Washington Code 82.04.29005 – Tax on loan interest — 2012 2nd sp.s. c 6
Current as of: 2023 | Check for updates
|
Other versions
(1) Amounts received as interest on loans originated by a person located in more than ten states, or an affiliate of such person, and primarily secured by first mortgages or trust deeds on nontransient residential properties are subject to tax under RCW 82.04.290(2)(a).
Terms Used In Washington Code 82.04.29005
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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
(2) For the purposes of this subsection [section], a person is located in a state if:
(a) The person or an affiliate of the person maintains a branch, office, or one or more employees or representatives in the state; and
(b) Such in-state presence allows borrowers or potential borrowers to contact the branch, office, employee, or representative concerning the acquiring, negotiating, renegotiating, or restructuring of, or making payments on, mortgages issued or to be issued by the person or an affiliate of the person.
(3) For purposes of this section:
(a) “Affiliate” means a person is affiliated with another person, and “affiliated” has the same meaning as in RCW 82.04.645; and
(b) “Interest” has the same meaning as in RCW 82.04.4292 and also includes servicing fees described in RCW 82.04.4292(4).
NOTES:
Existing rights, liabilities, or obligations—2012 2nd sp.s. c 6: “This act does not affect any existing right acquired or liability or obligation incurred under the sections amended or repealed or under any rule or order adopted under those sections, nor does it affect any proceeding instituted under those sections.” [ 2012 2nd sp.s. c 6 § 701.]
Effective dates—Contingent effective date—2012 2nd sp.s. c 6: “(1) Parts I, II, and V through VII of this act are necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and take effect July 1, 2012.
(2) Section 302 of this act does not take effect if the contingency in subsection (3) of this section occurs.
(3) Section 303 of this act takes effect if Substitute House Bill No. 2530 or any other legislation repealing RCW 82.32.534 is enacted during the 2012 1st special session and signed into law.
(4) Parts III and IV of this act are necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and take effect immediately [May 2, 2012].” [ 2012 2nd sp.s. c 6 § 703.]