Section 230-03-211. Defining "lending agent," "loan servicer," or "placement agent."

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(1) "Lending agent," "loan servicer," or "placement agent" means any person or entity, other than a regulated lending institution, that finds, administers, facilitates, or services loans for a licensee.

(2) The services of lending agents, loan servicers, or placement agents include, but are not limited to:

(a) Charging an ongoing fee for their services;

(b) Maintaining rights as the lender;

(c) Determining when the loan is in default; and/or

(d) Maintaining access to collateral.

[Statutory Authority: RCW 9.46.070. WSR 06-24-030 (Order 605), § 230-03-211, filed 11/29/06, effective 1/1/08.]

RCW 9.46.070. WSR 06-24-030 (Order 605), § 230-03-211, filed 11/29/06, effective 1/1/08.

                    
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