{"data":{"id":"us-wa/rcw-30a.04.505","jurisdiction":"us-wa","citation":"RCW 30A.04.505","heading":"Fairness in lending act—Definitions.","body":"As used in RCW 30A.04.505 through 30A.04.515:\n(1) \"Financial institution\" means any bank, savings bank, credit union, mortgage company, or savings and loan association which operates or has a place of business in this state whether regulated by the state or federal government.\n(2) \"Particular type of loan\" refers to a class of loans which is substantially similar with respect to the following:\n(a) FHA, VA, or conventional loans;\n(b) Uniform or nonuniform payment;\n(c) Uniform or nonuniform rate of interest;\n(d) Purpose; and\n(e) The location of the real estate offered as security for the loan as being inside or outside of that financial institution's lending area.\n(3) \"Varying the terms of a loan\" includes, but is not limited to the following practices:\n(a) Requiring a greater down payment than is usual for the particular type of a loan involved;\n(b) Requiring a shorter period of amortization than is usual for the particular type of loan involved;\n(c) Charging a higher interest rate than is usual for the particular type of loan involved;\n(d) A deliberate underappraisal of the value of the property offered as security.","path":["Title 30A","Chapter 30A.04"],"source_url":"https://app.leg.wa.gov/rcw/default.aspx?cite=30A.04.505","current_through":"July 15, 2026","vintage":"","retrieved_at":"2026-09-06T02:00:19Z","sha256":"c459eb6fd9998750ce1d0c2627a016dff1d3511cecba0c6a17f03918d20acf9c","source_id":"us-wa","stale":false,"prev":"us-wa/rcw-30a.04.500","next":"us-wa/rcw-30a.04.510"},"notice":"GroundRules: Original legal text. Not legal advice."}