Tag: Extension of Credit

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 Extend Credit & Extension of Credit

by Gregory Williams, Esq. | Under Washington State Human Rights Commission (WSHRC) Credit Transaction Regulations, what are the definitions of “extend credit” and “extension of 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 terms “extend credit” and “extension of 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 — DEFINITIONS OF EXTEND CREDIT & EXTENSION OF CREDIT

WAC 162-40-041 is the relevant regulation, and it defines the terms “extend credit” and “extension of credit” as follows:

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

…

(13) “Extend credit and extension of credit” mean the granting of credit in any form, including, but not limited to, credit granted in addition to any existing credit or credit limit; credit granted pursuant to an open end credit plan; the refinancing or other renewal of credit, including the issuance of a new credit card in place of an expiring credit card or in substitution for an existing credit card; the consolidation of two or more obligations; or the continuance of existing credit without any special effort to collect at or after maturity.

…

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