Tag Archive: "Washington"
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Washington Recent Updates
Washington recently made various updates to multiple code sections. Definitions For updates to various definitions please refer to the following code sections: WAC 208-620-010, WAC 208-620-011 and for reverse mortgages under WAC 208-620-800 and WAC 208-620-820. WAC 208-620-104 Exemptions from licensing as a consumer loan company A person is exempt if they are, “selling property […]
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Washington Enacts Uniform Power of Attorney Act and Amends Foreclosures Deeds of Trust Statute
Washington has enacted a Uniform Power of Attorney statute that takes effect on January 1, 2017. Additionally, Washington has amended its Foreclosure Deeds of Trusts legislation which is effective on July 1, 2015. Uniform Power of Attorney Washington’s power of attorney statute applies to all powers of attorney except a power joined with an interest […]
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State of Washington Enacts Substitute Senate Bill 5299
By Marlana Melendez, J.D.DefinitionsTo prevent ambiguity, the statute lists definitions that are to be applied to the remaining sections. More details on the specific language used for each definition can be found in the statute. Escrow AgentsUnder Section 1 of the foregoing statute, a person must not engage in business as an escrow agent by […]
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State of Washington Amends Foreclosure Fairness Act
by: Margaret WrightThe Washington State Legislature has passed House Bill 2723 amending the Foreclosure Fairness Act. The purpose of the Foreclosure Fairness Act (“the Act”) is to encourage homeowners to utilize housing counseling, facilitate communication between homeowners and beneficiaries in an effort to avoid foreclosure whenever possible and to provide guidance where foreclosure mediation has […]
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Washington Amends Statute of Limitations and adds New Provisions
by: Nicole LegereThe state of Washington amended several existing provisions by clarifying the statute of limitations. Additionally, two sections were added to establish new requirements for the protection of information and submission of reports. The first section verifies that information remains covered under privacy laws after being disclosed to the Director of the Department of […]
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Washington Amends Mortgage Originator and Escrow Agent Rules
by: Margaret WrightThe Washington Department of Financial Institutions has issued amendments effective January 1, 2014 to the Mortgage Broker Practices Act, Consumer Loan Act and Escrow Agent Registration Act. Mortgage Broker Practices Act and Consumer Loan Act The Mortgage Broker Practices Act and Consumer Loan Act sections concerning loan originator pre-licensing education and testing requirements […]
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Washington State Revises Consumer Loan Act
by: Margaret Wright, Esq. The Washington State Senate has passed Senate Bill 5207 amending the Washington Consumer Loan Act. Notably, the Bill in part makes amendments regarding fee collection, key definitions, enforcement in relation to licensee violations, exemptions, and recordkeeping requirements. Fee Collection Advanced fees may no longer be collected for loan modification […]