Washington Division of Consumer Services continues waiver and reduction of certain Consumer Loan Act fees

State Issues Covid-19 Washington Consumer Finance

On July 15, the Washington Department of Financial Services, Division of Consumer Services, announced that it will continue to temporarily waive or reduce certain fees under the Consumer Loan Act. For activities conducted during 2020, the department will: (i) temporarily waive hourly fees charged on consumer loan company examinations between July 1, 2020, and June 30, 2021; (ii) for calendar year 2020 activity, temporarily waive assessments on residential mortgage loans in portfolio on December 31, 2019; and (iii) reduce mortgage loan originator renewal fees for the 2021 calendar year from $155 to $75. The division will continue to evaluate the possibility of additional fee waivers in the future.