Washington § 4.74.010 - Definitions. (Effective January 1, 2027.)

In this chapter:

(1) "Affiliate" has the same meaning as provided in RCW 48.31B.005.

(2) "Charge off" means a creditor's removal of a consumer debt as an asset from the creditor's financial records.

(3) "Consumer" means an individual named as a defendant in an action for collection of a consumer debt to which this chapter applies.

(4) "Consumer debt" means an obligation or alleged obligation of an individual to pay money that arises out of a transaction in which the money, property, insurance, or service that is the subject of the transaction is primarily for a personal, family, or household purpose.

(5) "Creditor" means a person to which a consumer debt is owed at the time of the itemization date. If purchased debt is owed on the itemization date, the "creditor" is the person to whom the purchased debt was owed immediately prior to the time the debt was purchased or acquired.

(6) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.

(7) "Finance charge" has the meaning in section 106 of the truth in lending act, 15 U.S.C. Sec. 1605.

(8) "Itemization date" means any of the following:

(a) Date of charge off;

(b) Date of any default or date the creditor becomes aware of any default;

(c) Date of disposition of property that secured the debt;

(d) Date of last statement provided by the creditor;

(e) Date of last payment;

(f) Date of transaction;

(g) Date of any arbitration award; or

(h) Date of assignment or transfer of the debt to a third party for the purposes of the third party collecting the debt for the assignor or transferor.

(9) "Medical debt" has the same meaning as provided in RCW 19.16.100.

(10) "Outstanding balance" means the amount owed on a consumer debt on the itemization date.

(11) "Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity.

(12) "Purchased debt" means debt that is purchased or ownership of which is acquired after having been incurred by the consumer.

(13) "Record" means information:

(a) Inscribed on a tangible medium; or

(b) Stored in an electronic or other medium and retrievable in perceivable form.

(14) "Secured consumer debt" means a consumer debt secured by real or personal property.

(15) "Sign" means, with present intent to authenticate or adopt a record:

(a) Execute or adopt a tangible symbol; or

(b) Attach to or logically associate with the record an electronic symbol, sound, or process.

(16) "Unsecured consumer debt" means a consumer debt not secured by real or personal property.

Effective date—2026 c 107: See note following RCW 4.74.900.