Wash. Admin. Code § 230-03-211

Current through Register Vol. 24-21, November 1, 2024

Section 230-03-211 - Defining "lending agent," "loan servicer," or "placement agent."

(1) "Lending agent," "loan servicer," or "placement agent" means any person or entity, other than a regulated lending institution, that finds, administers, facilitates, or services loans for a licensee.

(2) The services of lending agents, loan servicers, or placement agents include, but are not limited to:

(a) Charging an ongoing fee for their services;

(b) Maintaining rights as the lender;

(c) Determining when the loan is in default; and/or

(d) Maintaining access to collateral.

Wash. Admin. Code § 230-03-211

Statutory Authority: RCW 9.46.070. 06-24-030 (Order 605), § 230-03-211, filed 11/29/06, effective 1/1/08.