Washington Extends Temporary Waiver of Certain Fees

The State of Washington Department of Financial Institutions, Division of Consumer Services recently circulated an email to consumer loan companies, notifying them that certain fees under the Consumer Loan Act would temporarily continue to be waived in part or in full.  This waiver extends a similar waiver that was announced last year, which WBK covered here, and impacts the following fees:

• Hourly fees charged for consumer loan company examinations (July 1, 2020, through June 30, 2021);
• 2020 annual assessments on residential mortgage loans in portfolio on December 31, 2019 (note that residential mortgage loans brokered, purchased, and made in 2020 will continue to be assessed and that 2020 assessments are due in March 2021); and
• Mortgage loan originator renewal fees (reduced from $155 to $75 for the 2021 calendar year).