Notice of Committee Passage for Senate Bill 5686 - 10 Year Analysis Complete

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.

SB 5686, titled AN ACT Relating to expanding and funding the foreclosure mediation program, has been passed by the Senate Committee on Ways & Means. 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:

Fiscal Year		$80 Foreclosure Prevention Fee
2026		$7,120,000
2027		$7,120,000
2028		$7,120,000
2029		$7,120,000
2030		$7,120,000
2031		$7,120,000
2032		$7,120,000
2033		$7,120,000
2034		$7,120,000
2035		$7,120,000
Total:		$71,200,000

Department of Commerce:

Section 8: Adds a new section to chapter 31.04 RCW establishing a new program fee to support the Foreclosure Fairness Program. The bill sets the fee at a rate of $80 paid by the borrower for each residential mortgage loan origination. We are assuming a mid-range loan origination rate of 89,000 per year. The escrow company processing the loan closing is responsible for collecting the program fee and remitting it into the Foreclosure Fairness Account. This program fee is an additional source of revenue for the Foreclosure Fairness Program on top of the Notice of Default paid by financial institutions currently outlined in RCW 61.24.190. This program fee exempts the collection of the program fee on reverse mortgage loan originations for seniors over the age of 61.  

Estimated Revenue = $80 per loan origination x estimated 89,000 originations/year = $7,120,000/year

*Exact revenue is indeterminate because many factors affect the demand for loans.

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

Department of Commerce

The following legislators voted do pass:

Senator Steve Conway
Democrat
(360) 786-7656
steve.conway@leg.wa.gov

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

Senator Jamie Pedersen
Democrat
(360) 786-7628
jamie.pedersen@leg.wa.gov

Senator Claudia Kauffman
Democrat
(360) 786-7692
claudia.kauffman@leg.wa.gov

Senator Marcus Riccelli
Democrat
(360) 786-7604
marcus.riccelli@leg.wa.gov

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

Senator Drew Hansen
Democrat
(360) 786-7644
drew.hansen@leg.wa.gov

Senator Annette Cleveland
Democrat
(360) 786-7696
annette.cleveland@leg.wa.gov

Senator June Robinson
Democrat
(360) 786-7674
june.robinson@leg.wa.gov

Senator Yasmin Trudeau
Democrat
(360) 786-7652
yasmin.trudeau@leg.wa.gov

Senator Noel Frame
Democrat
(360) 786-7670
noel.frame@leg.wa.gov

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

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

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

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


The following legislators voted do not pass:

Senator Mark Schoesler
Republican
(360) 786-7620
mark.schoesler@leg.wa.gov

Senator Judy Warnick
Republican
(360) 786-7624
judith.warnick@leg.wa.gov

Senator John Braun
Republican
(360) 786-7638
john.braun@leg.wa.gov

Senator Keith Wagoner
Republican
(360) 786-7676
keith.wagoner@leg.wa.gov

Senator Matt Boehnke
Republican
(360) 786-7614
matt.boehnke@leg.wa.gov

Senator Chris Gildon
Republican
(360) 786-7648
chris.gildon@leg.wa.gov

Senator Ron Muzzall
Republican
(360) 786-7618
ron.muzzall@leg.wa.gov

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

Senator Nikki Torres
Republican
(360) 786-7684
Nikki.Torres@leg.wa.gov



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

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