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After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June 6, 2024.

Unlike the original version of this act proposed in Senate Bill 6025 and its identical companion bill, House Bill 1874, SSB 6025 as enacted does not include language expanding the definition of “loan” under the Washington Consumer Loan Act.… Continue Reading

House Bill 1874 (H.B. 1874), denominated the “predatory loan prevention act”, was pre-filed for introduction in the Washington state legislature December 5, 2023, and referred to the House Committee on Consumer Protection and Business on January 8, 2024. H.B. 1874 is scheduled for public hearing on January 10, 2024 in the Washington House Committee on Consumer Protection & Business at 1:30 p.m.… Continue Reading

The Washington Department of Financial Institutions has adopted regulations effective December 31, 2022 to implement amendments to the Consumer Loan Act permitting licensed companies to allow licensed mortgage loan originators to work from their residence without licensing the residence as a branch.

Among various amendments and clarifications to the regulations is new WAC § 208-620-660, which provides:

What is required for a Washington licensed loan originator to work from their residence without licensing the residence as a branch?… Continue Reading

The Washington State Department of Financial Institution (DFI) has published proposed revisions to its student loan servicer regulations. This proposal would amend rules that went into effect earlier this year pursuant to Washington’s student loan servicing law.

While most of the proposed amendments relate to mortgage loan origination, and several of the changes are merely technical, there are several substantive additions relevant to student loan servicers, including:

  • An affirmative requirement that Consumer Loan Act licensees disclose to all service members, in connection with student loans, their rights under state and federal service member laws and regulations;
  • A requirement that student loan servicers must (1) scrub against the Department of Defense’s Manpower Database on a monthly basis, (2) apply borrower entitlements accordingly, and (3) maintain related written policies and procedures (though compliance with applicable federal requirements is sufficient); and
  • A provision that would allow Consumer Loan Act licensees servicing student loans for Washington state borrowers to apply to the DFI’s director to have annual assessments waived or adjusted.
… Continue Reading

Effective July 28, debt collectors licensed in Washington will be subject to new requirements when collecting medical debt.

Substitute House Bill 1531, signed into law by Washington Governor Jay Inslee on April 30, amended the state’s debt collection law that requires debt collectors to be licensed by adding certain substantive requirements along with a definition of “medical debt.” … Continue Reading

The Washington state Senate and House of Representatives have passed a bill (House Bill 1056) that would expand the coverage of the Washington Service Members’ Civil Relief Act (WSCRA) and provide additional protections to active duty service members.  The bill is now awaiting signature by the state’s Governor, who is expected to sign it. … Continue Reading