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WAC 230-03-211

Defining "lending agent," "loan servicer," or "placement agent."

(1) "Lending agent," "loan servicer," or "placement agent" means any person or entity, other than a regulated lending institution, that finds, administers, facilitates, or services loans for a licensee.
(2) The services of lending agents, loan servicers, or placement agents include, but are not limited to:
(a) Charging an ongoing fee for their services;
(b) Maintaining rights as the lender;
(c) Determining when the loan is in default; and/or
(d) Maintaining access to collateral.
[Statutory Authority: RCW 9.46.070. WSR 06-24-030 (Order 605), ยง 230-03-211, filed 11/29/06, effective 1/1/08.]
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