Section 30A.04.505 - Fairness in lending act-DefinitionsAs used in RCW 30A.04.505 through 30A.04.515:
(1) "Financial institution" means any bank, 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 loans;(b) Uniform or nonuniform payment;(c) Uniform or nonuniform rate of interest;(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.Amended by 2014 c 37,§ 143, eff. 1/5/2015.Recodified from 30.04.505 by 2014 c 37,§ 4, eff. 1/5/2015.