reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.020 - Contents of merger agreement—Approval by each board of directors—Requirements for director's approval.

RCW 30B.53.020
Contents of merger agreement—Approval by each board of directors—Requirements for director's approval.
(1) The board of directors of each merging trust company shall, by a majority of the entire board, approve a merger agreement that must contain:
(a) The name of each merging trust company and location of each office;
(b) With respect to the resulting trust company, (i) the name and location of the principal and other offices; (ii) the name and mailing address of each director to serve until the next annual meeting of the shareholders; (iii) the name and mailing address of each officer; (iv) the amount of capital, the number of shares, and the par value, if any, of each share; and (v) the amendments to its charters and bylaws;
(c) Provisions governing the exchange of shares of the merging trust companies for such consideration as has been agreed to in the merger agreement;
(d) A statement that the agreement is subject to approval by the director and the shareholders of each merging trust company;
(e) Provisions governing the manner of disposing of the shares of the resulting trust company if the shares are to be issued in the transaction and are not taken by dissenting shareholders of merging trust companies; and
(f) Any other provisions the director requires to discharge his or her duties with respect to the merger.
(2) After approval by the board of directors of each merging trust company, the merger agreement shall be submitted to the director for approval, together with certified copies of the authorizing resolutions of each board of directors showing approval by a majority of the entire board. Within sixty days after receipt by the director of the merger agreement and resolutions, the director shall approve or disapprove of the merger agreement, and if no action is taken, the agreement is deemed approved. The director shall approve the agreement if it appears that the:
(a) Resulting trust company meets the requirements of state law as to the formation of a new trust company;
(b) Agreement provides an adequate capital in relation to the deposit liabilities, if any, of the resulting trust company and its other activities which are to continue or are to be undertaken;
(c) Agreement is fair; and
(d) Merger is not contrary to the public interest.
If the director disapproves an agreement, he or she shall state his or her objections and give an opportunity to the merging trust company to amend the merger agreement to obviate such objections.
[ 2019 c 389 § 97; 2014 c 37 § 390.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.030 - Approval by shareholders—Voting—Notice.

RCW 30B.53.030
Approval by shareholders—Voting—Notice.
(1) To be effective, a merger that is to result in a trust company must be approved by the shareholders of each merging trust company by a vote of two-thirds of the outstanding voting shares of each class at a meeting called to consider such action. This vote shall constitute the adoption of the charter and bylaws of the resulting trust company, including the amendments in the merger agreement.
(2) Unless waived in writing, notice of the meeting of shareholders shall be given by publication in a newspaper of general circulation in the place where the principal office of each merging trust company is located, at least once each week for four successive weeks, and by mail, at least fifteen days before the date of the meeting, to each shareholder of record of each merging trust company at the address on the books of the shareholder's trust company. No notice of publication need be given if written waivers are received from the holders of two-thirds of the outstanding shares of each class of shares. The notice shall state that dissenting shareholders will be entitled to payment of the value of only those shares which are voted against approval of the plan.
[ 2019 c 389 § 98; 2014 c 37 § 391.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.040 - Effective date of merger—Certificate of merger.

RCW 30B.53.040
Effective date of merger—Certificate of merger.
(1) A merger that is to result in a trust company shall, unless a later date is specified in the agreement, become effective after the filing with and upon the approval of the director of the executed agreement together with copies of the resolutions of the shareholders of each merging trust company approving it, certified by the trust company's president or manager and the secretary. The charters of the merging trust companies, other than the resulting trust company, shall immediately after that automatically terminate.
(2) The director shall immediately after that issue to the resulting trust company a certificate of merger specifying the name of each merging trust company and the name of the resulting trust company. The certificate shall be conclusive evidence of the merger and of the correctness of all proceedings regarding the merger in all courts and places, and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the merging trust companies is held.
[ 2019 c 389 § 99; 2014 c 37 § 392.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.050 - Resulting trust company—Property, rights, powers, and duties.

RCW 30B.53.050
Resulting trust company—Property, rights, powers, and duties.
(1) A resulting trust company is the same business and corporate entity as each merging trust company with all property, rights, powers, and duties of each merging trust company, except as affected by state law and by the charter and bylaws of the resulting trust company. A resulting trust company has the right to use the name of any merging trust company whenever it can do any act under such name more conveniently.
(2) Any reference to a merging trust company in any writing, whether executed or taking effect before or after the merger, is a reference to the resulting trust company if not inconsistent with the other provisions of that writing.
[ 2014 c 37 § 393.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.060 - Dissenting shareholders—May receive value in cash—Appraisal.

