Senate Bill Report — SB 5109, Mortgage Lending Fraud Prosecution Account (As of January 21, 2025)
Summary
A Senate Bill Report on SB 5109, as of January 21, 2025, an act relating to the mortgage lending fraud prosecution account, with Senators Kauffman, Stanford, Lovelett and Nobles as sponsors. The brief summary says the bill increases the charge, collected by county auditors when recording a deed of trust, to support the Mortgage Lending Fraud Prosecution Account, and removes sunset provisions set to expire on June 30, 2027. The background says the account was established in 2003 and that the Department of Financial Institutions distributes the funds. The report lists Appropriation: None.
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
- 2025-01-23
- Case
- 2025 01 23 A32437 D275405 Bill Report 5109 Sba Bft 25
Cite this document
“Senate Bill Report — SB 5109, Mortgage Lending Fraud Prosecution Account (As of January 21, 2025).”
Original at app.leg.wa.gov, dated 2025-01-23. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-01-23-2025-01-23-a32437-d275405-bill-report-5109-sba-bft-25/
, SHA-256 1336191df45bbb7d9b6ef5f3b8aed6486bd7349aba396ec4cffa934b2531a97c.Full text
SENATE BILL REPORT
SB 5109
As of January 21, 2025
Title: An act relating to the mortgage lending fraud prosecution account.
Brief Description: Concerning the mortgage lending fraud prosecution account.
Sponsors: Senators Kauffman, Stanford, Lovelett and Nobles.
Brief History:
Committee Activity: Business, Financial Services & Trade: 1/23/25.
Brief Summary of Bill
• Increases the charge to support the Mortgage Lending Fraud Prosecution
Account at the time of recording a deed of trust by county auditors from
$1 to $5.
• Removes sunset provisions related to this Mortgage Lending Fraud
Prosecution Account that are set to expire on June 30, 2027.
SENATE COMMITTEE ON BUSINESS, FINANCIAL SERVICES & TRADE
Staff: Clint McCarthy (786-7319)
Background: The Mortgage Lending Fraud Prosecution Account (account) was
established in 2003, and authorized county auditors charge $1 at the time of recording each
deed of trust to fund the account. The auditor is allowed to retain 5 percent of the funds that
they collect to administer the collection of the fund. The remaining funds are deposited into
the account. The Department of Financial Institutions distributes the funds and develops
rules for the use of the funds to pursue criminal prosecution of fraudulent activities as part
of the mortgage lending process. The account is set to expire on June 30, 2027.
Summary of Bill: The charge collected at the recording time of each deed of trust by
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- SB 5109
county auditors is increased from $1 to $5. The sunset provisions for the account are
removed.
Appropriation: None.
Fiscal Note: Available.
Creates Committee/Commission/Task Force that includes Legislative members: No.
Effective Date: Ninety days after adjournment of session in which bill is passed.
Senate Bill Report -2- SB 5109
File and source
- File
- 2025-01-23_a32437_d275405_bill-report-5109-sba-bft-25.pdf
- Size
- 6,572 bytes
- SHA-256
- 1336191df45bbb7d9b6ef5f3b8aed6486bd7349aba396ec4cffa934b2531a97c
- Original
- app.leg.wa.gov