BILL REQ. #: H-5046.1
| State of Washington | 60th Legislature | 2008 Regular Session |
READ FIRST TIME 02/04/08.
AN ACT Relating to expanding financial literacy through education and counseling to promote greater homeownership security; and adding new sections to chapter 43.320 RCW.
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:
The homeownership security account is hereby created in the custody
of the state treasurer. Expenditures from the account may be used
solely for the purposes of preventing predatory lending and providing
homeownership education, information, and counseling. 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.
NEW SECTION. Sec. 2 A new section is added to chapter 43.320 RCW
to read as follows:
The director of financial institutions or the director's designee
may provide funds from the account for the establishment,
administration, and implementation of financial literacy and education
programs that assist Washington citizens of all ages in understanding
saving, investing, budgeting, and other skills necessary to obtain
individual financial independence, fiscal responsibility, and financial
management skills.
The department may deliver these programs using grants, contracts,
or interagency agreements with state and local governments and other
nongovernmental organizations as necessary. The department may
coordinate these programs with ongoing efforts by other public and
private nonprofit entities to maximize the programs' effectiveness.
NEW SECTION. Sec. 3 A new section is added to chapter 43.320 RCW
to read as follows:
Contributions from either private or nonprofit organizations may be
deposited in the homeownership security account created in section 1 of
this act. More than fifty percent of the funds from this account must
be used to assist low and moderate-income persons defined to be at or
below eighty percent of county median income. Private contributors to
this account may request that the department provide an accounting of
their annual contributions to the account for the purpose of reporting
the contributions to government and regulatory agencies, or for other
purposes as required by the contributing organization.