Title 19 — Title 19 BUSINESS REGULATIONS—MISCELLANEOUS
111 chapters · 1,481 sections in this title.
RCW 19.146.005 Findings and declaration.
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The legislature finds and declares that the brokering of residential real estate loans substantially affects the public interest, requiring that all actions in mortgage brokering be actuated by good faith, and that mortgage brokers, designated brokers, loan originators, and other…
RCW 19.146.010 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.(1) "Affiliate" means any person who directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with another pers…
RCW 19.146.020 Exemptions from chapter.
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(1) The following are exempt from all provisions of this chapter:(a) Any person doing business under the laws of the state of Washington or the United States, and any federally insured depository institution doing business under the laws of any other state, relating to commercial…
RCW 19.146.0201 Loan originator, mortgage broker—Prohibitions—Requirements.
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It is a violation of this chapter for loan originators, mortgage brokers, officers, directors, employees, independent contractors, or any other person subject to this chapter to:(1) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or l…
RCW 19.146.030 Written disclosure of fees and costs—Rules—Contents—Lock-in agreement terms—Excess fees limited.
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(1) Within three business days following receipt of a loan application from a borrower, a mortgage broker or loan originator must provide to the borrower a full written disclosure containing an itemization and explanation of all fees and costs that the borrower is required to pay…
RCW 19.146.040 Written contract required—Contract entered by loan originator binding on mortgage broker—Written loan broker agreement required.
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(1) Every contract between a mortgage broker, or a loan originator, and a borrower must be in writing and contain the entire agreement of the parties.(2) Any contract under this section entered by a loan originator is binding on the mortgage broker.(3) A mortgage broker must have…
RCW 19.146.050 Moneys for third-party provider services deemed in trust—Deposit of moneys in trust account—Use of trust account—Rules—Tax treatment.
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(1) All moneys received by a mortgage broker from a borrower for payment of third-party provider services shall be deemed as held in trust immediately upon receipt by the mortgage broker. A mortgage broker shall deposit, prior to the end of the third business day following receip…
RCW 19.146.060 Accounting requirements.
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(1) A mortgage broker shall use generally accepted accounting principles.(2) Except as otherwise provided in subsection (3) of this section, a mortgage broker shall maintain accurate and current books and records which shall be readily available at a location available to the dir…
RCW 19.146.070 Fee, commission, or compensation—When permitted.
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(1) Except as otherwise permitted by this section, a mortgage broker must not receive a fee, commission, or compensation of any kind in connection with the preparation, negotiation, and brokering of a residential mortgage loan unless a borrower actually obtains a loan from a lend…
RCW 19.146.080 Borrowers unable to obtain loans—Mortgage broker to provide copies of certain documents—Conditions—Exceptions.
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Except as otherwise required by the United States Code or the Code of Federal Regulations, now or as amended, if a borrower is unable to obtain a loan for any reason and the borrower has paid for an appraisal, title report, or credit report in full, the mortgage broker shall give…
RCW 19.146.085 Duties—Generally.
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The activities of a mortgage broker affect the public interest, and require that all actions of mortgage brokers, designated brokers, loan originators, and other persons subject to this chapter be actuated by good faith, abstain from deception, and practice honesty and equity in …
RCW 19.146.095 Fiduciary duties.
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(1) A mortgage broker has a fiduciary relationship with the borrower. For the purposes of this section, the fiduciary duty means that the mortgage broker has the following duties:(a) A mortgage broker must act in the borrower's best interest and in the utmost good faith toward th…
RCW 19.146.100 Violations of chapter—Application of consumer protection act.
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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 prese…
RCW 19.146.103 Financial interest in a mortgage broker—Prohibited practices.
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(1) A mortgage broker, loan originator, officer or employee of any mortgage broker, or person who has a financial interest in a mortgage broker shall not, directly or indirectly, give any fee, kickback, payment, or other thing of value to any person as an inducement, reward for p…
RCW 19.146.110 Criminal penalty.
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Any person who violates any provision of this chapter other than RCW 19.146.050 or any rule or order of the director is guilty of a misdemeanor punishable under chapter 9A.20 RCW.[ 2003 c 53 s 159; 1993 c 468 s 20; 1987 c 391 s 13.]Notes:Intent—Effective date—2003 c 53: See notes…
RCW 19.146.200 Mortgage broker or loan originator—License required—Suit or action for collection of compensation—Designated broker required.
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(1) A person, unless specifically exempted from this chapter under RCW 19.146.020, may not engage in the business of a mortgage broker or loan originator without first obtaining and maintaining a license under this chapter.(2) A person may not bring a suit or action for the colle…
RCW 19.146.205 License—Application—Applicant to furnish information establishing identity—Background check—Fee—Bond or alternative.
