§ 31.04.015 Definitions
§ 31.04.025 Application of chapter
§ 31.04.027 Violations of chapter
§ 31.04.035 License required — When violation occurs
§ 31.04.045 License — Application — Background checks — Fee — Surety bond
§ 31.04.055 License — Director’s duties
§ 31.04.065 License — Information contained
§ 31.04.075 Licensee — Place of business
§ 31.04.085 Licensee — Assessment — Bond — Time of payment
§ 31.04.093 Licensing — Applications — Regulation of licensees — Director’s duties and authority — Fines — Orders — Statute of limitations
§ 31.04.102 Loans secured, or not secured, by lien on real property — Licensee’s obligations — Disclosure of fees and costs to borrower — Time limits
§ 31.04.105 Licensee — Powers — Restrictions
§ 31.04.115 Open-end loan — Requirements — Restrictions — Options
§ 31.04.125 Loan restrictions — Interest calculations
§ 31.04.135 Advertisements or promotions
§ 31.04.143 Subpoena authority — Application — Contents — Notice — Fees
§ 31.04.145 Investigations and examinations — Director’s duties and powers — Production of information — Costs
§ 31.04.155 Licensee — Recordkeeping — Director’s access — Report requirement — Failure to report
§ 31.04.165 Director — Broad administrative discretion — Rule making — Actions in superior court
§ 31.04.168 Director — Powers under chapter 19.144 RCW
§ 31.04.175 Violations — No penalty prescribed — Gross misdemeanor — Good faith exception
§ 31.04.202 Application of administrative procedure act
§ 31.04.205 Enforcement of chapter — Director’s discretion — Hearing — Sanctions — Recovery of costs
§ 31.04.208 Application of consumer protection act
§ 31.04.211 Application of chapter — 2009 c 120
§ 31.04.221 Mortgage loan originator — License required — Unique identifier required
§ 31.04.224 Licensing exemptions — Residential mortgage loans
§ 31.04.227 Mortgage loan origination — Independent contractors
§ 31.04.231 Individual loan processor — Licensing exemptions
§ 31.04.234 Mortgage loan originator license — Application form and content
§ 31.04.237 Use of nationwide mortgage licensing system and registry
§ 31.04.241 Mortgage loan originator application — Required submission and use of personal information
§ 31.04.244 Mortgage loan originator application — Required information — Fees
§ 31.04.247 Issuance of mortgage loan originator license — Necessary findings
§ 31.04.251 Mortgage loan originator license — Renewal — Surrender — Rules
§ 31.04.254 Mortgage loan originator licensing process — Rules — Interim procedures
§ 31.04.257 Mortgage loan originator interim license
§ 31.04.261 Mortgage loan originator — Prelicensing education requirements
§ 31.04.264 Mortgage loan originator — Testing requirements
§ 31.04.267 Mortgage loan originator — Continuing education requirements
§ 31.04.271 Mortgage loan originators — System information may be challenged
§ 31.04.274 Information provided to nationwide mortgage licensing system and registry — Confidentiality — Restrictions on sharing
§ 31.04.277 Consumer loan companies — When reports of condition are required
§ 31.04.281 Reports of violation — 2009 c 120
§ 31.04.284 Mortgage loan originator — Unique identifier — Display
§ 31.04.290 Residential mortgage loan servicer — Requirements — Written detailed information
§ 31.04.293 Residential mortgage loan modification services — Written disclosure summary — Limitation on fees — Rules
§ 31.04.297 Third-party residential mortgage loan modification services providers — Duties — Restrictions
§ 31.04.300 Residential mortgage loan servicer — Liquidity, operating reserves, tangible net worth requirements
§ 31.04.310 Residential mortgage or student education loan servicer — Appointment of receiver
§ 31.04.400 Program for student education loan servicers — Student achievement council’s student loan advocate — Costs — Fees
§ 31.04.405 Requirements for a student education loan servicer — Borrower request for information — Transfer of service rights — Records — Rules — Director’s obligations
§ 31.04.410 Student education loan servicer licensee
§ 31.04.415 Third-party student education loan modification services — Restrictions — Requirements
§ 31.04.420 Subject to student education loan servicer requirements — Exempt from licensing
§ 31.04.430 Dog or cat purchase contracts
§ 31.04.500 Short title
§ 31.04.505 Definitions
§ 31.04.510 Requirements of licensee — Minimum capital — Exceptions
§ 31.04.515 Loan requirements — Compliance — Rules
§ 31.04.520 Right to rescind transaction
§ 31.04.525 Preapproval required from department of financial institutions — Application of section — Rules
§ 31.04.530 Required notice to prospective borrower about counseling — Form — Contents — Annual disclosure statements — Property appraisals
§ 31.04.535 Lender default — Treble damages — Civil remedies
§ 31.04.540 Loan advances — Eligibility and benefits under means-tested programs — Subject to federal law
§ 31.04.901 Short title
§ 31.04.902 Effective dates, implementation — 1991 c 208
§ 31.04.903 Effective date — 2009 c 120
§ 31.04.904 Effective date — 2010 c 35
§ 31.04.905 Application — 2018 c 62
§ 31.04.906 Short title — 2018 c 62

Terms Used In Washington Code > Chapter 31.04 - Consumer loan act

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Credit bureau: An agency that collects individual credit information and sells it for a fee to creditors so they can make a decision on granting loans. Typical clients include banks, mortgage lenders, credit card companies, and other financing companies. (Also commonly referred to as consumer-reporting agency or credit-reporting agency.) Source: OCC
  • Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • 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
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Subpoena: A command to a witness to appear and give testimony.
  • Subpoena duces tecum: A command to a witness to produce documents.
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • Testimony: Evidence presented orally by witnesses during trials or before grand juries.
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
  • Usury: Charging an illegally high interest rate on a loan. Source: OCC