reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.227 - Mortgage loan origination—Independent contractors.

RCW 31.04.227
Mortgage loan origination—Independent contractors.
An independent contractor may not engage in residential mortgage loan origination activities as a loan processor unless the independent contractor obtains and maintains a license under this chapter. Each independent contractor *loan processor licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the nationwide mortgage licensing system **and registry.
[ 2009 c 120 § 12.]
NOTES:
Reviser's note: *(1) The term "loan processor" was changed to "loan processor or underwriter" by 2013 c 29 § 1.
**(2) The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.231 - Individual loan processor—Licensing exemptions.

RCW 31.04.231
Individual loan processor—Licensing exemptions.
An individual engaging solely in *loan processor activities, who does not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such an individual can or will perform any of the activities of a mortgage loan originator is not required to obtain and maintain a mortgage loan originator license under this chapter.
[ 2009 c 120 § 13.]
NOTES:
*Reviser's note: The term "loan processor" was changed to "loan processor or underwriter" by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.234 - Mortgage loan originator license—Application form and content.

RCW 31.04.234
Mortgage loan originator license—Application form and content.
Applicants for a mortgage loan originator license shall apply on a form as prescribed by the director. Each form must contain content as set forth by rule, regulation, instruction, or procedure of the director and may be changed or updated as necessary by the director in order to carry out the purposes of this chapter, but must not be inconsistent with that required by the nationwide mortgage licensing system *and registry.
[ 2009 c 120 § 14.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.237 - Use of nationwide mortgage licensing system and registry.

RCW 31.04.237
Use of nationwide mortgage licensing system and registry.
In order to fulfill the purposes of chapter 120, Laws of 2009, the director is authorized to establish relationships or contracts with the nationwide mortgage licensing system *and registry or other entities designated by the nationwide mortgage licensing system *and registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.
[ 2009 c 120 § 15.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.241 - Mortgage loan originator application—Required submission and use of personal information.

RCW 31.04.241
Mortgage loan originator application—Required submission and use of personal information.
(1) As part of or in connection with an application for any license under this section, or periodically upon license renewal, the mortgage loan originator applicant shall furnish information concerning his or her identity, including fingerprints for submission to the Washington state patrol, the federal bureau of investigation, the nationwide mortgage licensing system *and registry, or any governmental agency or entity authorized to receive this information for a state and national criminal history background check; personal history; experience; business record; purposes; and other pertinent facts, as the director may reasonably require. As part of or in connection with an application for a license under this chapter, or periodically upon license renewal, the director is authorized to receive criminal history record information that includes nonconviction data as defined in RCW 10.97.030. The department may only disseminate nonconviction data obtained under this section to criminal justice agencies. This section does not apply to financial institutions regulated under chapters 31.12 and 31.13 RCW and Titles **30, 32, and 33 RCW.
(2) As part of or in connection with an application for any license under this section, the mortgage loan originator applicant shall furnish information pertaining to personal history and experience in a form prescribed by the nationwide mortgage licensing system *and registry, including (a) the submission of authorization for the nationwide mortgage licensing system *and registry and the director to obtain an independent credit report obtained from a consumer reporting agency described in section 603(p) of the federal fair credit reporting act, and (b) information related to any administrative, civil, or criminal findings by any governmental jurisdiction.
(3) In order to reduce the points of contact which the federal bureau of investigation may have to maintain, the director may use the nationwide mortgage licensing system *and registry as a channeling agent for requesting information from and distributing information to the department of justice or any governmental agency.
(4) In order to reduce the points of contact which the director may have to maintain, the director may use the nationwide mortgage licensing system *and registry as a channeling agent for requesting and distributing information to and from any source so directed by the director.
[ 2009 c 120 § 16.]
NOTES:
Reviser's note: *(1) The term "and registry" was removed by 2013 c 29 § 1.
**(2) Title 30 RCW was recodified and/or repealed pursuant to 2014 c 37, effective January 5, 2015.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.244 - Mortgage loan originator application—Required information—Fees.

RCW 31.04.244
Mortgage loan originator application—Required information—Fees.
(1) The application for a mortgage loan originator license must contain at least the following information:
(a) The name, address, date of birth, and social security number of the mortgage loan originator applicant, and any other names, dates of birth, or social security numbers previously used by the mortgage loan originator applicant, unless waived by the director; and
(b) Other information regarding the mortgage loan originator applicant's background, experience, character, and general fitness as the director may require by rule, or as deemed necessary by the nationwide mortgage licensing system *and registry.
(2) At the time of filing an application for a license or a license renewal under this chapter, each mortgage loan originator applicant shall pay to the director through the nationwide mortgage licensing system *and registry the application or renewal fee of up to one hundred fifty dollars. The director shall deposit the moneys in the financial services regulation fund.
[ 2009 c 120 § 17.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.251 - Mortgage loan originator license—Renewal—Surrender—Rules.

