RCW 30A.04.505
206 words·~1 min read·
/wa/title-30a/chapter-30a-04/30a-04-505·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in RCW 30A.04.505 through 30A.04.515 :
(1)"Financial institution" means any bank, savings bank, credit union, mortgage company, or savings and loan association which operates or has a place of business in this state whether regulated by the state or federal government.
(2)"Particular type of loan" refers to a class of loans which is substantially similar with respect to the following:
(a)FHA, VA, or conventional loans;
(b)Uniform or nonuniform payment;
(c)Uniform or nonuniform rate of interest;
(d)Purpose; and
(e)The location of the real estate offered as security for the loan as being inside or outside of that financial institution's lending area.
(3)"Varying the terms of a loan" includes, but is not limited to the following practices:
(a)Requiring a greater down payment than is usual for the particular type of a loan involved;
(b)Requiring a shorter period of amortization than is usual for the particular type of loan involved;
(c)Charging a higher interest rate than is usual for the particular type of loan involved;
(d)A deliberate underappraisal of the value of the property offered as security.
[ 2014 c 37 s 143 ; 1977 ex.s. c 301 s 11 . Formerly RCW 30.04.505 .]