RCW 30B.53.060
Dissenting shareholders—May receive value in cash—Appraisal.
(1) The owner of shares of a trust company that were voted against a merger to result in a trust company shall be entitled to receive their value in cash, if and when the merger becomes effective, upon written demand made to the resulting trust company at any time within thirty days after the effective date of the merger, accompanied by the surrender of the share certificates. The value of the shares shall be determined, as of the date of the shareholders' meeting approving the merger, by three appraisers, one to be selected by the owners of two-thirds of the dissenting shares, one by the board of directors of the resulting trust company, and the third by the two so chosen. The valuation agreed upon by any two appraisers shall govern. If the appraisal is not completed within ninety days after the merger becomes effective, the director shall cause an appraisal to be made.
(2) The dissenting shareholders shall bear, on a pro rata basis based on number of dissenting shares owned, the cost of their appraisal and one-half of the cost of a third appraisal, and the resulting trust company shall bear the cost of its appraisal and one-half of the cost of the third appraisal. If the director causes an appraisal to be made, the cost of that appraisal shall be borne equally by the dissenting shareholders and the resulting trust company, with the dissenting shareholders sharing their half of the cost on a pro rata basis based on number of dissenting shares owned.
(3) The resulting trust company may fix an amount which it considers to be not more than the fair market value of the shares of a merging trust company at the time of the shareholders' meeting approving the merger, that it will pay dissenting shareholders of the trust company entitled to payment in cash. The amount due under an accepted offer or under the appraisal shall constitute a debt of the resulting trust company.
[ 2019 c 389 § 100; 2014 c 37 § 394.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.070 - Valuation of assets—Books of merging trust company.

RCW 30B.53.070
Valuation of assets—Books of merging trust company.
Without approval by the director, no asset shall be carried on the books of the resulting trust company at a valuation higher than that on the books of the merging trust company at the time of its last examination by a state trust examiner before the effective date of the merger or conversion.
[ 2014 c 37 § 395.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.080 - Sale of assets.

RCW 30B.53.080
Sale of assets.
(1) The board of a state trust company, with the director's approval, may cause a state trust company to sell all or substantially all of its assets, including the right to control accounts established with the trust company, without shareholder or participant approval if the director finds:
(a) The interests of the state trust company's clients, depositors, and creditors are jeopardized because of insolvency or imminent insolvency of the state trust company; and
(b) The sale is in the best interest of the state trust company's clients and creditors.
(2) A sale under this section must include an assumption and promise by the buyer to pay or otherwise discharge:
(a) All of the state trust company's liabilities to clients and depositors;
(b) All of the state trust company's liabilities for salaries of the state trust company's employees incurred before the date of the sale;
(c) Obligations incurred by the director arising out of the supervision or sale of the state trust company; and
(d) Fees and assessments due the department.
(3) This section does not limit the incidental power of a state trust company to buy and sell assets in the ordinary course of business.
(4) This section does not affect the director's authority to take action under another law.
(5) The sale by a trust company of all or substantially all of its assets with shareholder or participant approval is considered a voluntary dissolution and liquidation and is governed by the voluntary dissolution and liquidation provisions of chapter 30A.44 RCW.
[ 2014 c 37 § 396.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.53 - State Trust Companies—Merger, Consolidation, and Conversion. › 30B.53.100 - Acquisition of control of state trust company—Disapproval by director—Change of officers.

