Section 31.04.035 - [Effective 6/6/2024] License required-When violation occurs(1) No person may engage in any activity subject to this chapter without first obtaining and maintaining a license in accordance with this chapter.(2) If a transaction violates subsection (1) of this section, any: (a) Nonthird-party fees charged in connection with the origination of the residential mortgage loan must be refunded to the borrower, excluding interest charges; and(b) Loan that is not a residential mortgage loan is null, void, uncollectable, and unenforceable.(3) The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.Amended by 2024 c 249,§ 4, eff. 6/6/2024.Amended by 2018 c 62,§ 12, eff. 6/7/2018.Amended by 2013 c 29,§ 4, eff. 7/28/2013.Amended by 2010 c 35,§ 2, eff. 7/1/2010. 2009 c 120 § 4; 2008 c 78 § 2; 1991 c 208 § 3.Prospective application- 2024 c 249: "This act shall apply prospectively only. The changes made to chapter 31.04 RCW by this act shall not be construed to apply to any loan issued prior to the effective date of the act, unless the loan is renegotiated or modified after the effective date of the act." [2024 c 249 § 5].
Short title- 2024 c 249: "This act may be known and cited as the predatory loan prevention act." [2024 c 249 § 1].
Findings-Declaration- 2009 c 120: See note following RCW 31.04.015.
Severability-2008 c 78: See note following RCW 31.04.025.
This section is set out more than once due to postponed, multiple, or conflicting amendments.