DFI has adopted amended rules under the Mortgage Broker Practices Act (WAC 208-660) and the Consumer Loan Act (WAC 208-620). The rules were amended to implement amendments (SB 5077, Ch.15, Laws of 2021) to both acts which provides authority, under certain circumstances, to licensed companies to allow licensed mortgage loan originators to work from their residences without the company licensing the residence as a branch office.
Visit DFI’s Rulemaking webpage to view all rulemaking documents.
The Legislative session started in January, and it has been a busy session. While the Division of Consumer Services is not running any bills this year, there are several we are watching as they may impact our area of regulation. A few of the ones we are watching closely are:
- HB 1349 – among other things, extends the period of time during which a borrower may be referred to foreclosure mediation.
- HB 1424 – amends the Consumer Loan Act to prohibit the use of consumer loans for the purchase of a live dog or cat.