RCW 30B.53.100
Acquisition of control of state trust company—Disapproval by director—Change of officers.
(1) The director may disapprove the acquisition of a state trust company within thirty days after the filing of a complete application pursuant to RCW 30B.53.090 or an extended period not exceeding an additional fifteen days if:
(a) The poor financial condition of any acquiring person might jeopardize the financial stability of the state trust company or might prejudice the interests of the state trust company's shareholders or the trustors or beneficiaries of trusts in which the state trust company is a trustee or investment advisor;
(b) The plan or proposal of the acquiring person to liquidate the state trust company, to sell its assets or transfer its fiduciary assets, to merge it with any person, or to make any other major change in its business or corporate structure or management that is not fair and reasonable to the state trust company's shareholders or the trustors or beneficiaries of trusts in which the state trust company is a trustee or investment advisor;
(c) The fiduciary and other business experience and integrity of any acquiring person who would control the operation of the state trust company indicates that approval would not be in the interest of the state trust company's shareholders or the trustors or beneficiaries of trusts in which the state trust company is a trustee or investment advisor;
(d) The information provided by the application is insufficient for the director to make a determination or there has been insufficient time to verify the information provided and conduct an examination of the qualification of the acquiring person; or
(e) The acquisition would not be in the public interest.
(2) An acquisition may be made prior to expiration of the disapproval period if the director issues written notice of intent not to disapprove the action.
(3) The director shall set forth the basis for disapproval of any proposed acquisition in writing and shall provide a copy of such findings and order to the applicants and to the state trust company involved. Such findings and order shall not be disclosed to any other person and shall not be subject to public disclosure under chapter 42.56 RCW unless the findings or order are appealed pursuant to chapter 34.05 RCW.
(4) Whenever such a change of control occurs, each party to the transaction shall report promptly to the director any changes or replacement of its chief executive officer, managers, or any director, which occurs in the following twelve-month period, including in its report a statement of the past and present business and professional affiliations of the new chief executive officer, managers, or directors.
[ 2019 c 389 § 95.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.64 - Private Trusts and Private Trust Companies. › 30B.64.005 - Definitions.

RCW 30B.64.005
Definitions.
Unless the context clearly requires otherwise, the definitions in this section apply to the provisions of this chapter.
(1) "Change of control" means to transfer or sell control of a private trust or private trust company to a person or persons other than family members.
(2) "Common ancestor" has the same meaning as an individual referred to as a common ancestor in the internal revenue code, 26 U.S.C. Sec. 1361(c)(1)(B)(ii), and excludes an individual who, on an applicable date, is more than six generations removed from the youngest generation of shareholders or holders of beneficial interests in a private trust company.
(3) "Family member" means an individual who is a common ancestor, a lineal descendant of such common ancestor, or a spouse or former spouse of such common ancestor or such lineal descendant.
(4) "Private trust" means a trust created and maintained pursuant to the Washington trust act, chapter 11.98 RCW, or the laws of another state or foreign jurisdiction, in which:
(a) The trustee is a person who does not hold itself out to the general public as being engaged in trust business; and
(b) Neither the trust nor the trustee, in the capacity of trustee for the private trust, transacts business with the general public.
(5) "Private trust company" means a company acting as a private trust.
(6) "Transact business with the general public" means any sales, solicitations, arrangements, agreements, or transactions to provide trust or other business services, whether or not for a fee, commission, or any other type of remuneration, with any client that is not a family member or a sole proprietorship, partnership, joint venture, association, trust, estate, business trust, or other company that is not one hundred percent owned or controlled by one or more family members.
[ 2014 c 37 § 397.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.64 - Private Trusts and Private Trust Companies. › 30B.64.010 - Private trusts and private trust companies exempt—Exception for change of control.

RCW 30B.64.010
Private trusts and private trust companies exempt—Exception for change of control.
(1) A private trust or private trust company is exempt from the requirement of a certificate of authority or regulation under this title.
(2) Notwithstanding subsection (1) of this section, a transfer or change of control of a private trust or private trust company to a person or persons other than family members constitutes unauthorized trust activity unless the resulting private trust company is a trust institution authorized to do business in this state.
[ 2014 c 37 § 398.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.64 - Private Trusts and Private Trust Companies. › 30B.64.020 - Conversion to public trust company.

RCW 30B.64.020
Conversion to public trust company.
A private trust or private trust company which seeks to convert to one transacting business with the general public in this state must apply for and obtain a certificate of authority as a state trust company under chapter 30B.08 RCW or a federal charter or charter from another state which would permit it to conduct trust business and fiduciary activities in this state without engaging in unauthorized trust activity.
[ 2014 c 37 § 399.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.64 - Private Trusts and Private Trust Companies. › 30B.64.030 - Other exemptions not affected by chapter.

RCW 30B.64.030
Other exemptions not affected by chapter.
The provisions of this chapter do not affect the exemptions for persons acting pursuant to RCW 30B.04.040.
[ 2014 c 37 § 400.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.72 - Effect on Preexisting Trust Companies and Trust Businesses. › 30B.72.005 - Trust companies under former Title 30 RCW.

