2012 Revised Code of Washington
Title 31 - MISCELLANEOUS LOAN AGENCIES
31.04 Consumer loan act.
31.04.535 Lender default -- Treble damages -- Civil remedies.
RCW 31.04.535 Lender default — Treble damages — Civil remedies.
(1) In addition to any other remedies, if a lender defaults on any of the reverse mortgage loan terms and fails to cure an actual default after notice as specified in the loan documents, the borrower, or the borrower's estate, is entitled to treble damages.
(2) An arrangement, transfer, or lien subject to this chapter is not invalidated solely because of the failure of a lender to comply with any provision of this chapter. However, this section does not preclude the application of any other existing civil remedies provided by law.
(3) A violation of federal legal requirements for an FHA-approved reverse mortgage as defined in RCW 31.04.505(1) constitutes a violation of this chapter.
[2009 c 149 § 7.]
Disclaimer: These codes may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
