WAC 230-03-211   Defining "lending agent," "loan servicer," or "placement agent."  (1) "Lending agent," "loan servicer," or "placement agent" means any person or entity, other than a regulated lending institution, that finds, administers, facilitates, or services loans for a licensee.

     (2) The services of lending agents, loan servicers, or placement agents include, but are not limited to:

     (a) Charging an ongoing fee for their services;

     (b) Maintaining rights as the lender;

     (c) Determining when the loan is in default; and/or

     (d) Maintaining access to collateral.



[Statutory Authority: RCW 9.46.070. 06-24-030 (Order 605), § 230-03-211, filed 11/29/06, effective 1/1/08.]