RCW 30B.72.005
Trust companies under former Title 30 RCW.
Trust companies under Title 30 RCW, as it existed on January 5, 2015, shall automatically succeed to and be subject to all powers and authorities, rights and obligations, privileges and immunities, and discretions of a state trust company under this title.
[ 2014 c 37 § 401.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.72 - Effect on Preexisting Trust Companies and Trust Businesses. › 30B.72.010 - Preexisting approved out-of-state trust institutions.

RCW 30B.72.010
Preexisting approved out-of-state trust institutions.
(1) An out-of-state trust institution that has, prior to July 28, 2019, obtained approval from the director under authority of Title 30 RCW, as it existed before January 5, 2015, or under authority of this title, as it existed prior to July 28, 2019, to engage in trust business in Washington state and has continuously since the date of such approval held itself out to the public as engaging in trust business in Washington state, shall be exempt from the requirement of notice to or obtaining approval from the director pursuant to chapter 30B.38 RCW.
(2) For purposes of this section, the term "director" includes the former office of the supervisor of banks that merged into the department under authority of chapter 43.320 RCW.
(3) For purposes of this section, satisfactory evidence of approval from the director may be established only by written evidence that the director gave his or her approval prior to July 28, 2019, in the form of a certificate of authority, declaration of reciprocity between Washington state and the home state of the out-of-state trust institution, or the equivalent. Authorization from the secretary of state to transact business in Washington state as a foreign corporation or foreign limited liability company is not by itself satisfactory evidence of such approval from the director.
(4) For purposes of this section, an out-of-state trust institution with satisfactory evidence of the director's approval to engage in trust business prior to July 28, 2019, is presumed to have:
(a) Complied with chapter 30B.38 RCW; and
(b) Continuously held itself out to the public as engaging in trust business in Washington state since the date of the director's approval.
[ 2019 c 389 § 101; 2014 c 37 § 402.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.98 - Construction. › 30B.98.005 - Continuation of existing law.

RCW 30B.98.005
Continuation of existing law.
The provisions of this title, insofar as they are substantially the same as statutory provisions repealed by chapter 37, Laws of 2014 and relating to the same subject matter, shall be construed as restatements and continuations, and not as new enactments.
[ 2014 c 37 § 403.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.98 - Construction. › 30B.98.010 - Title, chapter, section headings not part of law.

RCW 30B.98.010
Title, chapter, section headings not part of law.
Title headings, chapter or subchapter headings, and section or subsection headings as used in this title do not constitute any part of the law.
[ 2014 c 37 § 404.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.98 - Construction. › 30B.98.020 - Prior investments or transactions not affected.

RCW 30B.98.020
Prior investments or transactions not affected.
This title does not affect the legality of investments, made prior to January 5, 2015, or of transactions had before January 5, 2015, pursuant to any provisions of law in force when such investments were made or transactions had.
[ 2014 c 37 § 406.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › RCW Dispositions › 31.13 CORPORATE CREDIT UNIONS

Sections
31.13.030 Bylaws.
[1994 c 92 § 234; 1977 ex.s. c 207 § 2.]
Repealed by 2001 c 83 § 39.
31.13.040 Additional rights and powers.
[1977 ex.s. c 207 § 3.]
Repealed by 2001 c 83 § 39.
31.13.050 Reserve fund.
[1977 ex.s. c 207 § 4.]
Repealed by 2001 c 83 § 39.
31.13.900 Severability — 1977 ex.s. c 207.
[1977 ex.s. c 207 § 7.]
Decodified pursuant to 2001 c 83 § 40.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › RCW Dispositions › 31.24 INDUSTRIAL DEVELOPMENT CORPORATIONS

Sections
31.24.040 Organizations authorized to acquire, hold and dispose of corporate bonds, securities, stock, etc. — Membership — Rights and powers — Limitation on stock ownership.
[1963 c 162 § 4.]
Repealed by 2006 c 87 § 33.
31.24.050 Membership by financial institutions — Loans to corporation by members — Limitations — Interest.
[1974 ex.s. c 16 § 2; 1973 1st ex.s. c 90 § 1; 1963 c 162 § 5.]
Repealed by 2006 c 87 § 33.
31.24.060 Membership — Duration — Withdrawal.
[1963 c 162 § 6.]
Repealed by 2006 c 87 § 33.
31.24.180 Calendar year adopted as fiscal year.
[1963 c 162 § 18.]
Repealed by 2006 c 87 § 33.
31.24.900 Severability-1963 c 162.
[1963 c 162 § 19.]
Decodified by the code reviser, July 2016.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › RCW Dispositions › 31.45 CHECK CASHERS AND SELLERS

Sections
31.45.095 Report by director-Contents.
[2009 c 510 § 7.]
Repealed by 2017 3rd sp.s. c 25 § 14.
31.45.170 Violation — Penalty.
[1994 c 92 § 289; 1991 c 355 § 17.]
Repealed by 2003 c 86 § 19.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.035 - License required—When violation occurs.

