Notice of Committee Passage for Engrossed Second Substitute 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.

E2SSB 5686, titled AN ACT Relating to expanding and funding the foreclosure mediation program, has been passed by the House Committee on Appropriations. 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 Amends this chapter to establish the new program fee, the Foreclosure Prevention Fee, to support the Foreclosure Fairness Program under RCW Chapter 61.24. The bill sets the fee at a rate of $80 paid by the borrower for each residential mortgage loan origination. We are estimating 89,000 loan originations per year. 

The escrow, settlement or closing agent 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:

Representative Timm Ormsby
Democrat
(360) 786-7946
timm.ormsby@leg.wa.gov

Representative Larry Springer
Democrat
(360) 786-7822
larry.springer@leg.wa.gov

Representative Joe Fitzgibbon
Democrat
(360) 786-7952
joe.fitzgibbon@leg.wa.gov

Representative Cindy Ryu
Democrat
(360) 786-7880
cindy.ryu@leg.wa.gov

Representative Steve Tharinger
Democrat
(360) 786-7904
steve.tharinger@leg.wa.gov

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

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

Representative Monica Jurado Stonier
Democrat
(360) 786-7872
monica.stonier@leg.wa.gov

Representative Mia Gregerson
Democrat
(360) 786-7868
mia.gregerson@leg.wa.gov

Representative Strom Peterson
Democrat
(360) 786-7950
strom.peterson@leg.wa.gov

Representative Beth Doglio
Democrat
(360) 786-7940
beth.doglio@leg.wa.gov

Representative Nicole Macri
Democrat
(360) 786-7826
nicole.macri@leg.wa.gov

Representative Lisa Callan
Democrat
(360) 786-7876
lisa.callan@leg.wa.gov

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

Representative Debra Lekanoff
Democrat
(360) 786-7800
debra.lekanoff@leg.wa.gov

Representative My-Linh Thai
Democrat
(360) 786-7926
my-linh.thai@leg.wa.gov

Representative April Berg
Democrat
(360) 786-7892
April.Berg@leg.wa.gov

Representative Julio Cortes
Democrat
(360) 786-7840
Julio.Cortes@leg.wa.gov

Representative Chipalo Street
Democrat
(360) 786-7838
Chipalo.Street@leg.wa.gov


The following legislators voted to refer the bill without recommendation:

Representative Michelle Caldier
Republican
(360) 786-7802
michelle.caldier@leg.wa.gov


The following legislators voted do not pass:

Representative Joe Schmick
Republican
(360) 786-7844
joe.schmick@leg.wa.gov

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

Representative Mary Dye
Republican
(360) 786-7942
mary.dye@leg.wa.gov

Representative Chris Corry
Republican
(360) 786-7810
chris.corry@leg.wa.gov

Representative April Connors
Republican
(360) 786-7882
April.Connors@leg.wa.gov

Representative Travis Couture
Republican
(360) 786-7902
Travis.Couture@leg.wa.gov

Representative Brian Burnett
Republican
(360) 786-7954
Brian.Burnett@leg.wa.gov

Representative Michael Keaton
Republican
(360) 786-7948
Michael.Keaton@leg.wa.gov

Representative Deb Manjarrez
Republican
(360) 786-7856
Deb.Manjarrez@leg.wa.gov

Representative Matt Marshall
Republican
(360) 786-7912
Matt.Marshall@leg.wa.gov

Representative Joshua Penner
Republican
(360) 786-7866
Joshua.Penner@leg.wa.gov



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

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