Posted by John Merchant on June 20, 2011 at 11:21:56:
I’m doing a talk tomorrow to group of MHP owners and pvt investors
on WA law applying to them including this topic.
So in prep for same I asked WA DFI for their current position and did
get back usual gummint fence-sitting gobblygook reply.
Reading between lines it looks like they’re not taking any hard
position on this but could come after any one of us who appears to
be taking any unfair advantage of any MH buyer.
So for now it might be safe enough but I’m going to advise this group
to have their own lawyers look it over before completing a Lonnie
deal with a new buyer.
One big argument in favor of our being able to do Lonnie deal w/o
external help is that there are only a few thus-far-SAFE-licenseees in
WA and I’m suspecting that if we were to call @ of them we might
learn that NONE would want to do business with us!
Another is that WA Consumer stats did spell out that “personalty”
loans weren’t covered by WA usury laws or caps and I’m not sure this
law isn’t still in force so new SAFE stats combined with ours consumer
stats could just have a built-in ambiguity.