WA People
BILL · 2007–08 SESSION · LATEST VERSION SHB 2770

HB 2770: Homeownership security

Enacting the governor's homeownership security task force recommendations regarding responsible mortgage lending and homeownership.

Summary

  • Requires additional disclosure to mortgage borrowers.
  • Prohibits prepayment penalties that extend beyond 60 days prior to the initial reset of an adjustable rate mortgage in residential loans.
  • Prohibits negative amortization for a borrower in residential loans.
  • Prohibits the steering of consumers into higher cost loans.
  • Establishes the framework and penalties for crimes related to mortgage fraud.

From the Substitute House Bill Report (SHB 2770), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 108, Laws of 2008
  1. IntroducedJan 16, 2008
  2. Out of committeeJan 31, 2008
  3. Passed HouseFeb 6, 2008
  4. Passed SenateMar 6, 2008
  5. GovernorMar 21, 2008
  6. LawMar 21, 2008
Prime sponsor
Phyllis Gutierrez Kenney (D-46)
Introduced
January 16, 2008 in the House
Last action
March 21, 2008
Session law
Chapter 108, Laws of 2008
Requested by
Governor
Budget
Has a fiscal note
Versions
HB 2770, SHB 2770

AN ACT Relating to homeownership security, responsible mortgage lending, and improving protections for residential mortgage loan consumers;

Sponsors

Prime sponsor: Phyllis Gutierrez Kenney (D-46)

9 co-sponsors (9 Democrats, 0 Republicans)

Patricia Lantz D-26Dave Upthegrove D-33Steve Conway D-29Dawn Morrell D-25Shay Schual-Berke D-33Jim McIntire D-46Zack Hudgins D-11Geoff Simpson D-47Christine Rolfes D-23

Votes

House · Final Passage

Passed February 6, 2008
Version voted on: SHB 2770
92 Yea 0 Nay 0 Absent 6 Excused
PartyYeaNayAbsentExcused
Democrat60003
Republican32003
How each member voted

Yea (92)

Permalink to this vote

Senate · 3rd Reading & Final Passage

Passed March 6, 2008
Version voted on: SHB 2770
47 Yea 0 Nay 1 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat30011
Republican17000
How each member voted

Yea (47)

Absent (1)

Excused (1)

Permalink to this vote

History

  1. Effective date 6/12/2008. (SHB 2770)
  2. Chapter 108, 2008 Laws. (SHB 2770)
  3. Governor signed. (SHB 2770)
  4. Delivered to Governor. (SHB 2770)
  5. Speaker signed. (SHB 2770)
  6. President signed. (SHB 2770)
  7. Placed on second reading by Rules Committee. (SHB 2770)
  8. Third reading, passed; yeas, 47; nays, 0; absent, 1; excused, 1. (SHB 2770)
  9. Rules suspended. Placed on Third Reading. (SHB 2770)
  10. Made eligible to be placed on second reading. (SHB 2770)
  11. FI - Majority; do pass. (SHB 2770)
  12. Passed to Rules Committee for second reading. (SHB 2770)
  13. First reading, referred to Financial Institutions & Insurance. (SHB 2770)
  14. Third reading, passed; yeas, 92; nays, 0; absent, 0; excused, 6. (SHB 2770)
  15. Rules suspended. Placed on Third Reading. (SHB 2770)
  16. 1st substitute bill substituted. (SHB 2770)
  17. 1st substitute bill substituted.
  18. Placed on second reading. (SHB 2770)
  19. Placed on second reading.
  20. IFCP - Majority; 1st substitute bill be substituted, do pass. (SHB 2770)
  21. IFCP - Majority; 1st substitute bill be substituted, do pass.
  22. IFCP - Executive action taken by committee.
  23. First reading, referred to Insurance, Financial Services & Consumer Protection.

HB 2770 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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