Washington § 30A.04.505 - Fairness in lending act — Definitions.

Full text of Washington Revised Code of Washington § 30A.04.505 — Fairness in lending act — Definitions., with citation guidance and answers to common questions.

§ 30A.04.505. Fairness in lending act — Definitions.

As used in RCW 30A.04.505 through 30A.04.515:
(1) "Financial institution" means any bank, savings bank, credit union, mortgage company, or savings and loan association which operates or has a place of business in this state whether regulated by the state or federal government.
(2) "Particular type of loan" refers to a class of loans which is substantially similar with respect to the following:
(a) FHA, VA, or conventional loans;
(b) Uniform or nonuniform payment;
(c) Uniform or nonuniform rate of interest;
(d) Purpose; and
(e) The location of the real estate offered as security for the loan as being inside or outside of that financial institution's lending area.
(3) "Varying the terms of a loan" includes, but is not limited to the following practices:
(a) Requiring a greater down payment than is usual for the particular type of a loan involved;
(b) Requiring a shorter period of amortization than is usual for the particular type of loan involved;
(c) Charging a higher interest rate than is usual for the particular type of loan involved;
(d) A deliberate underappraisal of the value of the property offered as security.
[ 2014 c 37 s 143; 1977 ex.s. c 301 s 11. Formerly RCW 30.04.505.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 30A.04.505

What does Revised Code of Washington § 30A.04.505 cover?

Section 30A.04.505 ("Fairness in lending act — Definitions.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 30A.04.505?

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Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

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