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Washington Administrative Code (Last Updated: November 23, 2016) |
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Title 208. Financial Institutions, Department of (See Titles 50, 419, and 460) |
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Chapter 208-620. Washington Consumer Loan Act. |
Section 208-620-232. Can I make a small number of residential mortgage loans without being licensed at the company level?
Latest version.
- Pursuant to RCW 31.04.025(3) you may be eligible to make five or fewer residential mortgage loans during a calendar year without holding a company level license if you are not subject to licensing as a mortgage loan originator. See WAC 208-620-105. If you are eligible for the license waiver you must comply with certain conditions including the following:(1) If you do not provide the borrower with a compliant federal disclosure of the loan terms and conditions and cost of financing you must provide the buyer with a disclosure prescribed by the director.(2) You must comply with the state's usury rate limit. See chapter 19.52 RCW.(3) You must follow Washington law if you pursue a foreclosure.[Statutory Authority: Chapter 43.320 RCW, RCW 31.04.165. WSR 16-08-026, § 208-620-232, filed 3/30/16, effective 4/30/16. Statutory Authority: RCW 43.320.040 and 31.04.165. WSR 13-24-024, § 208-620-232, filed 11/22/13, effective 1/1/14.]
Chapter 43.320 RCW, RCW 31.04.165. WSR 16-08-026, § 208-620-232, filed 3/30/16, effective 4/30/16. Statutory Authority: RCW 43.320.040 and 31.04.165. WSR 13-24-024, § 208-620-232, filed 11/22/13, effective 1/1/14.
Rules
208-620-105,