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.]
RCW 31.12.003 Findings—Intent—1997 c 397.
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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 …
RCW 31.12.005 Definitions.
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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 foreign…
RCW 31.12.015 Declaration of policy.
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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 regula…
RCW 31.12.025 Use of words in name.
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(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-state…
RCW 31.12.035 Application for permission to organize—Approval.
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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…
RCW 31.12.055 Manner of organizing—Articles of incorporation—Submission to director.
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(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 bu…
RCW 31.12.065 Bylaws—Submission to director.
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(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) Rea…
RCW 31.12.075 Approval, denial of proposed credit union—Appeal.
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(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) …
RCW 31.12.085 Filing upon approval—Fee—Notice to director—Authority to commence business.
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(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 …
RCW 31.12.105 Amendment to articles of incorporation—Approval of director—Procedure.
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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…
RCW 31.12.115 Amendment to bylaws—Approval of director required—Procedure.
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(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 other…
RCW 31.12.185 Annual membership meetings.
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(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 …
RCW 31.12.195 Special membership meetings.
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(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 supe…
RCW 31.12.225 Board of directors—Election of directors—Terms—Vacancies—Meetings—Rules.
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(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 qual…
RCW 31.12.235 Directors—Qualifications—Operating officers and employees may serve.
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(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 twelve…
RCW 31.12.246 Removal of directors and supervisory committee members—Interim directors and supervisory committee members.
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(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…
RCW 31.12.251 Removal of directors—No quorum.
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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…
RCW 31.12.255 Board of directors—Powers and duties.
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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…
RCW 31.12.265 Officers.
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(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…
RCW 31.12.267 Officials—Fiduciary duty—Information relied on—Definition.
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(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 beli…
RCW 31.12.269 Directors and committee members—Limitations on personal liability—Exceptions.
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(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 …
RCW 31.12.285 Suspension of members of board or supervisory committee by board—For cause.
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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…
RCW 31.12.326 Supervisory committee—Membership—Terms—Vacancies—Operating officers and employees may not serve—Audit committee alternative.
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(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…
RCW 31.12.335 Supervisory committee—Duties.
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(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 member…
RCW 31.12.345 Suspension of members of a committee or members of the board by supervisory committee—For cause.
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(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…
RCW 31.12.365 Directors and supervisory committee members—Compensation—Reimbursement—Rules.
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(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…
RCW 31.12.367 Risk—Bond coverage—Notice to director—Timing.
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(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, …
RCW 31.12.372 Director may suspend any person, reason—Notice—Injunctions.
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(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…