Washington adopted rules amending the Consumer Lending Act. Under the adopted rules: licensing requirements for branch managers and companies providing loan processing or underwriting services are clarified; lenders and servicers must maintain a supervisory plan for each branch office; lenders that advertise a discounted rate are required to disclose the cost of the discount and the fact that the rate is discounted; lenders must be able to show a definitive mathematical relationship between a discount point paid and the interest rate obtained; references to federal good faith estimates and settlement statements are updated to include the Loan Estimate and the Closing Disclosure; the content of the rate lock agreement is amended; lenders and servicers are required to have written policies and procedures for the destruction of records; lenders and servicers must notify the Department of Financial Institutions in writing within 45 days of a data breach; lenders and servicers are required to assign a single point of contact for a borrower when the borrower requests loss mitigation; and lenders and servicers are required to provide a borrower with a letter of approval in the event a borrower is granted a loan payment forbearance. In addition, the adopted rules amend requirements with respect to exemptions, license denial, office requirements, notifications, and recordkeeping. The adopted rules become effective April 30, 2016.
See Washington State Department of Financial Institutions website for the full text of the Regulations:
http://www.dfi.wa.gov/documents/rulemaking/consumer-loans/2015/cla-adopted-rules.pdf