RCW 31.04.035
License required—When violation occurs.
(1) No person may make secured or unsecured loans of money or things in action, or extend credit, or service or modify the terms or conditions of residential mortgage loans, or service or modify student education loans, without first obtaining and maintaining a license in accordance with this chapter, except those exempt under RCW 31.04.025 or not subject to licensure under RCW 31.04.420.
(2) If a transaction violates subsection (1) of this section, any:
(a) Nonthird-party fees charged in connection with the origination of the residential mortgage loan must be refunded to the borrower, excluding interest charges; and
(b) Fees or interest charged in the making of a nonresidential loan must be refunded to the borrower.
(3) 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 § 12; 2013 c 29 § 4; 2010 c 35 § 2; 2009 c 120 § 4; 2008 c 78 § 2; 1991 c 208 § 3.]
NOTES:
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
Severability—2008 c 78: See note following RCW 31.04.025.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.055 - License—Director's duties.

RCW 31.04.055
License—Director's duties.
(1) The director shall issue and deliver a license to the applicant to make loans in accordance with this chapter at the location specified in the application if, after investigation, the director finds that:
(a) The applicant has paid all required fees;
(b) The applicant has submitted a complete application in compliance with RCW 31.04.045;
(c) Neither the applicant nor its officers or principals have had a license issued under this section or any other section, in this state or another state, revoked or suspended within the last five years of the date of filing of the application;
(d) Neither the applicant nor any of its officers or principals have been convicted of a gross misdemeanor involving dishonesty or financial misconduct or a felony or a violation of the banking laws of this state or of the United States within seven years of the filing of an application;
(e) The financial responsibility, experience, character, and general fitness of the applicant are such as to command the confidence of the community and to warrant a belief that the business will be operated honestly, fairly, and efficiently within the purposes of this chapter; and
(f) Neither the applicant nor any of its principals have provided unlicensed residential mortgage loan modification services in this state in the five years prior to the filing of the present application.
(2) If the director does not find the conditions of subsection (1) of this section have been met, the director shall not issue the license. The director shall notify the applicant of the denial and return to the applicant the bond posted and the sum paid by the applicant as a license fee, retaining the investigation fee to cover the costs of investigating the application. The director shall approve or deny every application for license under this chapter within ninety days from the filing of a complete application with the fees and the approved bond.
[ 2010 c 35 § 4; 2001 c 81 § 5; 1994 c 92 § 163; 1991 c 208 § 6.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.065 - License—Information contained.

RCW 31.04.065
License—Information contained.
The license shall state the address at which the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a copartnership or association, the names of its members, and if a corporation, the date and place of its incorporation. The license is not transferable or assignable.
[ 2012 c 17 § 3; 1991 c 208 § 7.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.075 - Licensee—Place of business.

RCW 31.04.075
Licensee—Place of business.
(1) The licensee may not maintain more than one place of business under the same license unless:
(a) The director authorizes more than one license to the same licensee upon approval of an application by the licensee in a form and manner established by the director; or
(b) The place of business is a licensed mortgage loan originator's residence and the licensed mortgage loan originator and licensed sponsoring company comply with state and federal information security requirements and all other requirements set forth in rule for mortgage loan originators working from their residences as provided in this chapter and in rule, consistent with the purposes of this section.
(2) Whenever a licensee wishes to change the place of business to a street address other than that reported in the nationwide mortgage licensing system and registry, the licensee must give prior written notice to the director, pay the fee, and obtain the director's approval.
[ 2021 c 15 § 2; 2015 c 229 § 23; 2001 c 81 § 6; 1994 c 92 § 164; 1991 c 208 § 8.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.085 - Licensee—Assessment—Bond—Time of payment.

RCW 31.04.085
Licensee—Assessment—Bond—Time of payment.
(1) A licensee shall, for each license held by any person, on or before the first day of each March, pay to the director an annual assessment as determined by rule by the director. The licensee shall be responsible for payment of the annual assessment for the previous calendar year if the licensee had a license for any time during the preceding calendar year, regardless of whether they surrendered their license during the calendar year or whether their license was suspended or revoked. At the same time the licensee shall file with the director the required bond or otherwise demonstrate compliance with RCW 31.04.045.
(2) The director may establish a different yearly assessment fee for persons servicing residential mortgage loans.
[ 2010 c 35 § 5; 2001 c 81 § 7; 1994 c 92 § 165; 1991 c 208 § 9.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.105 - Licensee—Powers—Restrictions.

