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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 208-620-567. What fees can I charge when servicing residential mortgage loans under the act?
Latest version.
- (1) You may charge servicing fees authorized by the loan documents, by the act, or by the borrower. Examples include, but are not limited to, late fees as authorized by the loan documents, insufficient check fees as authorized by the loan documents or as allowed under WAC 208-620-560(2), and wire transfer fees for wire transfers requested by the borrower.(2) You may only charge a fee for a default related service that is usual and customary or reasonable in light of the service provided.(3) You may not charge fees paid to third parties in excess of the fee charged by the third party.[Statutory Authority: RCW 43.320.040 and 31.04.165. WSR 13-24-024, § 208-620-567, filed 11/22/13, effective 1/1/14. Statutory Authority: RCW 43.320.040, 31.04.165 and 2010 c 35. WSR 10-20-122, § 208-620-567, filed 10/5/10, effective 11/5/10.]
RCW 43.320.040 and 31.04.165. WSR 13-24-024, § 208-620-567, filed 11/22/13, effective 1/1/14. Statutory Authority: RCW 43.320.040, 31.04.165 and 2010 c 35. WSR 10-20-122, § 208-620-567, filed 10/5/10, effective 11/5/10.
Rules
208-620-560,