BILL REQ. #: H-4880.2
| State of Washington | 60th Legislature | 2008 Regular Session |
Read first time 01/28/08. Referred to Committee on Insurance, Financial Services & Consumer Protection.
AN ACT Relating to residential mortgage loans; and adding a new chapter to Title 19 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 The definitions in this section apply
throughout this chapter unless the context clearly requires otherwise.
(1) "Person" means individuals, partnerships, associations, limited
liability companies, limited liability partnerships, trusts,
corporations, and all other legal entities.
(2) "Residential mortgage loan" means any loan primarily for
personal, family, or household use secured by a mortgage or deed of
trust on residential real estate upon which is constructed or intended
to be constructed a single-family dwelling or multiple-family dwelling
of four or less units.
NEW SECTION. Sec. 2 Any person that is making a residential
mortgage loan that has an office located in this state for the purpose
of making a residential mortgage loan must be licensed under chapter
19.146 RCW unless they are exempt from licensing under RCW 19.146.020.
NEW SECTION. Sec. 3 Sections 1 and 2 of this act constitute a
new chapter in Title