2005 Washington Revised Code RCW 19.146.200: License — Required — Independent contractor — Suit or action as mortgage broker — Display of license. (Effective until January 1, 2007.)
(1) A person may not engage in the business of a mortgage broker, except as an employee of a person licensed or exempt from licensing, without first obtaining and maintaining a license under this chapter. However, a person who independently contracts with a licensed mortgage broker need not be licensed if the licensed mortgage broker and the independent contractor have on file with the director a binding written agreement under which the licensed mortgage broker assumes responsibility for the independent contractor's violations of any provision of this chapter or rules adopted under this chapter; and if the licensed mortgage broker's bond or other security required under this chapter runs to the benefit of the state and any person who suffers loss by reason of the independent contractor's violation of any provision of this chapter or rules adopted under this chapter.
(2) A person may not bring a suit or action for the collection of compensation as a mortgage broker unless the plaintiff alleges and proves that he or she was a duly licensed mortgage broker, or exempt from the license requirement of this chapter, at the time of offering to perform or performing any such an act or service regulated by this chapter. This subsection does not apply to suits or actions for the collection or compensation for services performed prior to October 31, 1993.
(3) The license must be prominently displayed in the mortgage broker's place of business.
[1997 c 106 § 8; 1994 c 33 § 7; 1993 c 468 § 5.]
Severability -- 1997 c 106: See note following RCW
19.146.010.
Effective dates -- 1993 c 468: "(1) Sections 2 through 4, 9, 13, and 21 through 23 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 shall take effect immediately [May 17, 1993].
Adoption of rules -- Severability -- 1993 c 468: See notes following RCW 19.146.0201.
RCW 19.146.200 (1) A person, unless specifically exempted from this chapter under RCW
19.146.020, may not engage in the business of a mortgage broker or loan originator without first obtaining and maintaining a license under this chapter.
[2006 c 19 § 9; 1997 c 106 § 8; 1994 c 33 § 7; 1993 c 468 § 5.]
Effective dates -- 1993 c 468: "(1) Sections 2 through 4, 9, 13, and 21 through 23 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 shall take effect immediately [May 17, 1993].
Adoption of rules -- Severability -- 1993 c 468: See notes following RCW 19.146.0201.
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