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Can you summarize Chapter 208-620 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > Washington Consumer Loan Act.
Short Summary
The Washington Consumer Loan Act governs various aspects of consumer loans in Washington state. It outlines licensing requirements for individuals and entities engaged in lending, extending credit, servicing or modifying residential mortgage loans, or servicing student education loans. The Act also regulates advertising practices, loan fees, continuing education for loan originators, and grounds for suspending or revoking a consumer loan company license. It applies to loan originators, consumer loan companies, mortgage servicers, and third-party loan modification service providers. Exemptions may apply under certain circumstances. Non-compliance or violation of the Act may result in penalties, including license suspension or revocation, refunding of fees or interest charged, and other remedies as determined by the Department of Financial Institutions.
Whom does it apply to?
The Washington Consumer Loan Act applies to individuals and entities engaged in lending money, extending credit, servicing or modifying residential mortgage loans, or servicing student education loans for Washington residents. It also applies to loan originators, consumer loan companies, mortgage servicers, and third-party loan modification service providers.
What does it govern?
The Washington Consumer Loan Act governs various aspects of consumer loans, including licensing requirements, advertising practices, loan fees, continuing education for loan originators, and grounds for suspending or revoking a consumer loan company license.
What are exemptions?
Exemptions under the Washington Consumer Loan Act include certain entities or individuals who qualify for exemptions under RCW 31.04.025 or 31.04.420.
What are the Penalties?
Penalties for non-compliance or violation of the Washington Consumer Loan Act may result in the suspension or revocation of licenses, refunding of fees or interest charged, and other remedies as determined by the Department of Financial Institutions.
Jurisdiction
Washington