Washington State Department of Financial Institutions

Consumer Loan Act Interpretive Letters Archive

2003-1999 | 1998 | 1997 | 1996 | 1995 | 1993-1992

The opinions expressed in the interpretive letters are informal and non-binding. These opinions reflect the position of the Division of Consumer Services (DCS) at the time they were produced. The DCS could learn of additional facts, which would cause us to change our position. The letters may also contain policy statements providing a written description of the current approach of DCS to implementation of a statute or other provision of law.

Readers are cautioned that the opinions in both the interpretive letters and policy statements may have changed because of statute or rule revisions or other additional facts presented. Consult your attorney for advice regarding the current state of the law and how it may apply to the issue or situation you have in mind.

Withdrawn Letters: View interpretive letters that have been withdrawn by the Division of Consumer Services.

Note: Only letters directed to all consumer loan companies and other interested parties are available by "hyperlink" from this page. If the letter you're interested in does not have a live hyperlink to the letter text, you may order a copy using the Public Records Request Form.

1993-1992 Interpretive Letters

Number 93-01 CL
Date 9/9/93
Statute 31.04.105(2)
Subject Limitation on fees
Summary Licensed consumer loan companies are exempt from the Mortgage Bkr. Practices Act. RCW 31.04.105(2) allows a licensee to charge an origination fee, not in excess of 4% of the 1st $20M and 2% thereafter of the principal amount of the loan advanced to or for the direct benefit of the borrower. A brokerage fee previously charged a potential borrower by the company or an affiliate, as a mortgage broker, is considered part of the origination fee. If a consumer loan is made on this same transaction, the fees will be added together and the total may not exceed the statutory limitation.

Number 92-02 CL
Date 12/3/92
Statute 31.04.105(3)
Subject Loan broker fees
Summary Loan broker fees may be included in the principal amount of a loan as long as the broker is not affiliated with or employed by the lender.