S-3483.1 _______________________________________________
SENATE BILL 6622
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State of Washington 57th Legislature 2002 Regular Session
By Senators Gardner and Winsley
Read first time 01/23/2002. Referred to Committee on Labor, Commerce & Financial Institutions.
AN ACT Relating to residential mortgage foreclosure; and adding a new section to chapter 31.04 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. A new section is added to chapter 31.04 RCW to read as follows:
A resident of this state who has obtained a residential mortgage loan from a licensee may not, as a result of a default in the performance of any condition contained in the mortgage, have a foreclosure action instituted against them by a licensee or a licensee's successor in interest pursuant to RCW 61.12.040 unless:
(1) The licensee or the licensee's successor in interest holding the mortgage has submitted the loan documents to the department of financial institutions for review;
(2) The director or his or her designee has contacted the borrower and requested information about the loan; and
(3) The director has determined that the loan did not violate any of the requirements of this chapter and was suitable for the customer at the time of its initiation, given the customer's financial circumstances, needs, and objectives.
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