Revised Code of Washington - RCW Title 19 Business Regulations -- Miscellaneous - Chapter 19.146 Mortgage Broker Practices Act

19.146.005 Findings and declaration
The legislature finds and declares that the brokering of residential real estate loans substantially affects the public interest, requiring that all actions in mortgage brokering ...
19.146.010 Definitions
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter. (1) "Affiliate" means any person who directly or indirectly through ...
19.146.020 Exemptions from chapter
(1) Except as provided under subsections (2) through (4) of this section, the following are exempt from all provisions of this chapter: (a)(i) Any person ...
19.146.0201 Loan originator, mortgage broker -- Prohibitions -- Requirements
It is a violation of this chapter for a loan originator, mortgage broker required to be licensed under this chapter, or mortgage broker otherwise exempted ...
19.146.030 Written disclosure of fees and costs -- Rules -- Contents -- Lock-in agreement terms -- Excess fees limited
(1) Within three business days following receipt of a loan application or any moneys from a borrower, a mortgage broker or loan originator on behalf ...
19.146.040 Written contract required -- Contract entered by loan originator binding on mortgage broker -- Written correspondent or loan broker agreement required
(1) Every contract between a mortgage broker, or a loan originator, and a borrower shall be in writing and shall contain the entire agreement of ...
19.146.050 Moneys for third-party provider services deemed in trust -- Deposit of moneys in trust account -- Use of trust account -- Rules -- Tax treatment
(1) All moneys received by a mortgage broker from a borrower for payment of third-party provider services shall be deemed as held in trust immediately ...
19.146.060 Accounting requirements
(1) A mortgage broker shall use generally accepted accounting principles. (2) Except as otherwise provided in subsection (3) of this section, a mortgage broker shall ...
19.146.070 Fee, commission, or compensation -- When permitted
(1) Except as otherwise permitted by this section, a mortgage broker shall not receive a fee, commission, or compensation of any kind in connection with ...
19.146.080 Borrowers unable to obtain loans -- Mortgage broker to provide copies of certain documents -- Conditions -- Exceptions
Except as otherwise required by the United States Code or the Code of Federal Regulations, now or as amended, if a borrower is unable to ...
19.146.085 Duties -- Generally
The activities of a mortgage broker affect the public interest, and require that all actions of mortgage brokers, designated brokers, loan originators, and other persons ...
19.146.095 Fiduciary duties
(1) A mortgage broker has a fiduciary relationship with the borrower. For the purposes of this section, the fiduciary duty means that the mortgage broker ...
19.146.100 Violations of chapter -- Application of consumer protection act
The legislature finds that the practices governed by this chapter are matters vitally affecting the public interest for the purpose of applying the consumer protection ...
19.146.103 Financial interest in a mortgage broker -- Prohibited practices
(1) A mortgage broker, loan originator, officer or employee of any mortgage broker, or person who has a financial interest in a mortgage broker shall ...
19.146.110 Criminal penalty
Any person who violates any provision of this chapter other than RCW 19.146.050 or any rule or order of the director is guilty of a ...
19.146.200 Mortgage broker or loan originator -- License required -- Suit or action for collection of compensation -- Display of license -- Designated broker required
(1) A person, unless specifically exempted from this chapter under RCW 19.146.020, may not engage in the business of a mortgage broker or loan originator ...
19.146.205 License -- Application -- Applicant to furnish information establishing identity -- Background check -- Fee -- Bond or alternative
(1) Application for a mortgage broker license under this chapter shall be in writing and in the form prescribed by the director. The application shall ...
19.146.210 License -- Requirements for issuance -- Denial -- Validity -- Surrender -- Interim license -- Rules
(1) The director shall issue and deliver a mortgage broker license to an applicant if, after investigation, the director makes the following findings: (a) The ...
19.146.215 Continuing education -- Rules
The designated broker of every licensee shall complete an annual continuing education requirement. The director shall establish standards in rule for approval of professional organizations ...
19.146.220 Director -- Powers and duties -- Violations as separate violations -- Rules
(1) The director may enforce all laws and rules relating to the licensing of mortgage brokers and loan originators, grant or deny licenses to mortgage ...
