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Senate Bill Report, HB 1104 — Mortgage lending fraud prosecution account (March 12, 2021)

Summary

Senate Bill Report on HB 1104, as of March 12, 2021, titled An act relating to extending the operation of the mortgage lending fraud prosecution account until June 30, 2027, prepared for the Senate Committee on Business, Financial Services & Trade. The brief summary says the bill extends the operation of the Mortgage Lending Fraud Prosecution Account and the surcharge for prosecution of mortgage lending fraud until June 30, 2027. The background states that the account is funded by a surcharge collected by the county auditor at the time of recording of each deed of trust and that the account and the surcharge will expire on June 30, 2021. The report states that the bill contains an emergency clause and takes effect immediately.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Issuer
Congressional materials
Document type
Report
Date
2021-03-16
Case
2021 03 16 A28696 D231450 Bill Report 1104 Sba Bfst 21

Cite this document

“Senate Bill Report, HB 1104 — Mortgage lending fraud prosecution account (March 12, 2021).” Original at app.leg.wa.gov, dated 2021-03-16. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-16-2021-03-16-a28696-d231450-bill-report-1104-sba-bfst-21/, SHA-256 6861cb1cdeae2252da0106b5e27128224d9e80c2d9457d0dbd326f6c5d2c24c8.

Full text

                            SENATE BILL REPORT
                                  HB 1104

                                      As of March 12, 2021

Title: An act relating to extending the operation of the mortgage lending fraud prosecution
     account until June 30, 2027.

Brief Description: Extending the operation of the mortgage lending fraud prosecution account
     until June 30, 2027.

Sponsors: Representatives Ryu and Kloba; by request of Department of Financial Institutions.

Brief History: Passed House: 2/25/21, 97-1.
     Committee Activity: Business, Financial Services & Trade: 3/16/21.


                                     Brief Summary of Bill
           • Extends the operation of the Mortgage Lending Fraud Prosecution
             Account until June 30, 2027.
           • Extends the surcharge for prosecution of mortgage lending fraud until
             June 30, 2027.


SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES & TRADE

     Staff: Clinton McCarthy (786-7319)

     Background: The Mortgage Lending Fraud Prosecution Account will expire on June 30,
     2021. The account is in the custody of the state treasurer, and only the director of the
     Department of Financial Institutions or the director's designee may authorize expenditures
     from the account. Expenditures from the account may be used only for criminal
     prosecution of fraudulent activities related to mortgage lending fraud crimes.

     The account contains revenue from a $1 surcharge collected by the county auditor at the
     time of recording of each deed of trust. This surcharge does not apply to assignments or




     This analysis was prepared by non-partisan legislative staff for the use of legislative
     members in their deliberations. This analysis is not part of the legislation nor does it
     constitute a statement of legislative intent.

Senate Bill Report                              -1-                                         HB 1104
     substitutions of previously recorded deeds of trust. The auditor may retain up to 5 percent
     of the surcharge, and the remainder is transmitted monthly to the state treasurer, who
     deposits the funds into the account. The surcharge will expire on June 30, 2021.

     Summary of Bill: The expiration date for the Mortgage Lending Fraud Prosecution
     Account and the $1 surcharge on deeds of trust is extended until June 30, 2027.

     Appropriation: None.

     Fiscal Note: Available.

     Creates Committee/Commission/Task Force that includes Legislative members: No.

     Effective Date: The bill contains an emergency clause and takes effect immediately.




Senate Bill Report                            -2-                                       HB 1104

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Original
app.leg.wa.gov
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