RCW 31.04.105
Licensee—Powers—Restrictions.
Every licensee may:
(1) Lend money at a rate that does not exceed twenty-five percent per annum as determined by the simple interest method of calculating interest owed;
(2) In connection with the making of a loan, charge the borrower a nonrefundable, prepaid, loan origination fee not to exceed four percent of the first twenty thousand dollars and two percent thereafter of the principal amount of the loan advanced to or for the direct benefit of the borrower, which fee may be included in the principal balance of the loan;
(3) Agree with the borrower for the payment of fees to third parties other than the licensee who provide goods or services to the licensee in connection with the preparation of the borrower's loan, including, but not limited to, credit reporting agencies, title companies, appraisers, structural and pest inspectors, and escrow companies, when such fees are actually paid by the licensee to a third party for such services or purposes and may include such fees in the amount of the loan. However, no charge may be collected unless a loan is made, except for reasonable fees properly incurred for a credit report and in connection with the appraisal of property by a qualified, independent, professional, third-party appraiser selected by the borrower and approved by the lender or in the absence of borrower selection, selected by the lender;
(4) In connection with the making of a loan secured by real estate, when the borrower actually obtains a loan, agree with the borrower to pay a fee to a mortgage broker that is not owned by the licensee or under common ownership with the licensee and that performed services in connection with the origination of the loan. A licensee may not receive compensation as a mortgage broker in connection with any loan made by the licensee;
(5) Collect at the time of the loan closing up to but not exceeding forty-five days of prepaid interest;
(6) Charge and collect a penalty of not more than ten percent of any installment payment delinquent ten days or more;
(7) Collect from the debtor reasonable attorneys' fees, actual expenses, and costs incurred in connection with the collection of a delinquent debt, a repossession, or a foreclosure when a debt is referred for collection to an attorney who is not a salaried employee of the licensee;
(8) Make open-end loans as provided in this chapter;
(9) Charge and collect a fee for dishonored checks in an amount approved by the director; and
(10) In accordance with Title 48 RCW, sell insurance covering real and personal property, covering the life or disability or both of the borrower, and covering the involuntary unemployment of the borrower.
[ 2015 c 229 § 28; 2013 c 29 § 7; 2009 c 120 § 7; 2001 c 81 § 10; 1998 c 28 § 1; 1994 c 92 § 167; 1993 c 190 § 1; 1991 c 208 § 11.]
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. › 31.04.125 - Loan restrictions—Interest calculations.

RCW 31.04.125
Loan restrictions—Interest calculations.
(1) No licensee may make a loan using any method of calculating interest other than the simple interest method; except that the add-on method of calculating interest may be used for a loan not secured by real property or personal property used as a residence when the repayment period does not exceed three years and fifteen days after the loan origination date.
(2) No licensee may make a loan using the add-on method to calculate interest that does not provide for a refund to the borrower or a credit to the borrower's account of any unearned interest when the loan is repaid before the original maturity date in full by cash, by a new loan, by refinancing, or otherwise before the final due date. The refund must be calculated using the actuarial method, unless a sum equal to two or more installments has been prepaid and the account is not in arrears and continues to be paid ahead, in which case the interest on the account must be recalculated by the simple interest method with the refund of unearned interest made as if the loan had been made using the simple interest method. When computing an actuarial refund, the lender may round the annual rate used to the nearest quarter of one percent.
In computing a required refund of unearned interest, a prepayment made on or before the fifteenth day after the scheduled payment date is deemed to have been made on the payment date preceding the prepayment. In the case of prepayment before the first installment due date, the company may retain an amount not to exceed one-thirtieth of the first month's interest charge for each day between the origination date of the loan and the actual date of prepayment.
(3) No licensee may provide credit life or disability insurance in an amount greater than that required to pay off the total balance owing on the date of the borrower's death net of refunds in the case of credit life insurance, or all minimum payments that become due on the loan during the covered period of disability in the case of credit disability insurance. The lender may not require any such insurance.
(4) Except in the case of loans by mail, where the borrower has sufficient time to review papers before returning them, no licensee may prepare loan papers in advance of the loan closing without having reviewed with the borrower the terms and conditions of the loan to include the type and amount of insurance, if any, requested by the borrower.
[ 2007 c 208 § 1; 1995 c 9 § 1; 1991 c 208 § 13.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.135 - Advertisements or promotions.

