal preemption.

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A person may not engage in the business of making small loans as an agent for a licensee or exempt entity without first obtaining a small loan endorsement to a check casher or check seller license under this chapter. An agent of a licensee or exempt entity engaged in the business…

RCW 31.45.080 Trust funds—Deposit requirements—Rules.

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(1) All funds received by a licensee or its agents from the sale of checks, drafts, money orders, or other commercial paper serving the same purpose constitute trust funds owned by and belonging to the person from whom they were received or to the person who has paid the checks, …

RCW 31.45.082 Delinquent small loan—Restrictions on collection by licensee or third party—Definitions.

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(1) A licensee shall comply with all applicable state and federal laws when collecting a delinquent small loan. A licensee may charge a one-time fee as determined in rule by the director to any borrower in default on any loan or loans where the borrower's check has been returned …

RCW 31.45.084 Small loan installment plan—Terms—Restrictions.

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(1) If a borrower notifies a licensee that the borrower will be or is unable to repay a loan when it is due, the licensee must inform the borrower that the borrower may convert their small loan to an installment plan. The licensee must convert the small loan to an installment pla…

RCW 31.45.085 Loan application—Required statement—Rules.

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(1)(a) In addition to other disclosures required by this chapter, the application for a small loan must include a statement that is substantially similar to the following: "At the time you repay this loan, you should have sufficient funds to meet your other financial obligations.…

RCW 31.45.086 Small loans—Right of rescission.

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A borrower may rescind a loan, on or before the close of business on the next day of business at the location where the loan was originated, by returning the principal in cash or the original check disbursed by the licensee to fund the small loan. The licensee may not charge the …

RCW 31.45.088 Small loans—Disclosure requirements—Advertising—Making loan.

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(1) When advertising the availability of small loans, if a licensee includes in an advertisement the fee or interest rate charged by the licensee for a small loan, then the licensee shall also disclose the annual percentage rate resulting from this fee or interest rate. (2) When …

RCW 31.45.090 Report requirements—Disclosure of information—Rules.

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(1) Each licensee shall submit to the director, in a form approved by the director, a report containing financial statements covering the calendar year or, if the licensee has an established fiscal year, then for such fiscal year, within one hundred five days after the close of e…

RCW 31.45.093 Information system—Access—Required information—Fees—Rules.

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(1) The director must, by contract with a vendor or service provider or otherwise, develop and implement a system by means of which a licensee may determine: (a) Whether a consumer has an outstanding small loan; (b) The number of small loans the consumer has outstanding; (c) Whet…

RCW 31.45.100 Examination or investigation—Director's authority—Costs.

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The director or the director's designee may at any time examine and investigate the business and examine the books, accounts, records, and files, or other information, wherever located, of any licensee or person who the director has reason to believe is engaging in the business g…

RCW 31.45.103 Subpoena authority—Application—Contents—Notice—Fees.

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(1) The director or authorized assistants may apply for and obtain a superior court order approving and authorizing a subpoena in advance of its issuance. The application may be made in the county where the subpoenaed person resides or is found, or the county where the subpoenaed…

RCW 31.45.105 Violations of chapter—Enforceability of transaction.

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(1) It is a violation of this chapter for any person subject to this chapter to: (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead any borrower, to defraud or mislead any lender, or to defraud or mislead any person; (b) Directly or indirectly…

RCW 31.45.110 Violations or unsound financial practices—Statement of charges—Hearing—Sanctions—Director's authority—Statute of limitations.

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(1) The director may issue and serve upon a licensee or applicant, or any director, officer, sole proprietor, partner, or controlling person of a licensee or applicant, a statement of charges if, in the opinion of the director, any licensee or applicant, or any director, officer,…

RCW 31.45.120 Violations or unsound practices—Temporary cease and desist order—Director's authority.

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Whenever the director determines that the acts specified in RCW 31.45.110 or their continuation is likely to cause insolvency or substantial injury to the public, the director may also issue a temporary cease and desist order requiring the licensee to cease and desist from the vi…

RCW 31.45.130 Temporary cease and desist order—Licensee's application for injunction.

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Within ten days after a licensee has been served with a temporary cease and desist order, the licensee may apply to the superior court in the county of its principal place of business for an injunction setting aside, limiting, or suspending the order pending the completion of the…

RCW 31.45.140 Violation of temporary cease and desist order—Director's application for injunction.

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In the case of a violation or threatened violation of a temporary cease and desist order issued under RCW 31.45.120, the director may apply to the superior court of the county of the principal place of business of the licensee for an injunction. [ 1994 c 92 s 286; 1991 c 355 s 14…

RCW 31.45.150 Licensee's failure to perform obligations—Director's duty.

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Whenever as a result of an examination or report it appears to the director that: (1) The capital of any licensee is impaired; (2) Any licensee is conducting its business in such an unsafe or unsound manner as to render its further operations hazardous to the public; (3) Any lice…

RCW 31.45.160 Director's possession of property and business—Appointment of receiver.

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Whenever the director has taken possession of the property and business of a licensee, the director may petition the superior court for the appointment of a receiver to liquidate the affairs of the licensee. During the time that the director retains possession of the property and…

RCW 31.45.180 Violation—Misdemeanor.

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Any person who violates or participates in the violation of any provision of the rules or orders of the director or of this chapter is guilty of a misdemeanor. [ 1994 c 92 s 290; 1991 c 355 s 18.]

RCW 31.45.190 Violation—Consumer protection act—Remedies.

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The legislature finds and declares that any violation of this chapter substantially affects the public interest and is an unfair and deceptive act or practice and an unfair method of competition in the conduct of trade or commerce as set forth in RCW 19.86.020. Remedies available…

RCW 31.45.200 Director—Broad administrative discretion.

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The director has the power, and broad administrative discretion, to administer and interpret the provisions of this chapter to ensure the protection of the public. [ 1994 c 92 s 291; 1991 c 355 s 20.]

RCW 31.45.210 Military borrowers—Licensee's duty—Definition.

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(1) A licensee shall: (a) When collecting any delinquent small loan, not garnish any wages or salary paid for service in the armed forces; (b) Defer for the duration of the posting all collection activity against a military borrower who has been deployed to a combat or combat sup…

RCW 31.45.900 Effective date, implementation—1991 c 355.

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This act shall take effect January 1, 1992. The director shall take such steps as are necessary to ensure that this act is implemented on its effective date. [ 1994 c 92 s 292; 1991 c 355 s 24.]

RCW 31.45.901 Effective date—2009 c 510.

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This act takes effect January 1, 2010. [ 2009 c 510 s 10.]