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House Bill 1104 - Extending the Mortgage Lending Fraud Prosecution Account (2021)

Summary

House Bill 1104 (Z-0049.1) of the State of Washington 67th Legislature, 2021 Regular Session, by Representatives Ryu and Kloba, by request of Department of Financial Institutions, referred to the Committee on Appropriations. The act is titled as relating to extending the operation of the mortgage lending fraud prosecution account until June 30, 2027, and amends RCW 36.22.181 and 43.320.140. Section 1 provides for a surcharge of one dollar charged by the county auditor at the time of recording each deed of trust, with the auditor retaining up to five percent of the funds collected, and Section 2 covers the account in the custody of the state treasurer. Section 3 declares an emergency and takes effect immediately.

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“House Bill 1104 - Extending the Mortgage Lending Fraud Prosecution Account (2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-18-a28680-bill-1104-1e6b862625/, SHA-256 b89d98da6c1a7b02f2ecc543d0857b9f4c53be5917f8a1f37c69cc56042f38da.

Full text

     Z-0049.1

                                 HOUSE BILL 1104


     State of Washington         67th Legislature         2021 Regular Session

     By Representatives Ryu     and   Kloba;   by   request   of   Department   of
     Financial Institutions

     Prefiled 01/07/21.    Read first time 01/11/21.     Referred to Committee
     on Appropriations.




1        AN ACT Relating to extending the operation of the mortgage
2    lending fraud prosecution account until June 30, 2027; amending RCW
3    36.22.181 and 43.320.140; providing expiration dates; and declaring
4    an emergency.


5    BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:


 6       Sec. 1. RCW 36.22.181 and 2016 c 7 s 2 are each amended to read
 7   as follows:
 8       (1) Except as provided in subsection (2) of this section, a
 9   surcharge of one dollar shall be charged by the county auditor at the
10   time of recording of each deed of trust, which will be in addition to
11   any other charge authorized by law. The auditor may retain up to five
12   percent of the funds collected to administer collection. The
13   remaining funds shall be transmitted monthly to the state treasurer
14   who will deposit the funds into the mortgage lending fraud
15   prosecution account created in RCW 43.320.140. The department of
16   financial institutions is responsible for the distribution of the
17   funds in the account and shall, in consultation with the attorney
18   general and local prosecutors, develop rules for the use of these
19   funds to pursue criminal prosecution of fraudulent activities within
20   the mortgage lending process.


                                       p. 1                              HB 1104
 1       (2) The surcharge imposed in this section does not apply to
 2   assignments or substitutions of previously recorded deeds of trust.
 3       (3) This section expires June 30, ((2021)) 2027.


 4       Sec. 2. RCW 43.320.140 and 2016 c 7 s 1 are each amended to read
 5   as follows:
 6       (1) The mortgage lending fraud prosecution account is created in
 7   the custody of the state treasurer. All receipts from the surcharge
 8   imposed in RCW 36.22.181, except those retained by the county auditor
 9   for administration, must be deposited into the account. Except as
10   otherwise provided in this section, expenditures from the account may
11   be used only for criminal prosecution of fraudulent activities
12   related to mortgage lending fraud crimes. Only the director of the
13   department of financial institutions or the director's designee may
14   authorize expenditures from the account. The account is subject to
15   allotment procedures under chapter 43.88 RCW, but an appropriation is
16   not required for expenditures.
17       (2) This section expires June 30, ((2021)) 2027.


18       NEW SECTION.   Sec. 3.  This act is necessary for the immediate
19   preservation of the public peace, health, or safety, or support of
20   the state government and its existing public institutions, and takes
21   effect immediately.

                                  --- END ---




                                     p. 2                          HB 1104

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