[WSBARP] [External Email]Re: [External Email] Dodd Frank

[Roger Hawkes]

Thanks, Allen and Bryce😊

From: wsbarp-bounces at lists.wsbarppt.com <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Allen Sakai
Sent: Tuesday, February 16, 2021 11:06 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
Subject: Re: [WSBARP] [External Email]Re: [External Email] Dodd Frank

Roger:

I went to a CLE years ago which mentioned this so I just always got these.  So I never focused on the penalties.  Just looking at the statute, RCW 31.04.027, .035, .175 and .208 mention violations and penalties.  Looks like it could be a gross misdemeanor and a CPA violation.

I cannot speak to enforcement.  That is, I have no idea how diligently the DFI monitors this.  Just my opinion, that it would seem pretty difficult to check on private loans this unless someone complains.  Of course the most likely situation is that the borrower would likely complain at the point that the lender starts to foreclose.

Bryce, I forgot to mention the WAC.  Thanks.

Allen R. Sakai
Attorney at Law
Jeppesen Gray Sakai P.S.
10655 N.E. 4th Street, Suite 801
Bellevue, WA 98004-5044

Phone: 425-454-2344, ext - 106
Fax:  425-646-8889
asakai at jgslaw.com<mailto:asakai at jgslaw.com>
www.jgslaw.com<http://www.jgslaw.com/>

This communication is intended for the sole use of the individual and entity to whom it is addressed, and may contain information that is privileged, confidential and exempt from disclosure under applicable law.  You are hereby notified that any dissemination, distribution or duplication of this communication by someone other than the intended addressee or its designated agent is strictly prohibited.  If you have received this communication in error, please notify this firm immediately by collect call to (425)-454-2344, or by reply to this communication.



From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Roger Hawkes
Sent: Tuesday, February 16, 2021 10:33 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [External Email]Re: [WSBARP] [External Email] Dodd Frank

Allen: assume that all the loan facts are true, what is the consequence of not getting a waiver?  Of not seeking a waiver?

From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Allen Sakai
Sent: Tuesday, February 16, 2021 9:47 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: Re: [WSBARP] [External Email] Dodd Frank

Nestor:

You’ll need a DFI waiver.  Attached is a sample that you can change to fit your circumstances.  You will also need a disclosure statement to be signed by the borrower at closing.  I have attached something to get you started.  When you write the letter to DFI, send it to Ashley Sullivan at the DFI by e-mail at SFWaivers at dfi.wa.gov<mailto:SFWaivers at dfi.wa.gov>  You will get an e-mail waiver from DFI within maybe 1-2 days.

Good luck!

Allen R. Sakai
Attorney at Law
Jeppesen Gray Sakai P.S.
10655 N.E. 4th Street, Suite 801
Bellevue, WA 98004-5044

Phone: 425-454-2344, ext - 106
Fax:  425-646-8889
asakai at jgslaw.com<mailto:asakai at jgslaw.com>
www.jgslaw.com<http://www.jgslaw.com/>

This communication is intended for the sole use of the individual and entity to whom it is addressed, and may contain information that is privileged, confidential and exempt from disclosure under applicable law.  You are hereby notified that any dissemination, distribution or duplication of this communication by someone other than the intended addressee or its designated agent is strictly prohibited.  If you have received this communication in error, please notify this firm immediately by collect call to (425)-454-2344, or by reply to this communication.



From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> <wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com>> On Behalf Of Nestor Gorfinkel
Sent: Tuesday, February 16, 2021 5:06 AM
To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com<mailto:wsbarp at lists.wsbarppt.com>>
Subject: [External Email][WSBARP] Dodd Frank

Father wants to lend son Money to buy a house and take back a deed of trust. What does he have to do to comply with Dodd Frank? How do we as attorneys protect ourselves from drafting the note and deed of trust.

Thanks.

Nestor Gorfinkel, Attorney at Law
Licensed in Florida & Washington
Florida Civil-Law (International) Notary

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