Revised Code of Washington
Chapter 31.04 - Consumer Loan Act.
31.04.035 - License required—When violation occurs.

RCW 31.04.035
License required—When violation occurs.

(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.
(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.

[ 2018 c 62 § 12; 2013 c 29 § 4; 2010 c 35 § 2; 2009 c 120 § 4; 2008 c 78 § 2; 1991 c 208 § 3.]
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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Structure Revised Code of Washington

Revised Code of Washington

Title 31 - Miscellaneous Loan Agencies

Chapter 31.04 - Consumer Loan Act.

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.