WASHINGTON STATUTES AND CODES

31.45.070 - Licensee -- Permissible transactions -- Restrictions.

Licensee — Permissible transactions — Restrictions.

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

     (a) Is conducting the activities of pawnbroker as defined in RCW 19.60.010;

     (b) Is a properly licensed consumer loan company under chapter 31.04 RCW;

     (c) Is conducting other lending activity permitted in the state of Washington; or

     (d) Has a small loan endorsement.

     (2) Except as otherwise permitted in this chapter, no licensee may at any time cash or advance any moneys on a postdated check or draft. However, a licensee may cash a check payable on the first banking day following the date of cashing if:

     (a) The check is drawn by the United States, the state of Washington, or any political subdivision of the state, or by any department or agency of the state or its subdivisions; or

     (b) The check is a payroll check drawn by an employer to the order of its employee in payment for services performed by the employee.

     (3) Except as otherwise permitted in this chapter, no licensee may agree to hold a check or draft for later deposit. A licensee shall deposit all checks and drafts cashed by the licensee as soon as practicable.

     (4) No licensee may issue or cause to be issued any check, draft, or money order, or other commercial paper serving the same purpose, that is drawn upon the trust account of a licensee without concurrently receiving the full principal amount, in cash, or by check, draft, or money order from a third party believed to be valid.

     (5) No licensee may advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, any statement or representation that is false, misleading, or deceptive, or that omits material information, or that refers to the supervision of the licensee by the state of Washington or any department or official of the state.

     (6) Each licensee shall comply with all applicable federal statutes governing currency transaction reporting.