((Each loan made to a resident of this state by a licensee
is subject to the authority and restrictions of this chapter,
unless such loan is made under the authority of chapter 63.14 RCW. This chapter shall not apply to any person doing business
under and as permitted by any law of this state or of the United
States relating to banks, savings banks, trust companies, savings
and loan or building and loan associations, or credit unions, nor
to any pawnbroking business lawfully transacted under and as
permitted by any law of this state regulating pawnbrokers, nor to
any loan of credit made pursuant to a credit card plan.))
(1) This chapter does not apply to the following:
(a) Any person doing business under, and as permitted by,
any law of this state or of the United States relating to banks,
savings banks, trust companies, savings and loan or building and
loan associations, or credit unions;
(b) Entities making loans under chapter 19.60 RCW
(pawnbroking);
(c) Entities making loans under chapter 63.14 RCW (retail
installment sales of goods and services);
(d) Entities making loans under chapter 31.45 RCW (check
cashers and sellers);
(e) Any person making loans primarily for business,
commercial, or agricultural purposes, or making loans made to
government or government agencies or instrumentalities, or to
organizations as defined in the federal truth in lending act;
(f) Entities making loans under chapter 43.185 RCW (housing
trust fund);
(g) Entities making loans under programs of the United
States department of agriculture, department of housing and urban
development, or other federal government program that provides
funding or access to funding for single-family housing
developments or grants to low-income individuals for the purchase
or repair of single-family housing; and
(h) Entities making loans which are not residential mortgage
loans under a credit card plan.
(2) The director may, at his or her discretion, waive
applicability of the consumer loan company licensing provisions
of this chapter to other persons, not including individuals
subject to the S.A.F.E. act, making loans when the director
determines it necessary to facilitate commerce and protect
consumers. The director may adopt rules interpreting this
section.
[2009 c 120 § 3; 2008 c 78 § 1; 2001 c 81 § 2; 1991 c 208 § 4.]
NOTES:
Findings -- Declaration -- 2009 c 120: See note following RCW 31.04.015.
RCW 31.04.025
Application of chapter (as amended by 2009 c
311).
(1) Each loan made to a resident of this state by a
licensee is subject to the authority and restrictions of this
chapter, unless such loan is made under the authority of chapter 63.14 RCW.
(2) This chapter shall not apply to any person doing
business under and as permitted by any law of this state or of
the United States relating to banks, savings banks, trust
companies, savings and loan or building and loan associations, or
credit unions, nor to any pawnbroking business lawfully
transacted under and as permitted by any law of this state
regulating pawnbrokers, nor to any loan of credit made pursuant
to a credit card plan.
(3) This chapter does not apply to nonprofit housing
organizations making loans, or loans made, under housing programs
that are funded in whole or in part by federal or state programs
if the primary purpose of the programs is to assist low-income
borrowers with purchasing or repairing housing or the development
of housing for low-income Washington state residents.
[2009 c 311 § 1; 2008 c 78 § 1; 2001 c 81 § 2; 1991 c 208 § 4.]
NOTES:
Reviser's note: RCW 31.04.025 was amended twice during the 2009 legislative session, each without reference to the other. For rule of construction concerning sections amended more than once during the same legislative session, see RCW 1.12.025.
Severability -- 2008 c 78: "If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected." [2008 c 78 § 5.]