A financial institution may not make or facilitate a residential mortgage loan that includes any provisions that impose negative amortization and which are subject to the interagency guidance on nontraditional mortgage product risks and the statement on subprime mortgage lending.
RCW 19.144.050
Negative amortization—Limitation.
Applied in 1 court decision — leading case Frank Bucci, App. v. Northwest Trustee Services, Resps. (2016)
Most recently applied in Frank Bucci, App. v. Northwest Trustee Services, Resps. (December 2016)
2008 c 108 s 6.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.