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(1) Application for a mortgage broker license under this chapter must be made to the nationwide mortgage licensing system and registry and in the form prescribed by the director. The application must contain at least the following information:(a) The name, address, date of birth,…
RCW 19.146.210 License—Requirements for issuance—Denial—Validity—Surrender—Interim license—Rules.
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(1) The director shall issue and deliver a mortgage broker license to an applicant if, after investigation, the director makes the following findings:(a) The applicant has paid the required license fees;(b) The applicant has complied with RCW 19.146.205;(c) Neither the applicant,…
RCW 19.146.215 Continuing education—Rules.
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The designated broker of every licensee shall complete an annual continuing education requirement. The director shall establish standards in rule for approval of professional organizations offering continuing education to designated brokers. The director may approve continuing ed…
RCW 19.146.218 Informal settlement of complaints or enforcement actions—Director's discretion.
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Except to the extent prohibited by another statute, the director may engage in informal settlement of complaints or enforcement actions including, but not limited to, payment to the department for purposes of financial literacy and education programs authorized under RCW 43.320.1…
RCW 19.146.220 Director—Powers and duties—Violations as separate violations—Rules.
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(1) The director may enforce all laws and rules relating to the licensing of mortgage brokers and loan originators, grant or deny licenses to mortgage brokers and loan originators, and hold hearings.(2) The director may impose fines and order restitution and refunds against licen…
RCW 19.146.221 Action by director—Hearing—Sanction.
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(1) The director may, at his or her discretion, take any 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 o…
RCW 19.146.223 Director—Administration and interpretation.
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The director shall have the power and broad administrative discretion to administer and interpret the provisions of this chapter to fulfill the intent of the legislature as expressed in RCW 19.146.005.[ 1994 c 33 s 2.]
RCW 19.146.225 Director—Rule-making powers.
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In accordance with the administrative procedure act, chapter 34.05 RCW, the director may issue rules under this chapter only for the purpose of governing the activities of licensed mortgage brokers, loan originators, and other persons subject to this chapter.[ 2010 1st sp.s. c 7 …
RCW 19.146.226 Director—Licensing rules and interim procedures.
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For the purposes of implementing an orderly and efficient licensing process, the director may establish licensing rules and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals, the director may establish expedited rev…
RCW 19.146.227 Cease and desist order—Action to enjoin and enforce.
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Whenever the director determines that the public is likely to be substantially injured by delay in issuing a cease and desist order, the director may immediately issue a temporary cease and desist order. The order may direct the licensee to discontinue any violation of this chapt…
RCW 19.146.228 Fees—Exception.
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The director must establish fees sufficient to cover, but not exceed, the costs of administering this chapter. These fees may include:(1) An annual assessment paid by each licensee on or before a date specified by rule;(2) An investigation fee to cover the costs of any investigat…
RCW 19.146.230 Administrative procedure act application.
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The proceedings for denying license applications, issuing cease and desist orders, suspending or revoking licenses, and imposing civil penalties or other remedies issued pursuant to this chapter and any appeal therefrom or review thereof shall be governed by the provisions of the…
RCW 19.146.233 Subpoena authority—Application—Contents—Notice—Fees.
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(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…
RCW 19.146.235 Director's authority to conduct investigations and examinations—Rules—Penalty.
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The director or a designee has authority to conduct investigations and examinations as provided in this section.(1) For the purposes of investigating violations or complaints arising under this chapter, the director or his or her designee may make an investigation of the operatio…
RCW 19.146.237 Director—Powers under chapter 19.144 RCW.
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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 s 14.]Notes:Findings—2008 c 108: See RCW 19.144.005.
RCW 19.146.240 Violations—Claims against bond or alternative.
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(1) The director or any person injured by a violation of this chapter may bring an action against the surety bond or approved alternative of the licensed mortgage broker who committed the violation or who employed or engaged the loan originator who committed the violation.(2)(a) …
RCW 19.146.245 Violations—Liability.
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A licensed mortgage broker is liable for any conduct violating this chapter by the designated broker, a loan originator, or other licensed mortgage broker while employed or engaged by the licensed mortgage broker.[ 1997 c 106 s 16; 1994 c 33 s 22; 1993 c 468 s 15.]Notes:Severabil…
RCW 19.146.250 Authority restricted to person named in license—Exceptions.
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No license issued under the provisions of this chapter shall authorize any person other than the person to whom it is issued to do any act by virtue thereof nor to operate in any other manner than under his or her own name except:(1) A licensed mortgage broker may operate or adve…
RCW 19.146.260 Registered agent for brokers without physical office in state—Venue.