RCW 31.04.135
Advertisements or promotions.
No licensee may advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever, any statement or representation with regard to the rates, terms, or conditions for the lending of money that is false, misleading, or deceptive.
[ 1991 c 208 § 14.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.143 - Subpoena authority—Application—Contents—Notice—Fees.

RCW 31.04.143
Subpoena authority—Application—Contents—Notice—Fees.
(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 documents, records, or evidence are located, or in Thurston county. The application must:
(a) State that an order is sought under this section;
(b) Adequately specify the documents, records, evidence, or testimony; and
(c) Include a declaration made under oath that an investigation is being conducted for a lawfully authorized purpose related to an investigation within the department's authority and that the subpoenaed documents, records, evidence, or testimony are reasonably related to an investigation within the department's authority.
(2) When an application under this section is made to the satisfaction of the court, the court must issue an order approving the subpoena. An order under this subsection constitutes authority of law for the agency to subpoena the documents, records, evidence, or testimony.
(3) The director or authorized assistants may seek approval and a court may issue an order under this section without prior notice to any person, including the person to whom the subpoena is directed and the person who is the subject of an investigation. An application for court approval is subject to the fee and process set forth in RCW 36.18.012(3).
[ 2011 c 93 § 9.]
NOTES:
Finding—Intent—2011 c 93: See note following RCW 18.44.425.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.155 - Licensee—Recordkeeping—Director's access—Report requirement—Failure to report.

RCW 31.04.155
Licensee—Recordkeeping—Director's access—Report requirement—Failure to report.
The licensee shall keep and use in the business such books, accounts, records, papers, documents, files, and other information as will enable the director to determine whether the licensee is complying with this chapter and with the rules adopted by the director under this chapter. The director shall have free access to such books, accounts, records, papers, documents, files, and other information wherever located. Every licensee shall preserve the books, accounts, records, papers, documents, files, and other information relevant to a loan for at least three years after making the final entry on any loan. No licensee or person subject to examination or investigation under this chapter shall withhold, abstract, remove, mutilate, destroy, or secrete any books, accounts, records, papers, documents, files, or other information.
Each licensee shall, on or before the first day of March of each year, file a report with the director giving such relevant information as the director may reasonably require concerning the business and operations of each licensed place of business conducted during the preceding calendar year. The report must be made under oath and must be in the form prescribed by the director, who shall make and publish annually an analysis and recapitulation of the reports. Every licensee that fails to file a report that is required to be filed by this chapter within the time required under this chapter is subject to a penalty of fifty dollars per day for each day's delay. The attorney general may bring a civil action in the name of the state for recovery of any such penalty.
[ 2013 c 29 § 8; 2001 c 81 § 12; 1994 c 92 § 170; 1991 c 208 § 16.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.165 - Director—Broad administrative discretion—Rule making—Actions in superior court.

RCW 31.04.165
Director—Broad administrative discretion—Rule making—Actions in superior court.
(1) The director has the power, and broad administrative discretion, to administer and interpret this chapter to facilitate the delivery of financial services to the citizens of this state by persons subject to this chapter. The director shall adopt all rules necessary to administer this chapter and to ensure complete and full disclosure by licensees of lending transactions governed by this chapter.
(2) If it appears to the director that a licensee is conducting business in an injurious manner or is violating any provision of this chapter, the director may order or direct the discontinuance of any such injurious or illegal practice.
(3) For purposes of this section, "conducting business in an injurious manner" means conducting business in a manner that violates any provision of this chapter, or that creates the reasonable likelihood of a violation of any provision of this chapter.
(4) The director or designated persons, with or without prior administrative action, may bring an action in superior court to enjoin the acts or practices that constitute violations of this chapter and to enforce compliance with this chapter or any rule or order made under this chapter. Upon proper showing, injunctive relief or a temporary restraining order shall be granted. The director shall not be required to post a bond in any court proceedings.
(5) 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 § 16; 2010 c 35 § 7; 2009 c 120 § 30; 2001 c 81 § 13; 1994 c 92 § 171; 1991 c 208 § 17.]
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. › 31.04.168 - Director—Powers under chapter 19.144 RCW.

