- Washington regulates “distressed home consultants” under RCW §61.34 et seq. (see http://apps.leg.wa.gov/RCW/default.aspx?cite=61.34&full=true) The State:
- Requires contracts be in writing, in the language of negotiation and advertising, fully disclose all terms, conditions, rights and remedies; Requires statutory notices of cancellation and of rights; Requires property owner receive at least 82% FMV of the home.
- Assigns fiduciary duties to the consultant
- Prohibits waiver of rights; Prohibits consultant from entering into contract with property owner unless consultant verifies property owners ability to pay; Prohibits security for compensation; Prohibits recording of instruments; Prohibits power of attorney; Prohibits unfair practices and misrepresentations; Prohibits mandatory arbitration.
- Provides right to cancel any time before the date of redemption in theforeclosure proceeding;
- Provides for civil and criminal remedy.
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