Tag: Applicant

Credit Transactions — Definition of Application

by Gregory Williams, Esq. | Under Washington State Human Rights Commission (WSHRC) Credit Transaction Regulations, what is the definition of the term “application“? Here’s my point of view (NOTE: please read our DISCLAIMER before proceeding).

THE STATUTORY AUTHORITY (RCW)

RCW 49.60.120(3) is the statutory authority enabling the WSHRC to define the term “application.” See WAC 162-40-041, WA State Legislature Website (bottom of page body). The statute declares that the WSHRC has “the function[], power[], and dut[y] … [t]o adopt, amend, and rescind suitable rules to carry out the provisions of this chapter, and the policies and practices of the commission in connection therewith.” RCW 49.60.120(3) (hyperlinks added).

CREDIT TRANSACTIONS — DEFINITION OF APPLICATION

WAC 162-40-041 is the relevant regulation, and it defines the term “application” as follows:

For purposes of this regulation, unless the context indicates otherwise, the following definitions apply:

…

(4) “Application” means an oral or written request for an extension of credit that is made in accordance with procedures established by a creditor for the type of credit requested. The term does not include the use of an account or line of credit to obtain an amount of credit that is within a previously established credit limit. A “completed application” means an application in connection with which a creditor has received all the information that the creditor regularly obtains and considers in evaluating applications for the amount and type of credit requested (including, but not limited to, credit reports, any additional information requested from the applicant, and any approvals or reports by governmental agencies or other persons that are necessary to guarantee, insure, or provide security for the credit or collateral). The creditor shall exercise reasonable diligence in obtaining such information.

…

WAC 162-40-041 (emphasis added) (hyperlinks added).

LEARN MORE

If you would like to learn more, then consider contacting an experienced Washington State Employment Discrimination Attorney as soon as possible to discuss your case. Please note: the information contained in this article is not offered as legal advice and will not form an attorney-client relationship with Law Office of Gregory A. Williams, P.S., Inc.; Williams Law Group, PS; or the author of this article. Please see our DISCLAIMER.

–gw

Credit Transactions — Definition of Applicant

by Gregory Williams, Esq. | Under Washington State Human Rights Commission (WSHRC) Credit Transaction Regulations, what is the definition of the term “applicant“? Here’s my point of view (NOTE: please read our DISCLAIMER before proceeding).

THE STATUTORY AUTHORITY (RCW)

RCW 49.60.120(3) is the statutory authority enabling the WSHRC to define the term “applicant.” See WAC 162-40-041, WA State Legislature Website (bottom of page body). The statute declares that the WSHRC has “the function[], power[], and dut[y] … [t]o adopt, amend, and rescind suitable rules to carry out the provisions of this chapter, and the policies and practices of the commission in connection therewith.” RCW 49.60.120(3) (hyperlinks added).

CREDIT TRANSACTIONS — DEFINITION OF APPLICANT

WAC 162-40-041 is the relevant regulation, and it defines the term “applicant” as follows:

For purposes of this regulation, unless the context indicates otherwise, the following definitions apply:

…

(3) “Applicant” means any person who requests or who has received an extension of credit from a creditor, and includes any person who is or may be contractually liable regarding an extension of credit other than a guarantor, surety, endorser, or similar party.

…

WAC 162-40-041 (emphasis added) (hyperlinks added).

LEARN MORE

If you would like to learn more, then consider contacting an experienced Washington State Employment Discrimination Attorney as soon as possible to discuss your case. Please note: the information contained in this article is not offered as legal advice and will not form an attorney-client relationship with Law Office of Gregory A. Williams, P.S., Inc.; Williams Law Group, PS; or the author of this article. Please see our DISCLAIMER.

–gw

Credit Transactions — Definition of Creditor

by Gregory Williams, Esq. | Under Washington State Human Rights Commission (WSHRC) Credit Transaction Regulations, what is the definition of the term “creditor“? Here’s my point of view (NOTE: please read our DISCLAIMER before proceeding).

THE STATUTORY AUTHORITY (RCW)

RCW 49.60.120(3) is the statutory authority enabling the WSHRC to define the term “creditor.” See WAC 162-40-041, WA State Legislature Website (bottom of page body). The statute declares that the WSHRC has “the function[], power[], and dut[y] … [t]o adopt, amend, and rescind suitable rules to carry out the provisions of this chapter, and the policies and practices of the commission in connection therewith.” RCW 49.60.120(3) (hyperlinks added).

CREDIT TRANSACTIONS — DEFINITION OF CREDITOR

WAC 162-40-041 is the relevant regulation, and it defines the term “creditor” as follows:

For purposes of this regulation, unless the context indicates otherwise, the following definitions apply:

…

(11) “Creditor” means a person who, in the ordinary course of business, regularly participates in the decision of whether or not to extend credit. The term includes the creditor‘s assignee, transferee, or subrogee who so participates. The term also includes a person who, in the ordinary course of business, regularly refers applicants or prospective applicants to creditors, or selects or offers to select creditors to whom requests for credit may be made. A person is not a creditor regarding any violation committed by another creditor unless the person knew or had reasonable notice of the act, policy, or practice that constituted a violation before becoming involved in the credit transaction. The term does not include a person whose only participation in a credit transaction is to honor a credit card.

…

WAC 162-40-041 (emphasis added) (hyperlinks added).

LEARN MORE

If you would like to learn more, then consider contacting an experienced Washington State Employment Discrimination Attorney as soon as possible to discuss your case. Please note: the information contained in this article is not offered as legal advice and will not form an attorney-client relationship with Law Office of Gregory A. Williams, P.S., Inc.; Williams Law Group, PS; or the author of this article. Please see our DISCLAIMER.

–gw

Credit Transactions — Definition of Open End Credit

by Gregory Williams, Esq. | Under Washington State Human Rights Commission (WSHRC) Credit Transaction Regulations, what is the definition of “open end credit“? Here’s my point of view (NOTE: please read our DISCLAIMER before proceeding).

THE STATUTORY AUTHORITY (RCW)

RCW 49.60.120(3) is the statutory authority enabling the WSHRC to define the term “open end credit.” See WAC 162-40-041, WA State Legislature Website (bottom of page body). The statute declares that the WSHRC has “the function[], power[], and dut[y] … [t]o adopt, amend, and rescind suitable rules to carry out the provisions of this chapter, and the policies and practices of the commission in connection therewith.” RCW 49.60.120(3) (hyperlinks added).

CREDIT TRANSACTIONS — DEFINITION OF GOOD FAITH

WAC 162-40-041 is the relevant regulation, and it defines the term “open end credit” as follows:

For purposes of this regulation, unless the context indicates otherwise, the following definitions apply:

…

(17) “Open end credit” means credit extended under a plan in which a creditor may permit an applicant to make purchases or obtain loans from time to time directly from the creditor or indirectly by use of a credit card, check, or other device. The term does not include negotiated advances under an open end real estate mortgage or letter of credit.

…

WAC 162-40-041 (emphasis added) (hyperlinks added).

LEARN MORE

If you would like to learn more, then consider contacting an experienced Washington State Employment Discrimination Attorney as soon as possible to discuss your case. Please note: the information contained in this article is not offered as legal advice and will not form an attorney-client relationship with Law Office of Gregory A. Williams, P.S., Inc.; Williams Law Group, PS; or the author of this article. Please see our DISCLAIMER.

–gw