Update on Changes to Washington’s Financial Services Law
Although they may not have received as much press as their federal counterparts in Washington, D.C., the Washington Legislature has also been busy addressing the financial crisis. This past season, the Legislature passed several statutes that will impact the Washington financial services community to various degrees. What follows is a short synopsis of each of these laws. A recent interpretation by the Washington Department of Financial Institutions (“DFI”) on the applicability of state law to loan modification activities is also included. Lane Powell’s Mortgage and Consumer Finance attorneys are available to assist clients with interpreting these new laws and preparing and implementing needed compliance programs.