Title 31 — Title 31 MISCELLANEOUS LOAN AGENCIES
8 chapters · 280 sections in this title.
RCW 31.04.400 Program for student education loan servicers—Student achievement council's student loan advocate—Costs—Fees.
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(1) The director shall establish fees by rule sufficient to cover the costs of administering the department's program for student education loan servicers and the student achievement council's student loan advocate. These fees may include:(a) An annual assessment specified in rul…
RCW 31.04.405 Requirements for a student education loan servicer—Borrower request for information—Transfer of service rights—Records—Rules—Director's obligations.
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(1) In addition to complying with any applicable federal program requirements, a student education loan servicer must comply with the following requirements:(a) Any fee that is assessed by a servicer must be assessed within forty-five days of the date on which the fee was incurre…
RCW 31.04.410 Student education loan servicer licensee.
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A student education loan servicer licensee must maintain liquidity, operating reserves, and a tangible net worth in accordance with generally accepted accounting principles as determined by the director. The director may adopt rules to implement this section. The director's oblig…
RCW 31.04.415 Third-party student education loan modification services—Restrictions—Requirements.
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(1) In addition to complying with federal and state law, including all requirements under chapter 18.28 RCW and this chapter, any person providing third-party student education loan modification services must:(a) Not charge or receive any money or other valuable consideration pri…
RCW 31.04.420 Subject to student education loan servicer requirements—Exempt from licensing.
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(1) The following are subject to the student education loan servicer requirements in this chapter, but are exempt from having to obtain and maintain a license in accordance with this chapter:(a) Trade, technical, vocational, or apprentice programs that teach skills related to a s…
RCW 31.04.430 Dog or cat purchase contracts.
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A contract entered into on or after July 28, 2019, for the payment to repay a loan for the purchase of a live dog or cat, where a security interest is granted in the dog or cat, is void and unenforceable.[ 2019 c 340 s 3.]Notes:Construction—Additional remedies—Dog or cat ownershi…
RCW 31.04.435 Finance or loan for purchase of dog or cat—Prohibition.
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A licensee shall not finance or make a loan for the purchase of a dog or cat. A loan entered into on or after July 23, 2023, for the purchase of a dog or cat is void and unenforceable and the licensee shall have no right to collect, receive, or retain any principal, interest, or …
RCW 31.04.500 Short title.
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RCW * 31.04.501 through 31.04.540 may be known and cited as the Washington state reverse mortgage act.[ 2009 c 149 s 10.]Notes:*Reviser's note: RCW 31.04.501 was repealed by 2017 3rd sp.s. c 25 s 14.
RCW 31.04.505 Definitions.
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "FHA-approved reverse mortgage" means a "home equity conversion mortgage" or other reverse mortgage product guaranteed or insured by the federal department of housing a…
RCW 31.04.510 Requirements of licensee—Minimum capital—Exceptions.
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(1) For purposes of RCW * 31.04.501 through 31.04.540, in addition to any other requirements, licensees must comply with the following requirements before offering proprietary reverse mortgage loans:(a) Maintain an irrevocable standby letter of credit approved by the director fro…
RCW 31.04.515 Loan requirements—Compliance—Rules.
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The department of financial institutions has specific authority to develop rules regarding the interpretation and implementation of this section. A proprietary reverse mortgage loan must comply with all of the following requirements:(1) For the purposes of this section prepayment…
RCW 31.04.520 Right to rescind transaction.
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The borrower in a proprietary reverse mortgage transaction has the same right to rescind the transaction as provided in the truth in lending act, Regulation Z, 12 C.F.R. Part 1026.[ 2015 c 229 s 36; 2009 c 149 s 4.]
RCW 31.04.525 Preapproval required from department of financial institutions—Application of section—Rules.
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(1) This section does not apply to a home equity conversion mortgage or other federally administered reverse mortgage product. A proprietary reverse mortgage loan product may not be offered without preapproval by the department of financial institutions.(2) The director may make …
RCW 31.04.530 Required notice to prospective borrower about counseling—Form—Contents—Annual disclosure statements—Property appraisals.
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(1) A proprietary reverse mortgage loan application may not be taken by a lender unless the loan applicant has received from the lender the following plain language statement in conspicuous bold sixteen-point type or larger, advising the prospective borrower about counseling prio…
RCW 31.04.535 Lender default—Treble damages—Civil remedies.
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(1) In addition to any other remedies, if a lender defaults on any of the reverse mortgage loan terms and fails to cure an actual default after notice as specified in the loan documents, the borrower, or the borrower's estate, is entitled to treble damages.(2) An arrangement, tra…
RCW 31.04.540 Loan advances—Eligibility and benefits under means-tested programs—Subject to federal law.
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(1) To the extent that implementation of this section does not conflict with federal law resulting in the loss of federal funding, proprietary reverse mortgage loan advances made to a borrower must be treated as proceeds from a loan and not as income for the purpose of determinin…
RCW 31.04.901 Short title.
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This chapter shall be known as the consumer loan act.[ 1991 c 208 s 21.]
RCW 31.04.902 Effective dates, implementation—1991 c 208.
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(1) Sections 1 through 23 of this act shall take effect January 1, 1992, but the director shall take such steps and adopt such rules as are necessary to implement this act by that date.(2) Section 24 of this act shall take effect January 1, 1993.[ 1994 c 92 s 174; 1991 c 208 s 25…
RCW 31.04.903 Effective date—2009 c 120.
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In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, sections 10 through 14, 16 through 19, 21 through 25, and 27 through 29 of this act take effect July 1, 2010.[ 2009 c 120 s 31.]
RCW 31.04.904 Effective date—2010 c 35.
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This act takes effect July 1, 2010.[ 2010 c 35 s 22.]
RCW 31.04.905 Application—2018 c 62.
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The requirements of chapter 62, Laws of 2018 do not apply to any person doing business under, and as permitted by, any law of this state or of the United States relating to banks, savings banks, trust companies, savings and loan or building and loan associations, or credit unions…
RCW 31.04.906 Short title—2018 c 62.
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This act may be known and cited as the Washington student education loan bill of rights.[ 2018 c 62 s 23.]