Title 19 — Title 19 BUSINESS REGULATIONS—MISCELLANEOUS
111 chapters · 1,481 sections in this title.
RCW 19.144.005 Findings—2008 c 108.
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The legislature finds that responsible mortgage lending and homeownership are important to the citizens of the state of Washington. The legislature declares that protecting our residents and our economy from the threat of widespread foreclosures and providing homeowners with acce…
RCW 19.144.010 Definitions.
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Adjustable rate mortgage" or "ARM" means a payment option ARM or a hybrid ARM (commonly known as a 2/28 or 3/27 loan).(2) "Application" means the same as in Regulation…
RCW 19.144.020 Disclosure requirements—Department duties.
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(1) In addition to any other requirements under federal or state law, a residential mortgage loan may not be made unless a disclosure summary of all material terms, as adopted by the department in subsection (2) of this section, is placed on a separate sheet of paper and has been…
RCW 19.144.030 Interagency guidance on nontraditional mortgage product risks and the statement on subprime mortgage lending.
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(1) The department shall apply the interagency guidance on nontraditional mortgage product risks and the statement on subprime mortgage lending to financial institutions.(2)(a) Financial institutions subject to this chapter shall adopt and adhere to internal policies and procedur…
RCW 19.144.040 Prepayment penalty or fee—Limitation.
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A financial institution may not make or facilitate the origination of a residential mortgage loan that includes a prepayment penalty or fee that extends beyond sixty days prior to the initial reset period of an adjustable rate mortgage.[ 2008 c 108 s 5.]
RCW 19.144.050 Negative amortization—Limitation.
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A financial institution may not make or facilitate a residential mortgage loan that includes any provisions that impose negative amortization and which are subject to the interagency guidance on nontraditional mortgage product risks and the statement on subprime mortgage lending.…
RCW 19.144.060 Risk grade determination.
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A person licensed or subject to licensing, or otherwise subject to regulation pursuant to chapter 19.146 RCW, or a consumer loan company licensed or subject to licensing under chapter 31.04 RCW may not steer, counsel, or direct any borrower to accept a residential mortgage loan p…
RCW 19.144.070 Rule-making authority.
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The department may adopt rules necessary to implement this chapter, including but not limited to the authority to identify which sections of chapter 108, Laws of 2008 apply to open-end credit plans.[ 2008 c 108 s 8.]
RCW 19.144.080 Unlawful actions—Fraud, misrepresentation, deceptive practices.
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(1) It is unlawful for any person in connection with the mortgage lending process to directly or indirectly:(a)(i) Employ any scheme, device, or artifice to defraud or materially mislead any borrower during the lending process; (ii) defraud or materially mislead any lender, defra…
RCW 19.144.090 Criminal penalties—Dates of limitation—Venue—Civil penalties and damages—Correction of public record.
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(1) Any person who knowingly violates RCW 19.144.080 or who knowingly aids or abets in the violation of RCW 19.144.080 is guilty of a class B felony punishable under RCW 9A.20.021(1)(b). Mortgage fraud is a serious level III offense per chapter 9.94A RCW.(2) No information may be…
RCW 19.144.100 Unlawful actions—Proceeds and interest in real property—Criminal penalties.
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(1)(a) It is unlawful for a person to use or invest proceeds, or any part of proceeds, knowing that the proceeds, or any part of the proceeds, were derived, directly or indirectly, from a pattern of mortgage fraud activity, in the acquisition of any title to, or any right, intere…
RCW 19.144.110 Civil and administrative penalties.
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Any penalty imposed for violation of this chapter is in addition to, and not in lieu of, any civil or administrative penalty or sanction otherwise authorized by law.[ 2008 c 108 s 12.]
RCW 19.144.120 Director—Powers—Enforcement of chapter.
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The director or the director's designee may, at his or her discretion, take such actions as provided for in Titles *30, 32, and 33 RCW, and chapters 31.12, 31.04, and 19.146 RCW, to enforce, investigate, or examine persons covered by this chapter.[ 2008 c 108 s 13.]Notes:*Reviser…