reglab/housing_qa huggingface dataset:
WA Rev Code § 31.04.297 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.297 - Third-party residential mortgage loan modification services providers—Duties—Restrictions.

RCW 31.04.297 Third-party residential mortgage loan modification services providers—Duties—Restrictions.(1) In addition to complying with federal law and all requirements for loan originators under this chapter, third-party residential mortgage loan modification services providers must:(a) Provide a written disclosure summary as described in RCW 31.04.293;(b) Not receive advance fees;(c) Not charge total fees in excess of usual and customary charges, or total fees that are not reasonable in light of the service provided; and(d) Immediately inform the borrower in writing if the owner of the loan requires additional information from the borrower, or if it becomes apparent that a residential mortgage loan modification is not possible.(2) As a condition for providing a loan modification or loan modification services, third-party residential mortgage loan modification services providers and individuals servicing a residential mortgage loan must not require or encourage a borrower to:(a) Sign a waiver of his or her legal defenses, counterclaims, and other legal rights against the servicer for future acts;(b) Sign a waiver of his or her right to contest a future foreclosure;(c) Waive his or her right to receive notice before the owner or servicer of the loan initiates foreclosure proceedings;(d) Agree to pay charges not enumerated in any agreement between the borrower and the lender, servicer, or owner of the loan; or(e) Cease communication with the lender, investor, or loan servicer.(3) Failure to comply with subsection (1) of this section is a violation of RCW 19.144.080.[ 2013 c 29 § 12; 2010 c 35 § 11.]
WA Rev Code § 31.04.300 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.300 - Residential mortgage loan servicer—Liquidity, operating reserves, tangible net worth requirements.

RCW 31.04.300 Residential mortgage loan servicer—Liquidity, operating reserves, tangible net worth requirements.(1) A residential mortgage loan servicer licensee must maintain liquidity, operating reserves, and a tangible net worth in accordance with generally accepted accounting principles as determined by the director. The director may adopt rules to interpret this subsection.(2) A residential mortgage loan servicer that is a Fannie Mae or Freddie Mac-approved servicer meets the requirements of subsection (1) of this section if the liquidity, operating reserves, and tangible net worth each meet the standards of the government-sponsored enterprise for which they are approved. For loans serviced that would not otherwise be subject to the liquidity, operating reserves, and tangible net worth requirements of Fannie Mae or Freddie Mac, the residential mortgage loan servicer must maintain liquidity, operating reserves, and tangible net worth consistent with the highest standards of the government-sponsored entity or entities for which they are approved.(3) If a licensee's liquidity, operating reserves, or tangible net worth fall below the amount required under subsection (1) or (2) of this section, the director or the director's designee may initiate an action.[ 2015 c 229 § 25.]
WA Rev Code § 31.04.310 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.310 - Residential mortgage or student education loan servicer—Appointment of receiver.

RCW 31.04.310 Residential mortgage or student education loan servicer—Appointment of receiver.Upon application by the director and upon a showing that the interests of borrowers or creditors so requires, the superior court may appoint a receiver to take over, operate, or liquidate any residential mortgage or student education loan servicer.The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.[ 2018 c 62 § 18; 2015 c 229 § 26.]
WA Rev Code § 31.04.400 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.400 - Program for student education loan servicers—Student achievement council's student loan advocate—Costs—Fees.

RCW 31.04.400 Program for student education loan servicers—Student achievement council's student loan advocate—Costs—Fees.(1) The director shall establish fees by rule sufficient to cover the costs of administering the department's program for student education loan servicers and the student achievement council's student loan advocate. These fees may include:(a) An annual assessment specified in rule by the director paid by each licensee on or before the annual assessment due date;(b) A late fee for late payment of the annual assessment as specified in rule by the director;(c) Hourly investigation and examination fees to cover the costs of any investigation or examination of the books and records of a licensee or other person subject to this chapter;(d) A nonrefundable application fee to cover the costs of processing license applications made to the director under this chapter;(e) An initial license fee to cover the period from the date of licensure to the end of the calendar year in which the license is initially granted; and(f) A transaction fee or set of transaction fees to cover the administrative costs associated with processing changes in control, changes of address, and other administrative changes as specified in rule by the director.(2) The director shall ensure that when an examination or investigation, or any part of the examination or investigation, of any licensee applicant or person subject to licensing under this chapter requires travel and services outside this state by the director or designee, the licensee applicant or person subject to licensing under this chapter that is the subject of the examination or investigation shall pay the actual travel expenses incurred by the director or designee conducting the examination or investigation.(3) All moneys, fees, and penalties collected for the department's program for student education loan servicing shall be deposited into the financial services regulation fund, except as provided in RCW 43.320.110.(4) The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.[ 2018 c 62 § 3.]
WA Rev Code § 31.04.410 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.410 - Student education loan servicer licensee.

