WA People
BILL · 2015–16 SESSION · LATEST VERSION SHB 1048

HB 1048: Residential mortgage lending

Updating, clarifying, and strengthening department of financial institutions' enforcement, licensing, and examination statutes relating to residential mortgage lending, and enhancing the crime of mortgage fraud in the residential mortgage lending process.

Summary

  • Authorizes the Director of the Department of Financial Institutions to waive licensing provisions for escrow agents under certain conditions.
  • Adds further provisions that constitute the offense of mortgage fraud, specifies venue in mortgage fraud proceedings, and allows civil damages.
  • Strengthens enforcement provisions under the Mortgage Broker Practices Act and the Consumer Loan Act, and provides for certain exemptions.
  • Makes technical changes to the bill.

From the Substitute House Bill Report (SHB 1048), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed House, stalled in Senate
  1. IntroducedJan 12, 2015
  2. Out of committeeJan 19, 2015
  3. Passed HouseFeb 11, 2015
  4. Passed Senatestopped here
  5. Governor
  6. Law
Prime sponsor
Steve Kirby (D-29)
Introduced
January 12, 2015 in the House
Last action
March 10, 2016
Requested by
Other
Companion bill
SB 5299
Budget
Has a fiscal note
Versions
HB 1048, SHB 1048

AN ACT Relating to updating, clarifying, and strengthening department of financial institutions' enforcement, licensing, and examination statutes relating to residential mortgage lending, and enhancing the crime of mortgage fraud in the residential mortgage lending process;

Sponsors

Prime sponsor: Steve Kirby (D-29)

3 co-sponsors (2 Democrats, 1 Republican)

Derek Stanford D-1Brandon Vick R-18Cindy Ryu D-32

Votes

House · Final Passage

Passed February 11, 2015
Version voted on: SHB 1048
98 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat51000
Republican47000
How each member voted

Yea (98)

Permalink to this vote

History

  1. By resolution, reintroduced and retained in present status. (SHB 1048)
  2. By resolution, reintroduced and retained in present status. (SHB 1048)
  3. Referred to Business & Financial Services. (SHB 1048)
  4. Rules Committee relieved of further consideration. (SHB 1048)
  5. By resolution, reintroduced and retained in present status. (SHB 1048)
  6. By resolution, reintroduced and retained in present status. (SHB 1048)
  7. By resolution, reintroduced and retained in present status. (SHB 1048)
  8. By resolution, returned to House Rules Committee for third reading. (SHB 1048)
  9. Passed to Rules Committee for second reading. (SHB 1048)
  10. FI - Majority; do pass with amendment(s). (SHB 1048)
  11. First reading, referred to Financial Institutions & Insurance. (SHB 1048)
  12. Third reading, passed; yeas, 98; nays, 0; absent, 0; excused, 0. (SHB 1048)
  13. Rules suspended. Placed on Third Reading. (SHB 1048)
  14. 1st substitute bill substituted. (SHB 1048)
  15. 1st substitute bill substituted.
  16. Placed on second reading by Rules Committee. (SHB 1048)
  17. Placed on second reading by Rules Committee.
  18. Referred to Rules 2 Review. (SHB 1048)
  19. Referred to Rules 2 Review.
  20. BFS - Majority; 1st substitute bill be substituted, do pass. (SHB 1048)
  21. BFS - Majority; 1st substitute bill be substituted, do pass.
  22. BFS - Executive action taken by committee.
  23. First reading, referred to Business & Financial Services (Not Officially read and referred until adoption of Introduction report).
  24. Prefiled for introduction.

HB 1048 in other sessions

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

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