Regulatory Alerts2008-06-11 | ISGC-2008-005A-DFIISGC-2008-005A-DFI — Licensing Exemptions For State Savings Bank Subsidiary Under Mortgage Broker Practices Act And Consumer Loan Act
The Washington State Department of Financial Institutions confirms that a state-chartered savings bank and its multi-tiered subsidiary series limited liability companies are exempt from licensing under the Consumer Loan Act and the Mortgage Broker Practices Act. This determination relies on statutory interpretations of RCW 31.04.025 and RCW 19.146.020(1)(a)(i), which exempt entities doing business under state banking laws and their affiliated subsidiaries. The ruling applies generally to similarly situated Washington State-chartered savings and commercial banks and their subsidiaries, subject to the accuracy of the factual representations provided.
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