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Chapter 208-620 WAC

Last Update: 12/23/08

Washington consumer loan act

WAC Sections

208-620-010 Definitions.
LICENSING
208-620-230 Do I need to apply for a consumer loan license if I am lending money in the state of Washington?
208-620-235 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 or only those above twelve percent?
208-620-245 Does the Consumer Loan Act allow me to make one or two loans subject to the act 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?
208-620-260 If I am licensed under the Consumer Loan Act, can I broker loans in the state of Washington?
208-620-270 Can I make a loan subject to the act without first getting a license?
208-620-280 How do I apply for a consumer loan license?
208-620-285 If my application is incomplete when I file it with the department, what will happen?
208-620-290 What fees will I be charged 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?
208-620-330 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?
208-620-350 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 choose the bond substitute alternative and my unimpaired capital falls below the minimum?
208-620-370 What are the grounds for denying or conditioning my license application?
208-620-380 Are there any additional requirements for out-of-state licensees?
208-620-390 If I am offering loans by mail or internet to Washington residents, do I have to license those locations?
208-620-395 Do I need to display my license in my place of business?
208-620-400 Can I share an office with another business?
208-620-410 May I sell other types of products from my licensed location?
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?
208-620-440 How do I calculate my annual assessment for activity in Washington?
208-620-460 Must I file my annual report even if I go out of business during the year?
208-620-470 Do I need to notify the department if I move the location of my office?
208-620-475 Must I notify the department if I cease doing business in this state if I am doing business in other states?
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?
208-620-500 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?
208-620-510 What are my disclosure obligations to consumers under the Consumer Loan Act?
208-620-511 What is the disclosure required under RCW 19.144.020?
208-620-512 If I pull a credit report on a consumer who has identified a specific property on a purchase and sales agreement or contract, or is refinancing a specific property, is that enough to trigger the required disclosures under RESPA and TILA?
POWERS AND RESTRICTIONS
208-620-515 What authority do I have as a licensee?
RECORDKEEPING
208-620-520 How long do I have to maintain my records under the Consumer Loan Act?
208-620-530 Can I maintain my records electronically?
208-620-540 Do I need to account separately for payments from borrowers for third party service providers?
RESTRICTIONS, PROHIBITIONS AND GROUNDS FOR REVOCATION
208-620-550 What business practices are prohibited?
208-620-560 What restrictions are there for charging fees on junior lien loans other than the loan origination fee when acting as a lender or correspondent lender?
208-620-565 What fees am I allowed and not allowed to charge or receive when acting as a broker under the act?
208-620-570 What are the grounds for suspending or revoking a 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?
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, what topics must be included?
ADVERTISING RESTRICTIONS
208-620-620 How do I have to identify my business when I advertise?
208-620-630 What are the advertising restrictions, and what are some examples of those 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?