Fairness in lending act — Definitions.
RCW 30A.04.505
in effectAs used in RCW 30A.04.505 through 30A.04.515 : (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. (2) "Particular type of loan" refers to a class of loans which is substantially similar with respect to the following: (a) FHA, VA, or conventional loans; (b) Uniform or nonuniform payment; (c) Uniform or nonuniform rate of interest; (d) Purpose; and (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. (3) "Varying the terms of a loan" includes, but is not limited to the following practices: (a) Requiring a greater down payment than is usual for the particular type of a loan involved; (b) Requiring a shorter period of amortization than is usual for the particular type of loan involved; (c) Charging a higher interest rate than is usual for the particular type of loan involved; (d) A deliberate underappraisal of the value of the property offered as security.
As used in RCW 30A.04.505 through 30A.04.515 :
(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.
(2) "Particular type of loan" refers to a class of loans which is substantially similar with respect to the following:
(a) FHA, VA, or conventional loans;
(b) Uniform or nonuniform payment;
(c) Uniform or nonuniform rate of interest;
(d) Purpose; and
(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.
(3) "Varying the terms of a loan" includes, but is not limited to the following practices:
(a) Requiring a greater down payment than is usual for the particular type of a loan involved;
(b) Requiring a shorter period of amortization than is usual for the particular type of loan involved;
(c) Charging a higher interest rate than is usual for the particular type of loan involved;
(d) A deliberate underappraisal of the value of the property offered as security.
Source: WA Statutes (Official Site)URL: https://app.leg.wa.gov/RCW/default.aspx?cite=30A.04&full=trueFetched: 6/29/2026