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Every licensed mortgage broker that does not maintain a physical office within the state must maintain a registered agent within the state to receive service of any lawful process in any judicial or administrative noncriminal suit, action, or proceeding against the licensed mortg…
RCW 19.146.265 Branch offices—Fee—Licenses—Rules.
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A licensee may not maintain more than one place of business under the same license unless:(1) The director approves the licensed mortgage broker's application, made in a form and manner established in rule, to establish one or more branch offices under the same or different name …
RCW 19.146.300 Loan originator license—Application—Applicant to furnish information establishing identification—Background check—Fees—Rules.
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(1) Application for a loan originator license under this chapter must be made to the nationwide mortgage licensing system and registry and in the form prescribed by the director. The application must contain at least the following information:(a) The name, address, date of birth,…
RCW 19.146.310 Loan originator license—Requirements for issuance—Denial—Validity—Expiration—Surrender—Interim license.
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(1) The director shall issue and deliver a loan originator license if, after investigation, the director makes the following findings:(a) The loan originator applicant has paid the required license fees;(b) The loan originator applicant has met the requirements of RCW 19.146.300;…
RCW 19.146.320 Loan originator license—Not assignable.
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A loan originator license, or the authority granted under such a license, is not assignable and cannot be transferred, sold, or franchised by contract or any other means.[ 2006 c 19 s 21.]
RCW 19.146.325 Loan originator license—Test.
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(1) To obtain a loan originator license, an individual must pass a test developed by the nationwide mortgage licensing system and registry and administered by a test provider approved by the nationwide mortgage licensing system and registry based upon reasonable standards.(2) An …
RCW 19.146.340 Loan originator applicants.
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(1) Each loan originator applicant shall complete at least twenty hours of prelicensing education approved by the nationwide mortgage licensing system and registry. The prelicensing education shall include at least three hours of federal law and regulations; three hours of ethics…
RCW 19.146.350 Loan originators—Continuing education—Requirements.
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(1) A licensed mortgage loan originator must complete a minimum of eight hours of continuing education, eight of which is approved by the nationwide mortgage licensing system and registry which must include at least three hours of federal law and regulations; two hours of ethics,…
RCW 19.146.353 Residential mortgage loan modification services—Written fee agreement—Limitation on fees—Rules.
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(1) In addition to any other requirements under federal or state law, an advance fee may not be collected for residential mortgage loan modification services unless a written disclosure summary of all material terms, in the format adopted by the department under subsection (2) of…
RCW 19.146.355 Third-party residential mortgage loan modification services providers—Duties—Restrictions.
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(1) In addition to complying with all requirements for loan originators under this chapter, third-party residential mortgage loan modification services providers must:(a) Provide a written fee disclosure summary as described in RCW 19.146.353 before accepting any advance fee;(b) …
RCW 19.146.357 Mortgage loan originator—License required—Nationwide mortgage licensing system and registry.
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An individual defined as a mortgage loan originator may 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 id…
RCW 19.146.360 Director's duty—Process to challenge information—Nationwide mortgage licensing system and registry.
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The director shall establish a process whereby mortgage loan originators may challenge information entered into the nationwide mortgage licensing system and registry by the director.[ 2009 c 528 s 12.]Notes:Effective date—License requirement—Implementation—2009 c 528: See notes f…
RCW 19.146.370 Disclosure of information—Privilege—Confidentiality—Exceptions.
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(1) Except as otherwise provided in section 1512 of the S.A.F.E. act, the requirements under any federal law or chapter 42.56 RCW regarding the privacy or confidentiality of any information or material provided to the nationwide mortgage licensing system and registry, and any pri…
RCW 19.146.380 Director's authority to contract—Records and fees.
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In order to fulfill the purposes of chapter 528, Laws of 2009, the director is authorized to establish relationships or contracts with the nationwide mortgage licensing system and registry or other entities designated by the nationwide mortgage licensing system and registry to co…
RCW 19.146.390 Mortgage brokers—Call reports—Licensing system and registry.
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Each mortgage broker licensee must submit call reports through the nationwide mortgage licensing system and registry in a form and containing the information as prescribed by the director or as deemed necessary by the nationwide mortgage licensing system and registry.[ 2015 c 229…
RCW 19.146.400 Director's authority—Violation and enforcement reporting.
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The director is authorized to regularly report violations of chapter 528, Laws of 2009, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry.[ 2009 c 528 s 18.]Notes:Effective date—License requirement—Implementati…