(1) No person may make secured or unsecured loans of money or things in action, or extend credit, or service or modify the terms or conditions of residential mortgage loans, or service or modify student education loans, without first obtaining and maintaining a license in accordance with this chapter, except those exempt under RCW 31.04.025 or not subject to licensure under RCW 31.04.420.

Terms Used In Washington Code 31.04.035

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(2) If a transaction violates subsection (1) of this section, any:
(a) Nonthird-party fees charged in connection with the origination of the residential mortgage loan must be refunded to the borrower, excluding interest charges; and
(b) Fees or interest charged in the making of a nonresidential loan must be refunded to the borrower.
(3) The director’s obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.

NOTES:

Findings—Declaration—2009 c 120: See note following RCW 31.04.015.
Severability—2008 c 78: See note following RCW 31.04.025.
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