Notice of Public Hearing for Second Substitute Senate Bill 6561

You are receiving this email as a subscriber to the Initiative 960 email list. RCW 43.135.031 (I-960) requires that notices be sent each time a bill that raises taxes or fees is: introduced in either house; scheduled for a public hearing; approved by any legislative committee; or passed by either house of the Legislature.

Please note: This email message was sent from a notification-only address. Please do not reply to this message.

2SSB 6561, titled AN ACT Relating to higher education funding options for dreamers, has been scheduled for a public hearing by the House Committee on College & Workforce Development.

Date and Time: 02/26/2020 1:30PM (Subject to change by the Legislature.)
Location: John L. O'Brien Building, House Hearing Rm B, Olympia, WA

The Office of Financial Management has identified this bill as requiring a ten-year projection of increased cost to the taxpayers or affected fee payers.

Ten-year projection:

Student Achievement Council:

The second substitute added authorization to charge loan origination fees. (Section 3(8)).

Loan origination fees are to be determined based on comparable federal subsidized loan origination fees and, therefore, the resulting revenue is indeterminate as it will depend on the number of loans originated and the amount of each loan. For example, based on the current origination fee for Federal Subsidized Stafford Loans (1.069%) the origination fee on a $1000 loan would be $10.69. If 1000 such loans were made in a year, revenue generated from origination fees would be $10,690.

Loan origination fees set pursuant to this legislation could vary annually as indexed to a corresponding rate for federal loans. Any other fee revenue derived from this legislation would be for fees assessed on some borrowers if, during repayment, late fees or costs of collection including attorneys fees are charged on delinquent or defaulted loans.

Ten-year projection prepared in consultation with the following agencies:

Student Achievement Council

The second substitute bill was proposed by:

Senate Committee on Ways & Means
(360) 786-7715



The original bill sponsors and contact information are:

Senator Marko Liias, Prime Sponsor
Democrat
(360) 786-7640
Marko.Liias@leg.wa.gov

Senator Rebecca Saldaña
Democrat
(360) 786-7688
Rebecca.Saldana@leg.wa.gov

Senator Mona Das
Democrat
(360) 786-7692
DAS_MO@leg.wa.gov

Senator Joe Nguyen
Democrat
(360) 786-7667
NGUYEN_JO@leg.wa.gov

Senator Bob Hasegawa
Democrat
(360) 786-7616
Bob.Hasegawa@leg.wa.gov

Senator Derek Stanford
Democrat
(360) 786-7600
Derek.Stanford@leg.wa.gov

Senator Manka Dhingra
Democrat
(360) 786-7672
Manka.Dhingra@leg.wa.gov

Senator Sam Hunt
Democrat
(360) 786-7642
Sam.Hunt@leg.wa.gov

Senator Patty Kuderer
Democrat
(360) 786-7694
Patty.Kuderer@leg.wa.gov

Senator Lisa Wellman
Democrat
(360) 786-7641
Lisa.Wellman@leg.wa.gov

Senator Claire Wilson
Democrat
(360) 786-7658
WILSON_CL@leg.wa.gov


House Committee on College & Workforce Development members and contact information:

Representative Steve Bergquist
Democrat
(360) 786-7862
Steve.Bergquist@leg.wa.gov

Representative Debra Entenman
Democrat
(360) 786-7918
ENTENMAN_DE@leg.wa.gov

Representative Chris Gildon
Republican
(360) 786-7968
GILDON_CH@leg.wa.gov

Representative Jenny Graham
Republican
(360) 786-7962
GRAHAM_JE@leg.wa.gov

Representative Drew Hansen
Democrat
(360) 786-7842
Drew.Hansen@leg.wa.gov

Representative Vicki Kraft
Republican
(360) 786-7994
Vicki.Kraft@leg.wa.gov

Representative Mari Leavitt
Democrat
(360) 786-7890
LEAVITT_MA@leg.wa.gov

Representative Jared Mead
Democrat
(360) 786-7892
MEAD_JA@leg.wa.gov

Representative Dave Paul
Democrat
(360) 786-7914
PAUL_DA@leg.wa.gov

Representative Gerry Pollet
Democrat
(360) 786-7886
Gerry.Pollet@leg.wa.gov

Representative Bill Ramos
Democrat
(360) 786-7852
RAMOS_BI@leg.wa.gov

Representative Skyler Rude
Republican
(360) 786-7828
RUDE_SK@leg.wa.gov

Representative Mike Sells
Democrat
(360) 786-7840
Mike.Sells@leg.wa.gov

Representative Vandana Slatter
Democrat
(360) 786-7936
Vandana.Slatter@leg.wa.gov

Representative Robert Sutherland
Republican
(360) 786-7967
SUTHERLA_RO@leg.wa.gov

Representative Luanne Van Werven
Republican
(360) 786-7980
Luanne.VanWerven@leg.wa.gov

Representative Jesse Young
Republican
(360) 786-7964
Jesse.Young@leg.wa.gov



Legislative Bill Information Website: http://apps.leg.wa.gov/billinfo/

Initiative 960 Website: http://www.ofm.wa.gov/tax/default.asp