WASHINGTON STATUTES AND CODES

30.04.505 - Fairness in lending act -- Definitions.

Fairness in lending act — Definitions.

As used in RCW 30.04.505 through 30.04.515:

     (1) "Financial institution" means any bank or trust company, mutual 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 as defined in *RCW 19.106.030(2);

     (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.