RCW 31.04.410 Student education loan servicer licensee.A student education loan servicer licensee must maintain liquidity, operating reserves, and a tangible net worth in accordance with generally accepted accounting principles as determined by the director. The director may adopt rules to implement this section. The director's obligations or duties under this section are subject to section 21, chapter 62, Laws of 2018.[ 2018 c 62 § 7.]
WA Rev Code § 31.04.420 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.420 - Subject to student education loan servicer requirements—Exempt from licensing.

RCW 31.04.420 Subject to student education loan servicer requirements—Exempt from licensing.(1) The following are subject to the student education loan servicer requirements in this chapter, but are exempt from having to obtain and maintain a license in accordance with this chapter:(a) Trade, technical, vocational, or apprentice programs that teach skills related to a specific job, and postsecondary schools that service their own student education loans;(b) Persons servicing five or fewer student education loans;(c) Guarantors of federal student loans that do not also service federal student loans;(d) The United States or any department or agency thereof, to the extent it is servicing student education loans that it originated; and(e) Any state, county, city, or any department or agency thereof, but only to the extent it is servicing student education loans that it originated.(2) Persons providing third-party student education loan modification services are exempt from having to obtain and maintain a license in accordance with this chapter.(3) The department may refer to the attorney general's consumer protection division complaints regarding entities subject to this section.[ 2018 c 62 § 10.]
WA Rev Code § 31.04.430 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.430 - Dog or cat purchase contracts.

RCW 31.04.430 Dog or cat purchase contracts.A contract entered into on or after July 28, 2019, for the payment to repay a loan for the purchase of a live dog or cat, where a security interest is granted in the dog or cat, is void and unenforceable.[ 2019 c 340 § 3.]NOTES:Construction—Additional remedies—Dog or cat ownership contracts—2019 c 340: See notes following RCW 63.10.070.
WA Rev Code § 31.04.500 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.500 - Short title.

RCW 31.04.500 Short title.RCW * 31.04.501 through 31.04.540 may be known and cited as the Washington state reverse mortgage act.[ 2009 c 149 § 10.]NOTES:*Reviser's note: RCW 31.04.501 was repealed by 2017 3rd sp.s. c 25 § 14.
WA Rev Code § 31.04.505 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.505 - Definitions.

RCW 31.04.505 Definitions.The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "FHA-approved reverse mortgage" means a "home equity conversion mortgage" or other reverse mortgage product guaranteed or insured by the federal department of housing and urban development.(2) "Owner-occupied residence" is the borrower's residence and includes a life estate property the legal title for which is held in the name of the borrower in a reverse mortgage transaction or in the name of a trust, provided the occupant of the property is the beneficiary of that trust.(3) "Proprietary reverse mortgage loan" is any reverse mortgage loan product that is not a home equity conversion mortgage loan or other federally guaranteed or insured loan.(4) "Reverse mortgage broker or lender" means a licensee under the Washington state consumer loan act, chapter 31.04 RCW, or a person exempt from licensing pursuant to federal law.(5) "Reverse mortgage loan" means a nonrecourse consumer credit obligation in which:(a) A mortgage, deed of trust, or equivalent consensual security interest securing one or more advances is created in the borrower's dwelling;(b) Any principal, interest, or shared appreciation or equity is due and payable, other than in the case of default, only after:(i) The consumer dies;(ii) The dwelling is transferred; or(iii) The consumer ceases to occupy the dwelling as a dwelling; and(c) The broker or lender is licensed under Washington state law or exempt from licensing under federal law.[ 2009 c 149 § 1.]
WA Rev Code § 31.04.510 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.510 - Requirements of licensee—Minimum capital—Exceptions.

