Washington

The relevant statute is Wash. Rev. Code §48.30.260 (“WA-INS”).

A. Actions lender may take: WA-INS §48.30.260(4), which addresses a borrower's right to select an insurer, among other things, provides that nothing contained therein will prevent a person who lends money or extends credit from placing insurance on real or personal property in the event the mortgagor, borrower, or purchaser has failed to provide required insurance in accordance with the terms of the loan or credit document.

B. Notices required: No express statutory provision.

C. Coverage required: No express statutory provision.

D. Charges permitted: WA-INS §48.30.260(3)(c) – Lender may not require borrower to pay a separate charge in connection with the handling of any contract of insurance required as security for a loan, or pay a separate charge to substitute an insurance policy.

E. Finance charge allowed on lender's payment: WA-INS §48-30.260(3)(c) – Lender may charge interest on premium loan or premium advancements in accordance with loan terms.

Click here to view relevant Washington Code and Regulations.