S.A.F.E Act and HB 1621

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?

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.

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.