RCW 31.04.510 Requirements of licensee—Minimum capital—Exceptions.(1) For purposes of RCW * 31.04.501 through 31.04.540, in addition to any other requirements, licensees must comply with the following requirements before offering proprietary reverse mortgage loans:(a) Maintain an irrevocable standby letter of credit approved by the director from a financial institution approved by the director in favor of the licensee in an amount necessary to fund all reverse mortgage loan requirements anticipated over the next twelve months for loans then on the licensee's books and those expected to be made over the next twelve months or three million dollars, whichever is greater. The initial term of the letter of credit must be at least two years.(b) The financial institution that provides the letter of credit as required in (a) of this subsection may not be affiliated with the licensee.(c) A licensee with a rating of either 4A1 or 5A1 from Dun & Bradstreet credit services for three consecutive years is exempt from the requirements set forth in (a) of this subsection.(2) The licensee shall maintain a minimum capital of ten million dollars.(3) A licensee may rely on the capital of its parent to satisfy the requirement of subsection (2) of this section. However, for any year in which a licensee seeks to so rely, it shall provide to the director a certified financial statement of the parent showing a net worth of at least one hundred million dollars as of the close of its most recent fiscal year and a binding written commitment from the parent to the licensee to make a minimum of ten million dollars available to the licensee as a capital contribution in connection with its reverse mortgage lending program.(4) Subsections (2) and (3) of this section do not apply to a licensee that:(a) Only originates proprietary reverse mortgage loans the proceeds of which are fully disbursed at the loan closing; or(b) Only originates proprietary reverse mortgage loans that are sold into the secondary market to an investor with either a 4A1 or 5A1 rating from Dun & Bradstreet credit services. A licensee that makes such a sale shall obtain a written commitment to purchase the loans from the investor prior to closing and shall arrange for the delivery of the loans to the investor within ten days of the loan closing.[ 2009 c 149 § 2.]NOTES:*Reviser's note: RCW 31.04.501 was repealed by 2017 3rd sp.s. c 25 § 14.
WA Rev Code § 31.04.520 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.520 - Right to rescind transaction.

RCW 31.04.520 Right to rescind transaction.The borrower in a proprietary reverse mortgage transaction has the same right to rescind the transaction as provided in the truth in lending act, Regulation Z, 12 C.F.R. Part 1026.[ 2015 c 229 § 36; 2009 c 149 § 4.]
WA Rev Code § 31.04.525 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.525 - Preapproval required from department of financial institutions—Application of section—Rules.

RCW 31.04.525 Preapproval required from department of financial institutions—Application of section—Rules.(1) This section does not apply to a home equity conversion mortgage or other federally administered reverse mortgage product. A proprietary reverse mortgage loan product may not be offered without preapproval by the department of financial institutions.(2) The director may make rules regarding the preapproval process, and may require any documentation, information, standards, or data deemed necessary by the director. The director may disapprove any proprietary reverse mortgage loan products that contain or incorporate by reference any inconsistent, ambiguous, or misleading provisions or terms, or exceptions and conditions which unreasonably or deceptively affect the reverse mortgage contract. Additional grounds for disapproval may include, without limitation, the existence in the proprietary product of any benefits provided to the borrower that are contrary to public policy.[ 2009 c 149 § 5.]
WA Rev Code § 31.04.530 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.530 - Required notice to prospective borrower about counseling—Form—Contents—Annual disclosure statements—Property appraisals.

RCW 31.04.530 Required notice to prospective borrower about counseling—Form—Contents—Annual disclosure statements—Property appraisals.(1) A proprietary reverse mortgage loan application may not be taken by a lender unless the loan applicant has received from the lender the following plain language statement in conspicuous bold sixteen-point type or larger, advising the prospective borrower about counseling prior to obtaining the reverse mortgage loan within three business days of receipt of the completed loan application:"Important notice to reverse mortgage loan applicantA reverse mortgage is a complex financial transaction that provides a means of using the equity you have built up in your home, or the value of your home, as a way to access home equity.If you decide to obtain a reverse mortgage loan, you will sign binding legal documents that will have important legal, tax, and financial implications for you and your estate.It is very important for you to understand the terms of the reverse mortgage and its effect. Before entering into this transaction, you are required by law to consult with an independent loan counselor. A list of approved counselors will be provided to you by the lender or broker. You may also want to discuss your decision with family members or others on whom you rely for financial advice."(2) As part of the disclosure required under this section, the lender or servicer shall provide an annual, or more frequent, disclosure statement to the borrower, providing details of the loan advances, balance, other terms, and the name and telephone number of the lender's employee or agent who has been specifically designated to respond to inquiries concerning reverse mortgage loans.(3) In addition to any other loan documentation or disclosure, prior to execution of the loan and at the end of the loan term, the lender may either obtain an independent appraisal of the property value or use the current year's tax assessment valuation of the property. Copies of these appraisals must be timely provided to the borrower within five days of the borrower's written request, provided the borrower has paid for the appraisal.[ 2009 c 149 § 6.]
WA Rev Code § 31.04.535 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.535 - Lender default—Treble damages—Civil remedies.

