| Passed by the House February 26, 2011 Yeas 97 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 7, 2011 Yeas 47 ________________________________________ President of the Senate | I, Barbara Baker, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is HOUSE BILL 1191 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 | 62nd Legislature | 2011 Regular Session |
Read first time 01/14/11. Referred to Committee on Business & Financial Services.
AN ACT Relating to the expiration dates of the mortgage lending fraud prosecution account and its revenue source; amending RCW 43.320.140 and 36.22.181; providing an effective date; providing expiration dates; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 43.320.140 and 2006 c 21 s 2 are each amended 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 RCW 36.22.181, 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, ((2011)) 2016.
Sec. 2 RCW 36.22.181 and 2006 c 21 s 1 are each amended 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 RCW 43.320.140. 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, ((2011)) 2016.
NEW SECTION. Sec. 3 This act is necessary for the immediate
preservation of the public peace, health, or safety, or support of the
state government and its existing public institutions, and takes effect
June 29, 2011.