| Passed by the House April 23, 2003 Yeas 98 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 9, 2003 Yeas 45 ________________________________________ President of the Senate | I, Cynthia Zehnder, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1081 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 58th Legislature | 2003 Regular Session |
READ FIRST TIME 02/14/03.
AN ACT Relating to the mortgage lending fraud prosecution account; adding a new section to chapter 36.22 RCW; adding a new section to chapter 43.320 RCW; creating a new section; and providing expiration dates.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 36.22 RCW
to read as follows:
(1) Except as provided in subsection (2) of this section, a
surcharge of one dollar shall be charged by the county auditor at the
time of recording of each deed of trust, which will be in addition to
any other charge authorized by law. The auditor may retain up to five
percent of the funds collected to administer collection. The remaining
funds shall be transmitted monthly to the state treasurer who will
deposit the funds into the mortgage lending fraud prosecution account
created in section 2 of this act. The department of financial
institutions is responsible for the distribution of the funds in the
account and shall, in consultation with the attorney general and local
prosecutors, develop rules for the use of these funds to pursue
criminal prosecution of fraudulent activities within the mortgage
lending process.
(2) The surcharge imposed in this section does not apply to
assignments or substitutions of previously recorded deeds of trust.
(3) This section expires June 30, 2006.
NEW SECTION. Sec. 2 A new section is added to chapter 43.320 RCW
to read as follows:
(1) The mortgage lending fraud prosecution account is created in
the custody of the state treasurer. All receipts from the surcharge
imposed in section 1 of this act, except those retained by the county
auditor for administration, must be deposited into the account. Except
as otherwise provided in this section, expenditures from the account
may be used only for criminal prosecution of fraudulent activities
related to mortgage lending fraud crimes. Only the director of the
department of financial institutions 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.
(2) This section expires June 30, 2006.
NEW SECTION. Sec. 3 (1) Before December 31st of every year, the
department of financial institutions shall provide the senate and house
of representatives committees that address matters related to financial
institutions with a written report outlining the activity of the
mortgage lending fraud prosecution account.
(2) This section expires June 30, 2006.