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Chapter 208-620 WAC

Last Update: 2/25/13

WASHINGTON CONSUMER LOAN ACT(Formerly chapter 50-20 WAC)

WAC Sections

208-620-010 Definitions.
208-620-045 How does the department interpret the definition of residential mortgage loan modification services in RCW 31.04.015(23)?
208-620-055 How does the department interpret the definition of service or servicing a loan in RCW 31.04.015(26)?
EXEMPTION FROM LICENSING
208-620-104 Who is exempt from licensing as a consumer loan company?
208-620-105 Who is exempt from licensing as a mortgage loan originator under this act?
COMPANY LICENSING
208-620-230 Do I need a consumer loan license if I am lending money in the state of Washington?
208-620-231 Which companies must have a consumer loan license to service residential mortgage loans secured by Washington residential real estate or obligating Washington residents?
208-620-235 When making loans, is there a maximum rate of interest allowed under the act?
208-620-240 Once I am licensed, does the act apply to all loans I make?
208-620-245 Does the Consumer Loan Act allow me to make one or two loans without being licensed?
208-620-250 If my out-of-state company applies for a license under the Consumer Loan Act do we have to have a branch in the state of Washington?
208-620-251 Are there any additional requirements for out-of-state licensees?
208-620-252 If I am offering loans by mail or internet to Washington residents, do I have to license those locations?
208-620-260 If I am licensed under the Consumer Loan Act, can I broker residential mortgage loans in the state of Washington?
208-620-271 Do I need a license to assist a borrower with a residential mortgage loan modification?
208-620-280 How do I apply for a consumer loan license?
208-620-281 What will happen if my license application is incomplete?
208-620-282 How do I withdraw my application for a license?
208-620-284 What are my rights if the director denies my application for a license?
208-620-290 What fees must I pay for my application for a consumer loan license?
208-620-300 If I want to open more than one office, do I have to file an application for each location?
208-620-310 Is it necessary to license an office that is only providing underwriting and other back-office services?
208-620-320 What is the amount of the bond required for my consumer loan license?
208-620-325 What will my bond amount be in the first year of licensing?
208-620-327 How often will my bond amount change?
208-620-328 How often must I report my loan origination and residential mortgage loan servicing volume?
208-620-330 Does the surety bond need to reflect coverage for licensee and its W-2 employees and independent contractors?
208-620-340 Do I have any alternative to maintaining a surety bond?
208-620-341 If I originate residential mortgage loans and my company relies on the bond substitute, must my licensed mortgage loan originators obtain an individual bond?
208-620-350 If I qualify to use a bond substitute in lieu of a surety bond, what documentation do I have to provide to the department?
208-620-360 What if I use a bond substitute and my unimpaired capital falls below the minimum?
208-620-370 What are the grounds for denying or conditioning my consumer loan company license application?
208-620-371 May I employ someone to work with Washington residents or Washington property who has been convicted of a felony, or who has had a lending-related license revoked or suspended?
208-620-372 Am I responsible for the actions of my employees and independent contractors?
208-620-373 What happens to residential mortgage loans in the pipeline if a mortgage loan originator leaves my company?
208-620-374 What action must I take in the NMLSR if I fire a residential mortgage loan originator or if a residential mortgage loan originator quits?
208-620-378 Knowledge of the law and rules.
208-620-400 Can I share an office with another business?
208-620-420 May I transact business in a name other than the name on my license?
208-620-425 May I transfer or assign my license?
LICENSEE REPORT REQUIREMENTS
208-620-430 What are my annual filing requirements as a consumer loan licensee?
208-620-431 What are my quarterly call report filing requirements if I make, broker, or service residential mortgage loans?
208-620-440 How do I calculate my annual assessment for activity in Washington?
208-620-460 Must I file my annual reports even if I go out of business during the year?
208-620-480 What are my reporting responsibilities if my company files for bankruptcy?
208-620-490 What are my reporting responsibilities when something of significance happens to my business?
208-620-499 What are my reporting requirements if I want to close my company or surrender my license?
208-620-500 What are my reporting requirements if I want to close one or more of my branch offices?
DISCLOSURE AND OTHER OBLIGATIONS
208-620-505 In addition to the Consumer Loan Act, what other laws do I have to comply with?
208-620-506 Must my underwriting analysis of a borrower's residential mortgage loan application include a determination of the borrower's ability to repay the loan?
