Washington Code 30A.04.515 – Fairness in lending act — Sound underwriting practices not precluded
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Nothing contained in RCW 30A.04.505 through [and] 30A.04.510 shall preclude a financial institution from considering sound underwriting practices in processing any application for a loan to any person. Such practices shall include the following:
Terms Used In Washington Code 30A.04.515
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) The willingness and the financial ability of the borrower to repay the loan.
(2) The market value of any real estate and of any other item of property proposed as security for any loan.
(3) Diversification of the financial institution’s investment portfolio.
[ 2014 c 37 § 145; 1977 ex.s. c 301 § 13. Formerly RCW 30.04.515.]