RCW 31.04.251
Mortgage loan originator license—Renewal—Surrender—Rules.
(1) A mortgage loan originator license issued under this section expires annually. The director shall establish rules regarding the mortgage loan originator license renewal process created under this chapter. At a minimum a mortgage loan originator may not renew a license under this chapter unless the mortgage loan originator continues to meet the minimum standards for a license, and has satisfied the annual continuing education requirements.
(2) A mortgage loan originator licensee may surrender a license by delivering to the director through the nationwide mortgage licensing system *and registry written notice of surrender, but the surrender does not affect the mortgage loan originator licensee's civil or criminal liability or any administrative actions arising from acts or omissions occurring before such a surrender.
[ 2009 c 120 § 19.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.254 - Mortgage loan originator licensing process—Rules—Interim procedures.

RCW 31.04.254
Mortgage loan originator licensing process—Rules—Interim procedures.
For the purposes of implementing an orderly and efficient mortgage loan originator licensing process, the director may establish licensing rules and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals the director may establish expedited review and licensing procedures.
[ 2009 c 120 § 20.]
NOTES:
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.257 - Mortgage loan originator interim license.

RCW 31.04.257
Mortgage loan originator interim license.
To prevent undue delay in the issuance of a mortgage loan originator license and to facilitate the business of a mortgage loan originator, an interim license with a fixed date of expiration may be issued when the director determines that the mortgage loan originator has substantially fulfilled the requirements for mortgage loan originator licensing. The director may adopt rules describing the information required before an interim license can be granted.
[ 2009 c 120 § 21.]
NOTES:
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.261 - Mortgage loan originator—Prelicensing education requirements.

RCW 31.04.261
Mortgage loan originator—Prelicensing education requirements.
(1) Each mortgage loan originator applicant shall complete at least twenty hours of prelicensing education approved by the nationwide mortgage licensing system *and registry. The prelicensing education shall include at least three hours of federal law and regulations; three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; two hours of training related to lending standards for the nontraditional mortgage product marketplace; and at least two hours of training specifically related to Washington law.
(2) A mortgage loan originator applicant having successfully completed the prelicensing education requirements approved by the nationwide mortgage licensing system *and registry for any state shall be accepted as credit towards completion of prelicensing education requirements in this state.
(3) This chapter does not preclude any prelicensing education course, as approved by the nationwide mortgage licensing system *and registry, that is provided by the employer of the mortgage loan originator applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such an employer or entity. Prelicensing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system *and registry.
[ 2009 c 120 § 22.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.264 - Mortgage loan originator—Testing requirements.

RCW 31.04.264
Mortgage loan originator—Testing requirements.
(1) To obtain a mortgage loan originator license, an individual must pass a test developed by the nationwide mortgage licensing system *and registry and administered by a test provider approved by the nationwide mortgage licensing system *and registry based upon reasonable standards.
(2) An individual is not considered to have passed a test unless the individual achieves a test score of not less than seventy-five percent correct answers to questions.
(a) An individual may retake a test three consecutive times with each consecutive taking occurring at least thirty days after the preceding test.
(b) After failing three consecutive tests, an individual must wait at least six months before taking the test again.
(c) A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer must retake the test, not taking into account any time during which that individual is a registered mortgage loan originator.
(3) This section does not prohibit a test provider approved by the nationwide mortgage licensing system *and registry from providing a test at the location of the employer of the mortgage loan originator applicant or any subsidiary or affiliate of the employer of the applicant, or any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.
[ 2009 c 120 § 23.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.267 - Mortgage loan originator—Continuing education requirements.

RCW 31.04.267
Mortgage loan originator—Continuing education requirements.
(1) A licensed mortgage loan originator must complete a minimum of eight hours of continuing education approved by the nationwide mortgage licensing system *and registry which must include at least three hours of federal law and regulations; two hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues; and two hours of training related to lending standards for the nontraditional mortgage product marketplace. Additionally, the director may require at least one hour of continuing education on Washington law provided by and administered through an approved provider.
(2) The nationwide mortgage licensing system *and registry must review and approve continuing education courses. Review and approval of a continuing education course must include review and approval of the course provider.
(3) A licensed mortgage loan originator may only receive credit for a continuing education course in the year in which the course is taken, and may not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(4) A licensed mortgage loan originator who is an instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two hours credit for every one hour taught.
(5) A person having successfully completed the education requirements approved by the nationwide mortgage licensing system *and registry for any state must have their credits accepted as credit towards completion of continuing education requirements in this state.
(6) This section does not preclude any education course, as approved by the nationwide mortgage licensing system *and registry, that is provided by the employer of the mortgage loan originator or an entity which is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or entity. Continuing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system *and registry.
[ 2009 c 120 § 24.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.271 - Mortgage loan originators—System information may be challenged.

