WA DFI Continues Some Consumer Loan Act License Fee Waivers

The State of Washington Department of Financial Institutions (DFI) recently notified Consumer Loan Act licensees that it would continue to temporarily waive certain fees in part or in full for activity conducted pursuant to the Consumer Loan Act during 2024, extending similar waivers in past years.

Specifically, DFI is waiving the following categories of annual assessments for activity during 2024: residential mortgage loans in portfolio on December 31, 2023; residential mortgage loans purchased during the 2024 calendar year; and reverse mortgage accrued interest.  In addition, DFI will be assessing the following in an amount up to $200,000: residential mortgage loans made; non-mortgage loans made; residential mortgage loans brokered; and reverse mortgage advances made.

DFI is also waiving hourly fees charged on examinations from July 1, 2024, through June 30, 2025, although travel expenses may still be charged.

In addition, DFI is reducing its 2025 renewal fee for MLOs from $155 to $75.