208-620-507 What elements of an ability to repay analysis must be part of my underwriting policy of a conventional residential mortgage loan?
208-620-510 What are my disclosure obligations to consumers?
208-620-511 What is the disclosure required under RCW 19.144.020 for residential mortgage loans?
POWERS AND RESTRICTIONS
208-620-515 What authority do I have as a licensee?
RECORDKEEPING
208-620-520 How long must I maintain my records under the Consumer Loan Act?
208-620-530 Can I maintain my records electronically?
208-620-531 Must I have a records disaster recovery and information security plan?
208-620-540 Do I need to account separately for payments from borrowers for third party service providers?
208-620-545 Must I provide a written fee agreement when I provide third-party residential mortgage loan modification services?
RESTRICTIONS, PROHIBITIONS AND GROUNDS FOR REVOCATION
208-620-550 What business practices are prohibited?
208-620-551 Residential mortgage loan servicers -- What business practices are prohibited?
208-620-552 Third-party residential loan modification service providers -- What business practices are prohibited?
208-620-555 What fees are allowed when making loans under the Consumer Loan Act?
208-620-560 What fees are not allowed when making loans under the Consumer Loan Act?
208-620-561 What fees can I collect on VA loans?
208-620-565 What fees am I allowed to charge or receive when acting as a residential mortgage loan broker under the act?
208-620-566 What fees am I not allowed to charge or receive when brokering residential mortgage loans under the act?
208-620-567 What fees can I charge when servicing residential mortgage loans under the act?
208-620-568 What fees am I not allowed to charge when providing third-party residential mortgage loan modification services under the act?
208-620-570 What are the grounds for suspending or revoking a consumer loan company license?
EXAMINATIONS
208-620-580 As a licensee, will my business be subject to periodic examinations?
208-620-590 How much will I be charged for my periodic examinations and when will the payment be due?
208-620-600 How often will the department visit my business to examine my records?
208-620-601 What assistance may the department seek in conducting an investigation or examination of my business?
INVESTIGATIONS
208-620-610 What authority does the department have to investigate violations of the Consumer Loan Act?
208-620-611 What federal guidance has the director adopted for use by the department in determining if a violation under RCW 31.04.027 has occurred?
208-620-612 What must I do to comply with the federal guidelines on nontraditional mortgage loan product risks and statement on subprime lending?
208-620-613 When I develop policies and procedures to implement the federal guidelines on applicable conventional residential mortgage loans, what topics must be included?
208-620-614 What Washington law protects my rights when my license is suspended or revoked?
208-620-615 Application of the Administrative Procedure Act.
ADVERTISING RESTRICTIONS
208-620-620 How do I have to identify my business when I advertise?
208-620-621 May I advertise over the internet using a URL address that is not my licensed business name?
208-620-622 When I advertise using the internet or any electronic form (including, but not limited to, text messages), is there specific content my web pages must contain?
208-620-630 What are the advertising restrictions?
208-620-640 What are some of the federal laws I must comply with when I advertise any loan subject to the Consumer Loan Act?
MISCELLANEOUS
208-620-650 Will the director waive fees charged under the Consumer Loan Act?
MORTGAGE LOAN ORIGINATOR LICENSING
208-620-700 Mortgage loan originator -- General.
208-620-710 Mortgage loan originator -- Licensing.
208-620-720 Loan originator -- Prelicensing education.
208-620-725 Mortgage loan originator -- Testing.
208-620-730 Loan originator -- Continuing education.
PROPRIETARY REVERSE MORTGAGE PRODUCTS
208-620-800 What definitions are applicable to this section?
208-620-805 Does this part (WAC 208-620-800 through 208-620-850) apply to the FHA approved home equity conversion mortgage (HECM) product?
208-620-810 What requirements must I meet before offering or making proprietary reverse mortgages to Washington residents?
208-620-820 What specific loan terms and conditions are allowed or required in the proprietary reverse mortgages I make to Washington residents?
208-620-825 What reverse mortgage program information must I submit to the director for approval before offering or making proprietary reverse mortgages?
208-620-830 What disclosures or statements must I provide to a borrower in a reverse mortgage transaction?
208-620-835 Under what circumstances will the department determine that the making of a reverse mortgage was unsuitable for a particular borrower and therefore an unfair and deceptive practice in violation of RCW 31.04.027?
208-620-850 What is the process I must follow to obtain the department's approval of my proprietary reverse mortgage product?
RESIDENTIAL MORTGAGE LOAN SERVICING REQUIREMENTS
208-620-900 What requirements must I comply with when servicing residential mortgage loans?