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Washington Division of Consumer Services continues waiver and reduction of certain Consumer Loan Act fees
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.
Washington Department of Financial Institutions extends guidance on remote work for mortgage loan originators
On June 22, the Washington Department of Financial Institutions issued interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them relating to temporary remote work. The guidance extends earlier interim guidance permitting mortgage loan originators to work from home, previously covered here, until December 31, 2020.
Washington Department of Financial Institutions amends guidance for state regulated and exempt residential mortgage loan servicers
On June 19, the Washington Department of Financial Institutions issued amended guidance that replaces guidance issued in March to Washington State regulated and exempt residential mortgage loan servicers regarding support for consumers impacted by Covid-19. The amended guidance urges mortgage servicers to continue to assist consumers adversely impacted by Covid-19. The department further urges services to take “reasonable and prudent actions through September 30, 2020, subject to the requirements of any related guarantees or insurance policies” to support mortgagors by: (1) forbearing mortgage payments; (2) refraining from certain credit reporting; (3) offering additional time to complete trial loan modifications; (4) ensuring that late payments do not adversely affect a consumer’s ability to obtain permanent loan modifications; (5) waiving certain fees; (6) postponing foreclosures; (7) ensuring mortgagors do not experience service disruptions as a result of office closures; and (8) proactively reaching out to mortgagors to explain the assistance being offered.
Washington amends and extends proclamations regarding state of emergency, garnishments, and accrual of interest
On June 18, the Washington governor issued Proclamation 20-49.5, which amends and extends proclamations 20-05 (declaring a state of emergency) 20-49 (regarding garnishments and accrual of interest), 20-49.1 (garnishments and accrual of interest), 20-49.2 (garnishments and accrual of interest), 20-49.3 (garnishments), and 20-49.4 (garnishments). These proclamations were previously covered here and here. The referenced proclamations are amended to (1) recognize the extension of statutory waivers and suspensions by the Washington Legislature until the termination of the Covid-19 State of Emergency or 11:59 p.m. on July 1, 2020, whichever is first, and (2) similarly extend the prohibitions therein until the termination of the Covid-19 state of emergency or 11:59 p.m. on July 1, 2020, whichever is first.
Washington regulator issues guidance on financial performance representations by franchisors
On June 17, the Securities Division of the Washington Department of Financial Institutions issued a notice to inform franchisors about their obligations regarding representations about historical financial performance. In Washington, franchisors are legally prohibited from selling a franchise using a Franchise Disclosure Document (FDD) that contains an untrue statement of material fact or omits a statement of material fact. The notice indicated that if a franchisor submits FDDs that make historical financial performance representations based on data that predates the Covid-19 pandemic, the division will inquire as to whether this practice complies with federal and Washington requirements.
Washington extends proclamation regarding garnishments and accrual of interest
On May 22, Washington governor Jay Inslee issued Proclamation 20-49.2 amending and extending proclamations 20-05 (declaring a state of emergency) and 20.49, and 20.49.1 (regarding garnishments and accrual of interest) until the earlier of the termination of the Covid-19 state of emergency or 11:59pm on May 27. Proclamations 20.49 and 20.49.1 were previously covered here and here.
Washington state issues Phase 2 guidance for real estate industry
On May 19, Washington issued guidelines for the real estate industry during Phase 2 of the state’s reopening plan. Among other things, the guidelines prohibit in-person meetings with customers except when necessary to view a property or sign documents and limit attendance at on-site activities—such as such as appraisals, viewings, or walkthroughs — to three people.
Washington amends and extends proclamations regarding state of emergency, garnishments, and accrual of interest
On May 15, the Washington governor issued Proclamation 20-49.1, which amends and extends Proclamations 20-05 (declaring a state of emergency) and 20-49 (regarding garnishments and accrual of interest). Proclamation 20-49 was previously covered here. Proclamations 20-05 and 20-49 are amended to (i) recognize the extension of statutory waivers and suspensions by the Washington legislature until the sooner of the termination of the Covid-19 state of emergency or 11:59p.m. on May 21, 2020, whichever is first, and (ii) similarly extend the prohibitions contained in those proclamations until the earlier of the aforementioned dates.
Washington Department of Financial Institutions extends guidance regarding remote work for mortgage loan originators
On May 7, the Washington Department of Financial Institutions issued interim regulatory guidance to licensed mortgage loan originators and companies that sponsor them relating to temporary remote work. The guidance extends earlier interim guidance permitting mortgage loan originators to work from home, previously covered here, until July 10, 2020.
Washington insurance commissioner issues order regarding reporting requirements for collecting withheld depreciation payments
On April 27, the Washington insurance commissioner issued Executive Order 20-05 to insurers authorized to transact property and casualty insurance business and all entities regulated by the insurance commissioner. The order extends the deadline for policyholders of property and casualty insurance to report completed repairs in order to claim withheld depreciation payments until at least 60 days after June 26 or the expiration of the governor’s stay at home order, whichever is first.