WA People
BILL · 2015–16 SESSION · LATEST VERSION SSB 5299

SB 5299: 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 (SSB 5299), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 229, Laws of 2015
  1. IntroducedJan 19, 2015
  2. Out of committeeJan 23, 2015
  3. Passed SenateMar 9, 2015
  4. Passed HouseApr 14, 2015
  5. GovernorMay 11, 2015
  6. LawMay 11, 2015
Prime sponsor
Don Benton (R-17)
Introduced
January 19, 2015 in the Senate
Last action
May 11, 2015
Session law
Chapter 229, Laws of 2015
Requested by
Other
Companion bill
HB 1048
Budget
Has a fiscal note
Versions
SB 5299, SSB 5299

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: Don Benton (R-17)

6 co-sponsors (4 Democrats, 2 Republicans)

Mark Mullet D-5Joe Fain R-47Jeannie Darneille D-27Steve Hobbs D-44Jan Angel R-26Steve Conway D-29

Votes

Senate · 3rd Reading & Final Passage

Passed March 9, 2015
Version voted on: SSB 5299
49 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat24000
Republican25000
How each member voted

Yea (49)

Permalink to this vote

House · Final Passage as Amended by the House

Passed April 14, 2015
Version voted on: SSB 5299
97 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat50001
Republican47000
How each member voted

Yea (97)

Excused (1)

Permalink to this vote

Senate · Final Passage as Amended by the House

Passed April 16, 2015
Version voted on: SSB 5299
45 Yea 0 Nay 0 Absent 4 Excused
PartyYeaNayAbsentExcused
Democrat21003
Republican24001
How each member voted
Permalink to this vote

History

  1. Effective date 7/24/2015. (SSB 5299)
  2. Chapter 229, 2015 Laws. (SSB 5299)
  3. Governor signed. (SSB 5299)
  4. Delivered to Governor. (SSB 5299)
  5. Speaker signed. (SSB 5299)
  6. President signed. (SSB 5299)
  7. Passed final passage; yeas, 45; nays, 0; absent, 0; excused, 4. (SSB 5299)
  8. Senate concurred in House amendments. (SSB 5299)
  9. Third reading, passed; yeas, 97; nays, 0; absent, 0; excused, 1. (SSB 5299)
  10. Rules suspended. Placed on Third Reading. (SSB 5299)
  11. Committee amendment adopted with no other amendments. (SSB 5299)
  12. Rules Committee relieved of further consideration. Placed on second reading. (SSB 5299)
  13. Referred to Rules 2 Review. (SSB 5299)
  14. BFS - Majority; do pass with amendment(s). (SSB 5299)
  15. First reading, referred to Business & Financial Services (Not Officially read and referred until adoption of Introduction report). (SSB 5299)
  16. Third reading, passed; yeas, 49; nays, 0; absent, 0; excused, 0. (SSB 5299)
  17. Rules suspended. Placed on Third Reading. (SSB 5299)
  18. 1st substitute bill substituted. (SSB 5299)
  19. 1st substitute bill substituted.
  20. Placed on second reading by Rules Committee. (SSB 5299)
  21. Placed on second reading by Rules Committee.
  22. Made eligible to be placed on second reading. (SSB 5299)
  23. Made eligible to be placed on second reading.
  24. Passed to Rules Committee for second reading. (SSB 5299)
  25. Passed to Rules Committee for second reading.
  26. FI - Majority; 1st substitute bill be substituted, do pass. (SSB 5299)
  27. Minority; without recommendation. (SSB 5299)
  28. Minority; without recommendation.
  29. FI - Majority; 1st substitute bill be substituted, do pass.
  30. First reading, referred to Financial Institutions & Insurance.

SB 5299 in other sessions

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

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