Washington § 31.04.525 - Preapproval required from department of financial institutions — Application of section — Rules.

Full text of Washington Revised Code of Washington § 31.04.525 — Preapproval required from department of financial institutions — Application of section — Rules., with citation guidance and answers to common questions.

§ 31.04.525. Preapproval required from department of financial institutions — Application of section — Rules.

(1) This section does not apply to a home equity conversion mortgage or other federally administered reverse mortgage product. A proprietary reverse mortgage loan product may not be offered without preapproval by the department of financial institutions.
(2) The director may make rules regarding the preapproval process, and may require any documentation, information, standards, or data deemed necessary by the director. The director may disapprove any proprietary reverse mortgage loan products that contain or incorporate by reference any inconsistent, ambiguous, or misleading provisions or terms, or exceptions and conditions which unreasonably or deceptively affect the reverse mortgage contract. Additional grounds for disapproval may include, without limitation, the existence in the proprietary product of any benefits provided to the borrower that are contrary to public policy.
[ 2009 c 149 s 5.]

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

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Frequently Asked Questions About Washington § 31.04.525

What does Revised Code of Washington § 31.04.525 cover?

Section 31.04.525 ("Preapproval required from department of financial institutions — Application of section — Rules.") 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 § 31.04.525?

A common citation format is "Revised Code of Washington § 31.04.525" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

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.

How does Washington § 31.04.525 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

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