CERTIFICATION OF ENROLLMENT

                  SUBSTITUTE SENATE BILL 6571

                        53rd Legislature

                      1994 Regular Session

Passed by the Senate March 6, 1994   YEAS 44   NAYS 2 President of the Senate Passed by the House March 3, 1994   YEAS 96   NAYS 0

CERTIFICATE I, Marty Brown, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 6571 as passed by the Senate and the House of Representatives on the dates hereon set forth.

Speaker of the             House of Representatives

Secretary

Approved Place Style On Codes above, and Style Off Codes below.

FILED

Governor of the State of Washington

Secretary of State                                             State of Washington

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                    SUBSTITUTE SENATE BILL 6571

          _______________________________________________

                      AS AMENDED BY THE HOUSE

             Passed Legislature - 1994 Regular Session

State of Washington      53rd Legislature     1994 Regular Session

By Senate Committee on Labor & Commerce (originally sponsored by Senators Moore, Wojahn, Gaspard, Franklin, Prentice and Winsley)

Read first time 02/04/94.

Disclosing information on residential real estate.

    AN ACT Relating to disclosing information prior to a residential mortgage loan closing; and adding a new chapter to Title 19 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter:

    (1) "Lender" means any person doing business under the laws of this state or the United States relating to banks, savings banks, trust companies, savings and loan associations, credit unions, consumer loan companies, insurance companies, real estate investment trusts as defined in 26 U.S.C. Sec. 856 and the affiliates, subsidiaries, and service corporations thereof, and all other persons who make residential mortgage loans.

    (2) "Residential mortgage loan" means any loan used for the purchase of a single-family dwelling or multiple-family dwelling of four or less units secured by a mortgage or deed of trust on the residential real estate.

NEW SECTION. Sec. 2.  A lender shall provide to the borrower, prior to the closing of a residential mortgage loan, true and complete copies of all appraisals or other documents relied upon by the lender in evaluating the value of the dwelling to be financed.  A borrower may waive in writing the lender's duty to provide the appraisals or other documents prior to closing.  This written waiver may not be construed to in any way limit the lender's duty to provide the information to the borrower at a reasonable later date.  This section shall only apply to purchase money residential mortgage loans.

NEW SECTION. Sec. 3.  Sections 1 and 2 of this act shall constitute a new chapter in Title 19 RCW.

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