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#1194804 - 06/02/09 08:58 PM S.A.F.E Act and HB 1621
mzachau, CRCM Offline
Gold Star
mzachau, CRCM
Joined: Oct 2006
Posts: 470
San Francisco
WA state recently passed HB 1621 to be compliant with the S.A.F.E Act. Within HB 1621 they use the term "consumer loan companies" and "mortgage companies". According to the S.A.F.E Act there are no lincensing requirements or training hour requirements for agency regulated institutions, but it seems as though the HB is requiring loan officers to obtain a license as well as hour requirements for training. This is not consistent with what the S.A.F.E Act requirements for LO's working for a FI that is regulated by an agency (FDIC, OTS, OCC, NCUA). The Act only requires they be registered and update information annually

Anyone interpreting this differently? or have any clerification?

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#1194834 - 06/02/09 09:33 PM Re: S.A.F.E Act and HB 1621 mzachau, CRCM
Moman Offline
Platinum Poster
Joined: Jul 2004
Posts: 505
Page 8, sec 3.1 states: ”This chapter does not apply to the following “(a) Any person doing business under, and as permitted by any law of this state of of the United States relating to banks, savings banks,…………”. “Person” is defined as individuals, partnerships… corporations, and all other legal entities.”

Appears banks are exempt.

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#1196952 - 06/05/09 08:00 PM Re: S.A.F.E Act and HB 1621 Moman
RFitzpatrick Offline
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Joined: Apr 2002
Posts: 424
Pacific NW
It looks like the recent SAFE proposal is have FI loan officers also register (national registry) under SAFE. The state goes further and requires additional testing/licensing, but exempts FI's. I think they may still need to register, but not license, at some point.
Liability for taking my advice is limited to the amount you paid for it.

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