WA People
BILL · 2009–10 SESSION · LATEST VERSION ESSB 5400

SB 5400: Reverse mortgage lending

Regulating reverse mortgage lending practices. (REVISED FOR ENGROSSED: Regulating reverse mortgage lending practices and debt collections. )

Summary

  • Establishes financial requirements for certain reverse mortgage lenders.
  • Provides contractual standards for certain reverse mortgage loans.
  • Adds a prohibited practice applicable to debt collectors under the state Collection Agency Act.

From the Engrossed Substitute House Bill Analysis 2009 (ESSB 5400), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House
  1. IntroducedJan 21, 2009
  2. Out of committeeFeb 25, 2009
  3. Passed SenateMar 12, 2009
  4. Passed Housestopped here
  5. Governor
  6. Law
Prime sponsor
Rodney Tom (D-48)
Introduced
January 21, 2009 in the Senate
Last action
March 15, 2010
Requested by
Other
Companion bill
EHB 1311
Budget
Has a fiscal note
Versions
SB 5400, ESSB 5400

AN ACT Relating to collection of debt;

Sponsors

Prime sponsor: Rodney Tom (D-48)

6 co-sponsors (3 Democrats, 3 Republicans)

Jean Berkey D-38Don Benton R-17Bob McCaslin R-4Paull Shin D-21Pam Roach R-31Adam Kline D-37

Votes

Senate · 3rd Reading & Final Passage

Passed March 12, 2009
Version voted on: ESSB 5400
47 Yea 0 Nay 1 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat30010
Republican17001
How each member voted

Yea (47)

Absent (1)

Excused (1)

Permalink to this vote

History

  1. By resolution, reintroduced and retained in present status. (ESSB 5400)
  2. Senate Rules "X" file. (ESSB 5400)
  3. Made eligible to be placed on third reading. (ESSB 5400)
  4. By resolution, reintroduced and retained in present status. (ESSB 5400)
  5. By resolution, returned to Senate Rules Committee for third reading. (ESSB 5400)
  6. First reading, referred to Financial Institutions & Insurance. (ESSB 5400)
  7. Third reading, passed; yeas, 47; nays, 0; absent, 1; excused, 1. (ESSB 5400)
  8. Rules suspended. Placed on Third Reading. (ESSB 5400)
  9. Floor amendment(s) adopted. (ESSB 5400)
  10. 1st substitute bill substituted. (ESSB 5400)
  11. 1st substitute bill substituted.
  12. Placed on second reading by Rules Committee. (ESSB 5400)
  13. Placed on second reading by Rules Committee.
  14. Passed to Rules Committee for second reading. (ESSB 5400)
  15. FIHI - Majority; 1st substitute bill be substituted, do pass. (ESSB 5400)
  16. Minority; without recommendation. (ESSB 5400)
  17. Minority; without recommendation.
  18. FIHI - Majority; 1st substitute bill be substituted, do pass.
  19. Passed to Rules Committee for second reading.
  20. First reading, referred to Financial Institutions, Housing & Insurance.

SB 5400 in other sessions

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

Report wrong or missing information on this page