Notice of Committee Passage for Engrossed Substitute House Bill 1108.PL - Update: Passed Legislature

Office of the Governor / Office of Financial Management sent this bulletin at 06/02/2021 11:24 AM PDT

Office of Financial Management

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ESHB 1108.PL, titled AN ACT Relating to maintaining funding and assistance for homeowners navigating the foreclosure process, has been passed by the Senate Committee on Financial Institutions, Economic Development & Trade. 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:




Department of Commerce:
Cash receipts impacts associated with this legislation are indeterminate. 
 
The department assumes revenue would increase to match the foreclosure activity volume but due to continued efforts of new federal and state policies to address the effects of the pandemic, the amount is indeterminate.
 
Section 11 estimating potential revenue outcomes as notices of default are not a public document nor are they reported to a governmental agency makes it impossible to know the variance between the $325 per notice of trustee sale and $250 per notice of default.
 



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

Department of Commerce

The following legislators voted do pass:

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

Senator Steve Hobbs
Democrat
(360) 786-7686
steve.hobbs@leg.wa.gov

Senator David Frockt
Democrat
(360) 786-7690
david.frockt@leg.wa.gov

Senator Mark Mullet
Democrat
(360) 786-7608
mark.mullet@leg.wa.gov

Senator Sharon Brown
Republican
(360) 786-7614
Sharon.Brown@leg.wa.gov

Senator Lynda Wilson
Republican
(360) 786-7632
lynda.wilson@leg.wa.gov

Senator Perry Dozier
Republican
(360) 786-7630
Perry.Dozier@leg.wa.gov



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

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