Each year you are required to file two annual reports on
forms provided by the department. You must also pay a fee (assessment) based on
your activities during the reporting year. The reports and the assessment fee
must be provided to the department on March 1st of each year or within thirty
days of ceasing Washington operations (the due date).
(1)
Annual reports and assessment fee
on activity. You must provide the annual reports (annual assessment
report and consolidated annual report) and the assessment fee by the due
date.
(2)
Late
penalties. If you fail to submit the required annual reports and
assessment fee by the due date you are subject to a penalty of fifty dollars
for each item for each day of delay. For example, if the department receives
the two annual reports and assessment fee on March 4th, you would have to pay
an additional four hundred fifty dollars as a late penalty. If the items are
filed with the department more than thirty days after ceasing Washington
operations, the late penalty will accrue at the same rate. The maximum late
penalty that will be assessed is five thousand dollars per reporting year. More
penalties may be assessed if the department must make a bond claim to collect
the amounts due. See subsection (3) of this section.
(3)
Failure to file.
(a) If you fail to pay the annual assessment
fee or file the annual reports by the due date the director may file a claim
against your surety bond for failing to comply with the Consumer Loan Act. The
department may make a claim for the late penalties under subsection (2) of this
section and the greater of:
(i) The
assessment fee paid the previous year;
(ii) The average annual assessment fee you
paid in the previous two years; or
(iii) Fifteen hundred dollars.
(b) Your license will expire if
you fail to pay the annual assessment fee and file the annual reports by the
due date. The department will provide you with notice of the pending expiration
and you can stop the pending expiration by paying the assessment fee and
providing the reports. If the department does not receive the assessment fee
and reports within fifteen days from the date the department provides you with
the notice, your license will expire. The notice warning you of the pending
expiration is presumed received by you three days after the department mails it
via first class mail to the last address of record with the department. You are
responsible for updating your address of record with the department. Notice of
the pending expiration is valid even if it is sent to an address of record that
is incorrect due to your failure to provide an updated address.
Notes
Wash. Admin.
Code §
208-620-430
Amended by
WSR
13-24-024, filed 11/22/13, effective
1/1/2014
Statutory Authority:
RCW
43.320.040 and
31.04.165. 12-18-047, §
208-620-430, filed 8/29/12, effective 11/1/12. Statutory Authority:
RCW
43.320.040,
31.04.165 and
2010 c
35. 10-20-122, § 208-620-430, filed 10/5/10,
effective 11/5/10. Statutory Authority:
RCW
43.320.040,
31.04.165,
2009 c
120, and
2009 c
149. 09-24-090, § 208-620-430, filed 12/1/09,
effective 1/1/10. Statutory Authority:
RCW
43.320.040. 08-15-125, § 208-620-430, filed
7/22/08, effective 8/22/08. 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, §
208-620-430, filed 1/27/06, effective
2/27/06.
