| Passed by the Senate March 10, 2008 YEAS 47 ________________________________________ President of the Senate Passed by the House March 4, 2008 YEAS 58 ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SUBSTITUTE SENATE BILL 6711 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 60th Legislature | 2008 Regular Session |
READ FIRST TIME 02/06/08.
AN ACT Relating to preventing foreclosures by creating the smart homeownership choices program; adding new sections to chapter 43.320 RCW; and creating a new section.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 43.320 RCW
to read as follows:
(1) The smart homeownership choices program is created in the
department to assist low-income and moderate-income households, as
defined in RCW 84.14.010, facing foreclosure.
(2) The department shall enter into an interagency agreement with
the Washington state housing finance commission to implement and
administer this program with moneys from the account created in section
2 of this act. The Washington state housing finance commission will
request funds from the department as needed to implement and operate
the program.
(3) The commission shall, under terms and conditions to be
determined by the commission, assist homeowners who are delinquent on
their mortgage payments to bring their mortgage payments current in
order to refinance into a different loan product. Financial assistance
received by homeowners under this chapter shall be repaid at the time
of refinancing into a different loan product. Homeowners receiving
financial assistance shall also agree to partake in a residential
mortgage counseling program. Moneys may also be used for outreach
activities to raise awareness of this program. Not more than four
percent of the total appropriation for this program may be used for
administrative expenses of the department and the commission.
(4) The commission must provide an annual report to the legislature
at the end of each fiscal year of program operation. The report must
include information including the total number of households seeking
help to resolve mortgage delinquency, the number of program
participants that successfully avoided foreclosure, and the number of
program participants who refinanced a home, including information on
the terms of both the new loan product and the product out of which the
homeowner refinanced. The commission shall establish and report upon
performance measures, including measures to gauge program efficiency
and effectiveness and customer satisfaction.
NEW SECTION. Sec. 2 A new section is added to chapter 43.320 RCW
to read as follows:
The smart homeownership choices program account is created in the
custody of the state treasurer. All receipts from the appropriation in
section 4 of this act as well as receipts from private contributions
and all other sources that are specifically designated for the smart
homeownership choices program must be deposited into the account.
Expenditures from the account may be used solely for the purpose of
preventing foreclosures through the smart homeownership choices program
as described in section 1 of this act. Only the director of the
department or the director's designee may authorize expenditures from
the account. The account is subject to allotment procedures under
chapter 43.88 RCW, but an appropriation is not required for
expenditures.
NEW SECTION. Sec. 3 A new section is added to chapter 43.320 RCW
to read as follows:
The Washington state housing finance commission shall only serve
low-income households, as defined in RCW 84.14.010, through the smart
homeownership choices program described in section 1 of this act using
state appropriated general funds in the smart homeownership choices
program account created in section 2 of this act. Contributions from
private and other sources to the account may be used to serve both low-income and moderate-income households, as defined in RCW 84.14.010,
through the smart homeownership choices program.
NEW SECTION. Sec. 4 If specific funding for the purposes of this
act, referencing this act by bill or chapter number, is not provided by
June 30, 2008, in the omnibus appropriations act, this act is null and
void.