RCW 31.04.271
Mortgage loan originators—System information may be challenged.
The director shall establish a process whereby mortgage loan originators may challenge information entered into the nationwide mortgage licensing system *and registry by the director.
[ 2009 c 120 § 25.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.274 - Information provided to nationwide mortgage licensing system and registry—Confidentiality—Restrictions on sharing.

RCW 31.04.274
Information provided to nationwide mortgage licensing system and registry—Confidentiality—Restrictions on sharing.
(1) Except as otherwise provided in section 1512 of the S.A.F.E. act, the requirements under any federal law or chapter 42.56 RCW regarding the privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system *and registry, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to that information or material, continues to apply to the information or material after the information or material has been disclosed to the nationwide mortgage licensing system *and registry. Information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or state law.
(2) For the purposes under subsection (1) of this section, the director is authorized to enter agreements or sharing arrangements with other governmental agencies, the conference of state bank supervisors, the American association of residential mortgage regulators, or other associations representing governmental agencies as established by rule, regulation, or order of the director.
(3) Information or material that is subject to a privilege or confidentiality under subsection (1) of this section is not subject to:
(a) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or
(b) Subpoena or discovery, or admission into evidence, in any private civil action or administrative process unless, with respect to any privilege held by the nationwide mortgage licensing system *and registry with respect to that information or material, the person to whom the information or material pertains waives, in whole or in part, in the discretion of that person, that privilege.
(4) Chapter 42.56 RCW relating to the disclosure of confidential supervisory information or any information or material described in subsection (1) of this section that is inconsistent with subsection (1) of this section is superseded by the requirements of this section.
(5) This section does not apply to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the nationwide mortgage licensing system *and registry for access by the public.
[ 2009 c 120 § 26.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.277 - Consumer loan companies—When reports of condition are required.

RCW 31.04.277
Consumer loan companies—When reports of condition are required.
Each consumer loan company licensee must submit call reports through the nationwide mortgage licensing system in a form and containing the information prescribed by the director or as deemed necessary by the nationwide mortgage licensing system.
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 § 17; 2015 c 229 § 34; 2010 c 35 § 8; 2009 c 120 § 27.]
NOTES:
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.281 - Reports of violation—2009 c 120.

RCW 31.04.281
Reports of violation—2009 c 120.
The director is authorized to regularly report violations of chapter 120, Laws of 2009, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system *and registry.
[ 2009 c 120 § 28.]
NOTES:
*Reviser's note: The term "and registry" was removed by 2013 c 29 § 1.
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.284 - Mortgage loan originator—Unique identifier—Display.

RCW 31.04.284
Mortgage loan originator—Unique identifier—Display.
The unique identifier of any mortgage loan originator must be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or order of the director. This section does not apply to consumer loan company licensees.
[ 2009 c 120 § 29.]
NOTES:
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.293 - Residential mortgage loan modification services—Written disclosure summary—Limitation on fees—Rules.

RCW 31.04.293
Residential mortgage loan modification services—Written disclosure summary—Limitation on fees—Rules.
(1) In addition to any other requirements under federal or state law, an advance fee may not be collected for residential mortgage loan modification services.
(2) A written disclosure summary of all material terms of the services to be provided must be provided to the borrower.
(3) The department shall adopt by rule a model written disclosure summary, and any other rules necessary to implement this section. This may include, but is not limited to, usual and customary fees for residential mortgage loan modification services.
[ 2013 c 29 § 11; 2010 c 35 § 10.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.435 - Finance or loan for purchase of dog or cat—Prohibition.

RCW 31.04.435
Finance or loan for purchase of dog or cat—Prohibition.
A licensee shall not finance or make a loan for the purchase of a dog or cat. A loan entered into on or after July 23, 2023, for the purchase of a dog or cat is void and unenforceable and the licensee shall have no right to collect, receive, or retain any principal, interest, or charges related to the loan.
[ 2023 c 208 § 6.]
2023 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.
2023 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.]
2023 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.
2023 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.]
2023 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.]
2023 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 applicant
A 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.]
2023 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.]
2023 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.
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 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.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.015 - Declaration of policy.

RCW 31.12.015
Declaration of policy.
A credit union is a cooperative society organized under this chapter as a nonprofit corporation for the purposes of promoting thrift among its members and creating a source of credit for them at fair and reasonable rates of interest.
The director is the state's credit union regulatory authority whose purpose is to protect members' financial interests, the integrity of credit unions as cooperative institutions, and the interests of the general public, and to ensure that credit unions remain viable and competitive in this state.
[ 1997 c 397 § 3. Prior: 1994 c 256 § 69; 1994 c 92 § 176; 1984 c 31 § 3.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.