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Washington Administrative Code (WAC)

Chapter 620

Wash. Admin. Code ch. 208-620

Washington Consumer Loan Act

FINANCIAL INSTITUTIONS, DEPARTMENT OF

208-620-010Definitions 208-620-011How does the department interpret certain definitions in RCW 31.04.015?208-620-104Who is exempt from licensing as a consumer loan company?208-620-105Who is exempt from licensing as a mortgage loan originator under this act?208-620-230Do I need a consumer loan license to lend money, extend credit, service or modify the terms of residential mortgage loans, or service student education loans?208-620-231Who must have a consumer loan license to service residential mortgage loans secured by Washington residential real estate or obligating Washington residents?208-620-232Can I make a small number of residential mortgage loans without being licensed at the company level?208-620-234Must a company that provides loan processing or underwriting services on residential mortgage loans be licensed under the Consumer Loan Act?208-620-235When making loans, is there a maximum rate of interest allowed under the act?208-620-250Is my company required to have a licensed location in the state of Washington?208-620-251Are there any additional requirements for out-of-state licensees?208-620-260If I am licensed under the Consumer Loan Act, can I broker residential mortgage loans in the state of Washington?208-620-271Do I need a license to assist a homeowner with a residential mortgage loan modification?208-620-280How do I apply for a consumer loan license?208-620-281What will happen if my license application is incomplete?208-620-282How do I withdraw my application for a license?208-620-284What are my rights if the director denies my application for a license?208-620-290What fees must I pay for my application for a consumer loan license?208-620-300If I want to operate my business from more than one location, do I have to license each location?208-620-301If I make residential mortgage loans and employ managers, must they license individually as mortgage loan originators?208-620-310Is it necessary to license an office that is only providing underwriting and other back-office services?208-620-320What is the amount of the surety bond required for my consumer loan license?208-620-321What are the capital requirements for a nondepository residential mortgage loan servicer applicant and licensee servicing loans guaranteed by one or more government sponsored entity (GSE) and/or government corporation?208-620-322What are the capital requirements for a nondepository residential mortgage loan servicer applicant or licensee servicing loans not guaranteed by a government sponsored entity (GSE) and/or government corporation?208-620-324What are the capital requirements for a student education loan servicer?208-620-327How often will my bond amount change?208-620-328For purposes of the annual assessment and surety bond calculation, how often must I report my Washington activity?208-620-330Does the surety bond need to reflect coverage for licensee and its W-2 employees and independent contractors?208-620-340Do I have any alternative to maintaining a surety bond?208-620-341If I originate residential mortgage loans and my company relies on the bond substitute, must my licensed mortgage loan originators obtain an individual bond?208-620-350If I qualify to use a bond substitute in lieu of a surety bond, what documentation do I have to provide to the department?208-620-360What if I use a bond substitute and my unimpaired capital falls below the minimum?208-620-370What are the grounds for denying or conditioning my consumer loan company license application?208-620-371May I employ someone to work with Washington residents or Washington property who has been convicted of a gross misdemeanor or felony, or who has had a financial services-related license revoked or suspended?208-620-372Am I responsible for the actions of my employees and independent contractors?208-620-373What happens to residential mortgage loans in the pipeline if a mortgage loan originator leaves my company?208-620-374What action must I take in the NMLS if I fire a residential mortgage loan originator or if a residential mortgage loan originator quits?208-620-378Knowledge of the law and rules 208-620-400Can I share an office with another business?208-620-420May I transact my company business in a name other than the name on my company license?208-620-425May I transfer or assign my license?208-620-430What are my annual filing requirements as a consumer loan licensee?208-620-431What are my quarterly call report filing requirements?208-620-440How do I calculate the annual assessment for my nonmortgage activity in Washington?208-620-441How do I calculate the annual assessment for my residential mortgage activity in Washington?208-620-442How do I calculate the annual assessment for my student education loan servicing activity in Washington?208-620-460Must I file my annual reports even if I go out of business during the year?208-620-480What are my reporting responsibilities if my company files for bankruptcy?208-620-490What are my reporting responsibilities when something of significance happens to my business?208-620-499What are my reporting requirements if I want to close my company or surrender my license?208-620-500What are my reporting requirements if I want to close one or more of my branch offices?208-620-505In addition to the Consumer Loan Act, what other laws do I have to comply with?208-620-506Must my underwriting analysis of a borrower's residential mortgage loan application include a determination of the borrower's ability to repay the loan?208-620-507What elements of an ability to repay analysis must be part of my underwriting policy of a conventional residential mortgage loan?208-620-510What are my disclosure obligations to consumers?208-620-511What is the disclosure required under RCW 19.144.020 for residential mortgage loans?208-620-513In a residential mortgage loan