RCW 31.04.168
Director—Powers under chapter 19.144 RCW.
The director or the director's designee may take such action as provided for in this chapter to enforce, investigate, or examine persons covered by chapter 19.144 RCW.
[ 2008 c 108 § 16.]
NOTES:
Findings—2008 c 108: See RCW 19.144.005.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.175 - Violations—No penalty prescribed—Gross misdemeanor—Good faith exception.

RCW 31.04.175
Violations—No penalty prescribed—Gross misdemeanor—Good faith exception.
(1) A person who violates, or knowingly aids or abets in the violation of any provision of this chapter, for which no penalty has been prescribed, and a person who fails to perform any act that it is his or her duty to perform under this chapter and for which failure no penalty has been prescribed, is guilty of a gross misdemeanor.
(2) No provision imposing civil penalties or criminal liability under this chapter or rule adopted under this chapter applies to an act taken or omission made in good faith in conformity with a written notice, interpretation, or examination report of the director or his or her agent.
[ 2001 c 81 § 14; 1994 c 92 § 172; 1991 c 208 § 18.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.202 - Application of administrative procedure act.

RCW 31.04.202
Application of administrative procedure act.
The proceedings for denying license applications, issuing cease and desist orders, suspending or revoking licenses, and imposing civil penalties or other remedies under this chapter, and any review or appeal of such action, shall be governed by the provisions of the administrative procedure act, chapter 34.05 RCW.
[ 2001 c 81 § 15.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.205 - Enforcement of chapter—Director's discretion—Hearing—Sanctions—Recovery of costs.

RCW 31.04.205
Enforcement of chapter—Director's discretion—Hearing—Sanctions—Recovery of costs.
(1) The director or designated persons may, at his or her discretion, take such action as provided for in this chapter to enforce this chapter. If the person subject to such action does not appear in person or by counsel at the time and place designated for any administrative hearing that may be held on the action, then the person is deemed to consent to the action. If the person subject to the action consents, or if after hearing the director finds by a preponderance of the evidence that any grounds for sanctions under this chapter exist, then the director may impose any sanction authorized by this chapter.
(2) The director may recover the state's costs and expenses for prosecuting violations of this chapter including staff time spent preparing for and attending administrative hearings and reasonable attorneys' fees unless, after a hearing, the director determines no violation occurred.
[ 2015 c 229 § 30; 2001 c 81 § 16.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.208 - Application of consumer protection act.

RCW 31.04.208
Application of consumer protection act.
The legislature finds that the practices governed by this chapter are matters vitally affecting the public interest for the purpose of applying the consumer protection act, chapter 19.86 RCW. Any violation of this chapter is not reasonable in relation to the development and preservation of business and is an unfair and deceptive act or practice and unfair method of competition in the conduct of trade or commerce in violation of RCW 19.86.020. Remedies provided by chapter 19.86 RCW are cumulative and not exclusive.
[ 2001 c 81 § 17.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.04 - Consumer Loan Act. › 31.04.211 - Application of chapter—2009 c 120.

RCW 31.04.211
Application of chapter—2009 c 120.
The authority of this chapter remains in effect, whether such a licensee, individual, or person subject to chapter 120, Laws of 2009 acts or claims to act under any licensing or registration law of this state, or claims to act without such an authority.
[ 2009 c 120 § 9.]
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. › 31.04.221 - Mortgage loan originator—License required—Unique identifier required.

RCW 31.04.221
Mortgage loan originator—License required—Unique identifier required.
An individual defined as a mortgage loan originator must not engage in the business of a mortgage loan originator without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the nationwide mortgage licensing system.
[ 2015 c 229 § 31; 2013 c 29 § 9; 2009 c 120 § 10.]
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. › 31.04.224 - Licensing exemptions—Residential mortgage loans.

RCW 31.04.224
Licensing exemptions—Residential mortgage loans.
The following are exempt from licensing as mortgage loan originators under this chapter:
(1) Registered mortgage loan originators, or any individual required to be registered while actively employed by a covered financial institution as defined in regulation G, 12 C.F.R. Part 1007.102;
(2) An attorney licensed in Washington who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of a lender, mortgage broker, or other mortgage loan originator;
(3) Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member; or
(4) Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence.
[ 2015 c 229 § 32; 2012 c 17 § 6; 2009 c 120 § 11.]
NOTES:
Findings—Declaration—2009 c 120: See note following RCW 31.04.015.