Washington Code 61.24.172 – Foreclosure fairness account created — Uses
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The foreclosure fairness account is created in the custody of the state treasurer. All receipts received under RCW * 61.24.174, as it existed prior to July 1, 2016, ** 61.24.173, and 61.24.190 must be deposited into the account. Only the director of the department of commerce or the director’s designee may authorize expenditures from the account. Funding to agencies and organizations under this section must be provided by the department through an interagency agreement or other applicable contract instrument. The account is subject to allotment procedures under chapter 43.88 RCW, but an appropriation is not required for expenditures. Biennial expenditures from the account must be used as follows: Four hundred thousand dollars to fund the counselor referral hotline. The remaining funds shall be distributed as follows: (1) Sixty-nine percent for the purposes of providing housing counseling activities to benefit borrowers; (2) eight percent to the office of the attorney general to be used by the consumer protection division to enforce this chapter; (3) six percent to the office of civil legal aid to be used for the purpose of contracting with qualified legal aid programs for legal representation of homeowners in matters relating to foreclosure. Funds provided under this subsection (3) must be used to supplement, not supplant, other federal, state, and local funds; and (4) seventeen percent to the department to be used for implementation and operation of the foreclosure fairness act.
Terms Used In Washington Code 61.24.172
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
The department shall enter into interagency agreements to contract with the Washington state housing finance commission and other appropriate entities to implement the foreclosure fairness act.
[ 2021 c 151 § 9; 2016 c 196 § 1; 2015 3rd sp.s. c 4 § 965; 2014 c 164 § 5; 2012 c 185 § 12; 2011 c 58 § 11.]
NOTES:
Reviser’s note: *(1) RCW 61.24.174 was repealed by 2016 c 196 § 4.
**(2) RCW 61.24.173 was repealed by 2021 c 151 § 13, effective June 30, 2023.
Effective date—2021 c 151 §§ 5, 9, 11, and 12: See note following RCW 61.24.135.
Findings—Intent—2021 c 151: See note following RCW 61.24.005.
Effective date—2016 c 196: “This act takes effect July 1, 2016.” [ 2016 c 196 § 6.]
Effective dates—2015 3rd sp.s. c 4: See note following RCW 28B.15.069.
Effective date—2012 c 185 § 12: “Section 12 of 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 immediately [March 29, 2012].” [ 2012 c 185 § 15.]
Effective date—2011 c 58 §§ 11, 12, and 16: “Sections 11, 12, and 16 of this act are necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and take effect immediately [April 14, 2011].” [ 2011 c 58 § 19.]
Findings—Intent—Short title—2011 c 58: See notes following RCW 61.24.005.