19.146.221 Action by director -- Hearing -- Sanction
The director may, at his or her discretion and as provided for in *RCW 19.146.220(2), take any action specified in RCW 19.146.220(1). If the person ...
19.146.223 Director -- Administration and interpretation
The director shall have the power and broad administrative discretion to administer and interpret the provisions of this chapter to fulfill the intent of the ...
19.146.225 Director -- Rule-making powers
In accordance with the administrative procedure act, chapter 34.05 RCW, the director may issue rules under this chapter only after seeking the advice of the ...
19.146.227 Cease and desist order -- Action to enjoin and enforce
Whenever the director determines that the public is likely to be substantially injured by delay in issuing a cease and desist order, the director may ...
19.146.228 Fees -- Rules -- Exception
The director shall establish fees by rule in accordance with the policy established in RCW 43.24.086 and fees shall be sufficient to cover, but not ...
19.146.230 Administrative procedure act application
The proceedings for denying license applications, issuing cease and desist orders, suspending or revoking licenses, and imposing civil penalties or other remedies issued pursuant to ...
19.146.235 Director's authority to conduct investigations and examinations -- Rules -- Penalty
The director or a designee has authority to conduct investigations and examinations as provided in this section. (1) For the purposes of investigating violations or ...
19.146.237 Director -- Powers under chapter 19.144 RCW
The director or the director's designee may take such action as provided for in this chapter to enforce, investigate, or examine persons covered by chapter ...
19.146.240 Violations -- Claims against bond or alternative
(1) The director or any person injured by a violation of this chapter may bring an action against the surety bond or approved alternative of ...
19.146.245 Violations -- Liability
A licensed mortgage broker is liable for any conduct violating this chapter by the designated broker, a loan originator, or other licensed mortgage broker while ...
19.146.250 Authority restricted to person named in license -- Exceptions
No license issued under the provisions of this chapter shall authorize any person other than the person to whom it is issued to do any ...
19.146.260 Registered agent for brokers without physical office in state -- Venue
Every licensed mortgage broker that does not maintain a physical office within the state must maintain a registered agent within the state to receive service ...
19.146.265 Branch offices -- Fee -- Licenses -- Rules
A licensed mortgage broker may apply to the director for authority to establish one or more branch offices under the same or different name as ...
19.146.280 Mortgage brokerage commission -- Code of conduct -- Complaint review
(1) There is established the mortgage broker commission consisting of seven commission members who shall act in an advisory capacity to the director on mortgage ...
19.146.290 Licensee to provide director with annual report of mortgage broker activity
(1) A licensee shall provide the director with an annual report of mortgage broker activity. The director may by rule create a schedule and format ...
19.146.300 Loan originator license--Application -- Applicant to furnish information establishing identification -- Background check -- Fees -- Rules
(1) Application for a loan originator license under this chapter shall be in writing and in the form prescribed by the director. The application shall ...
19.146.310 Loan originator license -- Requirements for issuance -- Denial -- Validity -- Expiration -- Surrender -- Interim license
(1) The director shall issue and deliver a loan originator license if, after investigation, the director makes the following findings: (a) The loan originator applicant ...
19.146.320 Loan originator license -- Not assignable
A loan originator license, or the authority granted under such a license, is not assignable and cannot be transferred, sold, or franchised by contract or ...
19.146.330 Loan originator -- Limit on applications taken
A loan originator may only take an application on behalf of one mortgage broker at a time, and that mortgage broker must be clearly identified ...
19.146.900 Short title
This act shall be known and cited as the "mortgage broker practices act."[1987 c 391 § 2.] ...
19.146.901 Severability -- 1987 c 391
If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application ...
19.146.902 Severability -- 1994 c 33
If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application ...
19.146.903 Effective dates -- 1994 c 33
This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public ...
19.146.904 Implementation of act -- 2006 c 19
The director of the department of financial institutions or the director's designee may take such steps as are necessary to ensure that chapter 19, Laws ...
19.146.905 Effective date -- 2006 c 19
This act takes effect January 1, 2007.[2006 c 19 § 24.] ...

Last modified: April 7, 2009