transaction, what are my disclosure obligations to the company that brokered the loan to me?208-620-515What authority do I have after my license has been issued?208-620-520What are the records I must maintain and for how long must I maintain them?208-620-530Can I maintain my records electronically?208-620-531Must I have a business resumption plan?208-620-532Records disposal 208-620-540Do I need to account separately for payments from borrowers for third-party service providers?208-620-545Must I provide a written agreement when I provide third-party residential mortgage loan modification services?208-620-550What business practices are prohibited?208-620-551Residential mortgage loan servicers—What business practices are prohibited?208-620-552Third-party residential loan modification service providers—What business practices are prohibited?208-620-553Conducting residential mortgage loan servicing activities in the United States or outside the United States 208-620-554Conducting student education loan servicing activities in the United States or outside the United States 208-620-555Allowable loan fees and timing of collection 208-620-556What fees must I refund to the borrower if I provide services subject to the act but do not have a license?208-620-560Restricted or conditional loan fees 208-620-561What fees can I collect on VA loans?208-620-563Prohibited fees on certain loans 208-620-565What fees am I allowed to charge or receive when acting as a residential mortgage loan broker under the act?208-620-566What fees am I not allowed to charge or receive when brokering residential mortgage loans under the act?208-620-567What fees can I charge when servicing residential mortgage loans under the act?208-620-568What fees am I not allowed to charge when providing third-party residential mortgage loan modification services under the act?208-620-569What fees can I charge the student education loan borrower when servicing student education loans?208-620-570What are the grounds for suspending or revoking a consumer loan company license?208-620-571Information security program required by the federal Safeguards Rule implementing the Gramm-Leach-Bliley Act 208-620-572Consumer financial information privacy under the Gramm-Leach-Bliley Act (GLBA) and Regulation P 208-620-573Notice to consumers of data breach 208-620-580As a licensee, will my business be subject to periodic examinations?208-620-585Compliance management system (CMS)208-620-590How much will I be charged for my examinations and when will the payment be due?208-620-600How often will the department visit my business to examine my records?208-620-601What assistance may the department seek in conducting an investigation or examination of my business?208-620-610What authority does the department have to investigate violations of the Consumer Loan Act?208-620-611What federal guidance has the director adopted for use by the department in determining if a violation under RCW 31.04.027 has occurred?208-620-612What must I do to comply with the federal guidelines on nontraditional mortgage loan product risks and statement on subprime lending?208-620-613When I develop policies and procedures to implement the federal guidelines on applicable conventional residential mortgage loans, what topics must be included?208-620-614What Washington law protects my rights when my license is suspended or revoked?208-620-615Application of the Administrative Procedure Act 208-620-620How do I have to identify my business when I advertise?208-620-621May I advertise over the internet using a URL address that is not my licensed business name?208-620-622When advertising using the internet or any electronic form (including, but not limited to, text messages), is there specific content the advertisements must contain?208-620-630What are some of the advertising restrictions I must comply with?208-620-640What are some of the federal laws I must comply with when I advertise any loan subject to the Consumer Loan Act?208-620-650Will the director waive fees charged under the Consumer Loan Act?208-620-660What is required for a Washington licensed loan originator to work from their residence without licensing the residence as a branch location?208-620-700Mortgage loan originator—General 208-620-710Mortgage loan originator—Licensing 208-620-715Temporary authority to originate loans 208-620-720Loan originator—Prelicensing education 208-620-725Mortgage loan originator—Testing 208-620-730Loan originator—Continuing education 208-620-800What definitions are applicable to proprietary reverse mortgage products under the act?208-620-805Does this part (WAC 208-620-800 through 208-620-850) apply to the FHA approved home equity conversion mortgage (HECM) product?208-620-810What requirements must I meet before offering or making proprietary reverse mortgages to Washington residents?208-620-820What specific loan terms and conditions are allowed or required in the proprietary reverse mortgages I make to Washington residents?208-620-825What reverse mortgage program information must I submit to the director for approval before offering or making proprietary reverse mortgages?208-620-830What disclosures or statements must I provide to a borrower in a reverse mortgage transaction?208-620-835Under 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?208-620-850What is the process I must follow to obtain the department's approval of my proprietary reverse mortgage product?208-620-900Servicing residential mortgage loans—General requirement 208-620-905Servicing residential mortgage loans—Maintenance of the escrow account 208-620-920Servicing residential mortgage loans—Borrower requests for information 208-620-930Servicing residential mortgage loans—Loss mitigation 208-620-935Servicing residential mortgage loans—Foreclosure 208-620-950Servicing student education loans—General requirements 208-620-960Servicing student education loans—Requests for information 208-620-970Servicing student education loans—Acquiring, transferring, or selling servicing activities