As used in RCW 30A.04.505 through 30A.04.515: (1) "Financial institution" means any bank, savings bank, credit union, mortgage company, or savings and loan association which operates or has a place of business in this state whether regulated by the state or federal government. (2) "Particular type of loan" refers to a class of loans which is substantially similar with respect to the following: (a) FHA, VA, or conventional loans; (b) Uniform or nonuniform payment; (c) Uniform or nonuniform rate of interest; (d) Purpose; and (e) The location of the real estate offered as security for the loan as being inside or outside of that financial institution's lending area. (3) "Varying the terms of a loan" includes, but is not limited to the following practices: (a) Requiring a greater down payment than is usual for the particular type of a loan involved; (b) Requiring a shorter period of amortization than is usual for the particular type of loan involved; (c) Charging a higher interest rate than is usual for the particular type of loan involved; (d) A deliberate underappraisal of the value of the property offered as security.
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