Title 31, MISCELLANEOUS LOAN AGENCIES

(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 …

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 owner…

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 * 31.04.501 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 Notes: *Reviser's note: RCW 31.04.501 was repealed by 2017 3rd sp.s. c 25 s 14.

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 …

(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 fr…

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 prepaymen…

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.]

(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…

(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…

(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, tr…

(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…

This chapter shall be known as the consumer loan act. [ 1991 c 208 s 21.]

(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 …

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.]

This act takes effect July 1, 2010. [ 2010 c 35 s 22.]

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…

This act may be known and cited as the Washington student education loan bill of rights. [ 2018 c 62 s 23.]

The legislature finds that credit unions provide many valuable services to the consumers of this state and will be better prepared to continue providing these services if the Washington state credit union act is modernized, clarified, and reorganized. Furthermore, the legislature…

Unless the context clearly requires otherwise, as used in this chapter: (1) "Board" means the board of directors of a credit union. (2) "Board officer" means an officer of the board elected under RCW 31.12.265(1). (3) "Branch" of a credit union, out-of-state credit union, or fore…

A credit union is a cooperative society organized under this chapter as a nonprofit corporation for the purposes of promoting thrift among its members and creating a source of credit for them at fair and reasonable rates of interest. The director is the state's credit union regul…

(1) A credit union shall include the words "credit union" in its name. (2) No person may conduct business or engage in any other activity under a name or title containing the words "credit union", or represent itself as a credit union, unless it is: (a) A credit union, out-of-sta…

Seven or more natural persons who reside in this state may apply to the director for permission to organize a credit union. The application must include copies of the proposed articles of incorporation and bylaws, and such other information as may be required by the director. The…

(1) Persons applying for the organization of a credit union shall execute articles of incorporation stating: (a) The initial name and location of the credit union; (b) That the duration of the credit union is perpetual; (c) That the purpose of the credit union is to engage in the…

(1) Persons applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include: (a) The name of the credit union; (b) The field of membership of the credit union; (c) …

(1) When the proposed articles of incorporation and bylaws complying with the requirements of RCW 31.12.055 and 31.12.065 have been filed with the director, the director shall: (a) Determine whether the articles of incorporation and bylaws are consistent with this chapter; and (b…

(1) Upon approval under RCW 31.12.075(2), the director shall deliver a copy of the articles of incorporation to the secretary of state for filing. Upon receipt of the approved articles of incorporation provided by the applicants, and the secretary of state filing fee paid by the …

A credit union's articles of incorporation may be amended by the board with the approval of the director. Complete applications for amendments to the articles must be approved or denied by the director within sixty days of receipt. Amendments to a credit union's articles of incor…

(1) A credit union's field of membership bylaws may be amended by the board with approval of the director. Complete applications to amend a credit union's field of membership bylaws must be approved or denied by the director within sixty days of receipt. (2) A credit union's othe…

(1) A credit union's annual membership meeting shall be held at such time and in such manner as the bylaws prescribe, and shall be conducted according to the rules of procedure approved by the board. (2) Notice of the annual membership meetings of a credit union shall be given as…

(1) A special membership meeting of a credit union may be called by: (a) A majority vote of the board; (b) Written petition signed or similarly authenticated by at least ten percent or two thousand of the members of a credit union, whichever is less; (c) A unanimous vote of the s…

(1) The business and affairs of a credit union shall be managed by a board of not less than five and not greater than fifteen directors. (2) The directors must be elected at the credit union's annual membership meeting. They shall hold their offices until their successors are qua…

(1) A director must be a natural person and a member of the credit union. If a director ceases to be a member of the credit union, the director shall no longer serve as a director. (2)(a) If a director is absent from more than one-fourth of the regular board meetings in any twelv…

(1) The members of a credit union may remove a director of the credit union at a special membership meeting held in accordance with RCW 31.12.195 and called for that purpose. If the members remove a director, the members may at the same special membership meeting elect an interim…

If at any time because of the removal of one or more credit union directors under this chapter, the board of directors of a credit union has less than a quorum of directors, all powers and functions vested in or exercisable by the board vest in and are exercisable by the director…

The business and affairs of a credit union shall be managed by the board of the credit union. The duties of the board include, but are not limited to, the duties enumerated in this section. The duties listed in subsection (1) of this section may not be delegated by the credit uni…

(1) The board at its first meeting after the annual membership meeting shall elect board officers from among its members, as provided in the credit union's bylaws. The board will elect as many board officers as it deems necessary for transacting the business of the board of the c…

(1) Officials owe a fiduciary duty to the credit union, and must discharge the duties of their positions: (a) In good faith; (b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and (c) In a manner the official reasonably b…

(1) Directors and committee members at a credit union or federal credit union have no personal liability for harm caused by acts or omissions performed on behalf of the credit union if: The director or committee member was acting within the scope of his or her duties at the time …

The board may, for cause, suspend a member of the board or a member of the supervisory committee until a special membership meeting, called for that purpose, is held under RCW 31.12.195. The membership meeting must be held within ninety days after the suspension. The members atte…

(1) A supervisory committee of at least three members must be elected at the annual membership meeting of the credit union. Members of the supervisory committee shall serve a term of three years, unless sooner removed under this chapter or until their successors are qualified and…

(1) The supervisory committee of a credit union shall: (a) Keep informed as to the financial condition of the credit union and the decisions of the credit union's board; (b) Perform or arrange for: (i) A complete annual audit of the credit union; and (ii) A verification of its me…

(1) The supervisory committee may, by unanimous vote, for cause, suspend a member of the board, until a special membership meeting called for that purpose is held in accordance with the requirements of RCW 31.12.195. The membership meeting must be held within ninety days after th…

(1) A credit union may pay to its directors and supervisory committee members reasonable compensation for their service as directors and supervisory committee members. Irrespective of whether it pays compensation to its directors or supervisory committee members, a credit union m…

(1) Each credit union must be adequately insured against risk. In addition, each director, officer, committee member, and employee of a credit union must be adequately bonded. (2) When a credit union receives notice that its fidelity bond coverage will be suspended or terminated,…

(1) The director may issue and serve written notice of charges under RCW 31.12.575 to suspend a person from further participation in any manner in the conduct of the affairs of a credit union if the director determines that such an action is necessary for the protection of the cr…