RCW 31.04.535 Lender default—Treble damages—Civil remedies.(1) In addition to any other remedies, if a lender defaults on any of the reverse mortgage loan terms and fails to cure an actual default after notice as specified in the loan documents, the borrower, or the borrower's estate, is entitled to treble damages.(2) An arrangement, transfer, or lien subject to this chapter is not invalidated solely because of the failure of a lender to comply with any provision of this chapter. However, this section does not preclude the application of any other existing civil remedies provided by law.(3) A violation of federal legal requirements for an FHA-approved reverse mortgage as defined in RCW 31.04.505(1) constitutes a violation of this chapter.[ 2009 c 149 § 7.]
WA Rev Code § 31.04.540 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.540 - Loan advances—Eligibility and benefits under means-tested programs—Subject to federal law.

RCW 31.04.540 Loan advances—Eligibility and benefits under means-tested programs—Subject to federal law.(1) To the extent that implementation of this section does not conflict with federal law resulting in the loss of federal funding, proprietary reverse mortgage loan advances made to a borrower must be treated as proceeds from a loan and not as income for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.(2) Undisbursed reverse mortgage funds must be treated as equity in the borrower's home and not as proceeds from a loan, resources, or assets for the purpose of determining eligibility and benefits under means-tested programs of aid to individuals.(3) This section applies to any law or program relating to payments, allowances, benefits, or services provided on a means-tested basis by this state including, but not limited to, optional state supplements to the federal supplemental security income program, low-income energy assistance, property tax relief, aged, blind, or disabled assistance benefits, pregnant women assistance benefits, essential needs and housing support, and medical assistance only to the extent this section does not conflict with Title 19 of the federal social security act.[ 2011 1st sp.s. c 36 § 15; 2010 1st sp.s. c 8 § 15; 2009 c 149 § 8.]NOTES:Findings—Intent—2011 1st sp.s. c 36: See RCW 74.62.005.Effective date—2011 1st sp.s. c 36: See note following RCW 74.62.005.Findings—Intent—Short title—Effective date—2010 1st sp.s. c 8: See notes following RCW 74.04.225.
WA Rev Code § 31.04.901 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.901 - Short title.

RCW 31.04.901 Short title.This chapter shall be known as the consumer loan act.[ 1991 c 208 § 21.]
WA Rev Code § 31.04.902 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.902 - Effective dates, implementation—1991 c 208.

RCW 31.04.902 Effective dates, implementation—1991 c 208.(1) Sections 1 through 23 of this act shall take effect January 1, 1992, but the director shall take such steps and adopt such rules as are necessary to implement this act by that date.(2) Section 24 of this act shall take effect January 1, 1993.[ 1994 c 92 § 174; 1991 c 208 § 25.]
WA Rev Code § 31.04.903 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.903 - Effective date—2009 c 120.

RCW 31.04.903 Effective date—2009 c 120.In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, sections 10 through 14, 16 through 19, 21 through 25, and 27 through 29 of this act take effect July 1, 2010.[ 2009 c 120 § 31.]
WA Rev Code § 31.04.904 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.904 - Effective date—2010 c 35.

RCW 31.04.904 Effective date—2010 c 35.This act takes effect July 1, 2010.[ 2010 c 35 § 22.]
WA Rev Code § 31.04.905 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.905 - Application—2018 c 62.

RCW 31.04.905 Application—2018 c 62.The requirements of chapter 62, Laws of 2018 do not apply to any person doing business under, and as permitted by, any law of this state or of the United States relating to banks, savings banks, trust companies, savings and loan or building and loan associations, or credit unions.[ 2018 c 62 § 20.]
WA Rev Code § 31.04.906 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.04 - Consumer Loan Act.|31.04.906 - Short title—2018 c 62.

RCW 31.04.906 Short title—2018 c 62.This act may be known and cited as the Washington student education loan bill of rights.[ 2018 c 62 § 23.]
WA Rev Code § 31.12.003 (2021)
2021 Revised Code of Washington|Title 31 - Miscellaneous Loan Agencies|Chapter 31.12 - Washington State Credit Union Act.|31.12.003 - Findings—Intent—1997 c 397.

RCW 31.12.003 Findings—Intent—1997 c 397.The legislature finds that credit unions provide many valuable services to the consumers of this state and will be better prepared to continue providing these services if the Washington state credit union act is modernized, clarified, and reorganized.Furthermore, the legislature finds that credit unions and credit union members will benefit by enacting provisions clearly specifying the director of financial institutions' authority to enforce statutory provisions.Revisions to this chapter reflect the legislature's intent to modernize, clarify, and reorganize the existing act, and specify the director's enforcement authority. By enacting the revisions to this chapter, it is not the intent of the legislature to affect the scope of credit unions' field of membership or tax status, or impact federal parity provisions.[ 1997 c 397 § 1.]