Washington · statute · Wash. Rev. Code ch. 61.34 · 13 active provisions
The legislature finds that persons are engaging in patterns of conduct which defraud innocent homeowners of their equity interest or other value in residential dwellings under the guise of a purchase of the owner's residence but which is in fact a device to convert the owner's equity interest or other value in the resi…
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.(1) An "act of equity skimming" occurs when:(a)(i) A person purchases a dwelling with the representation that the purchaser will pay for the dwelling by assuming the obligation to make payments on existing mortg…
Any person who wilfully engages in a pattern of equity skimming is guilty of a class B felony under RCW 9A.20.021. Equity skimming shall be classified as a level II offense under chapter 9.94A RCW, and each act of equity skimming found beyond a reasonable doubt or admitted by the defendant upon a plea of guilty to be i…
(1) In addition to the criminal penalties provided in RCW 61.34.030, the legislature finds that the practices covered by this chapter are matters vitally affecting the public interest for the purpose of applying chapter 19.86 RCW. A violation of this chapter is not reasonable in relation to the development and preserva…
(1) Any provision in a contract that attempts or purports to require arbitration of any dispute arising under this chapter is void at the option of the distressed homeowner.(2) This section applies to any contract entered into on or after June 12, 2008.
(1) A distressed home consulting transaction must:(a) Be in writing in at least twelve-point font;(b) Be in the same language as principally used by the distressed home consultant to describe his or her services to the distressed homeowner. If the agreement is written in a language other than English, the distressed ho…
A distressed home consultant has a fiduciary relationship with the distressed homeowner, and each distressed home consultant is subject to all requirements for fiduciaries otherwise applicable under state law. A distressed home consultant's fiduciary duties include, but are not limited to, the following:(1) To act in t…
(1) A person may not induce or attempt to induce a distressed homeowner to waive his or her rights under this chapter.(2) Any waiver by a homeowner of the provisions of this chapter is void and unenforceable as contrary to public policy.
A distressed home purchaser shall enter into a distressed home reconveyance in the form of a written contract. The contract must be written in at least twelve-point boldface type in the same language principally used by the distressed home purchaser and distressed homeowner to negotiate the sale of the distressed home,…
The contract required in RCW 61.34.080 must contain the entire agreement of the parties and must include the following:(1) The name, business address, and telephone number of the distressed home purchaser;(2) The address of the distressed home;(3) The total consideration to be provided by the distressed home purchaser…
(1) In addition to any other right of rescission, a distressed homeowner has the right to cancel any contract with a distressed home purchaser until midnight of the fifth business day following the day on which the distressed homeowner signs a contract that complies with this chapter or until 8:00 a.m. on the last day…
(1) The contract required in RCW 61.34.080 must contain, in immediate proximity to the space reserved for the distressed homeowner's signature, the following conspicuous statement in at least fourteen-point boldface type if the contract is printed, or in capital letters if the contract is typed:"You may cancel this con…
A distressed home purchaser shall not:(1) Enter into, or attempt to enter into, a distressed home conveyance with a distressed homeowner unless the distressed home purchaser verifies and can demonstrate that the distressed homeowner has a reasonable ability to pay for the subsequent conveyance of an interest back to th…