Washington Legislative Week in Review
January 31, 2012
January 31, 2012
Friday, Feb. 3, is the first cut-off for bills that aren’t related to the budget to pass out of policy committee. Tuesday, Feb. 14, will be the cut-off for bills to pass out of their house of origin. Absent extraordinary action, bills that haven’t made it through by the deadlines are considered dead.
House Bill 1327 was placed on third reading by the House Rules Committee on Thursday, Jan. 26, and is now eligible for a floor vote. The bill was held over from 2011 after it passed the House but failed to receive a vote in the Senate. The Chairman of the House Business & Financial Services Committee, Rep. Steve Kirby, D-29, decided he did not need to bring the bill back through his committee and will instead allow it to be pulled to the floor for a vote. House Bill 1327 does not include some language currently in the Senate version (Senate Bill 5913), so if it passes, the bill will need to be amended in the Senate.
House Bill 2433 is scheduled for executive session before the House Transportation Committee on Tuesday, Jan. 31. The bill would make facial recognition mandatory on all drivers’ licenses and identicards. The Association is in support of the legislation because it will increase the reliability of state-issued identification cards, which are relied upon for their accuracy by financial institutions.
Its companion measure, Senate Bill 6150, is scheduled for a hearing on Monday, Jan. 30, before the Senate Transportation Committee.
Senate Bill 6337 is scheduled for executive session before the Senate Financial Institutions, Insurance & Housing Committee on Tuesday, Jan. 31. The bill provides that if a lender accepts a short-sale price that is less than what is owed on the property and files a 1099-C Internal Revenue Service (IRS) forgiveness of debt, the lender cannot collect on a deficiency balance.
House Bill 2614 is scheduled for executive session before the House Judiciary Committee on Monday, Jan. 30. The bill prohibits the beneficiary on a deed of trust from obtaining a judgment on a deficiency balance in conjunction with a short sale of owner-occupied residential real property resulting in a deficiency if the beneficiary has filed an IRS forgiveness of debt (1099-C) OR the beneficiary consented to the sale of the property in writing.
Association staff is continuing to work with the bills’ proponents (the realtors) on compromise language.
House Bill 2421 is scheduled for executive session before the House Judiciary Committee on Monday, Jan. 30. The bill modifies the Foreclosure Fairness Act passed last year in the areas of meet and confer and mandatory mediation. The bill is not expected to have much of an operational effect on credit unions.
Its companion measure, Senate Bill 6364, is scheduled for a hearing on Wednesday, Feb. 1, before the Senate Financial Institutions, Housing & Insurance Committee.
House Bill 1552 is scheduled for executive session before the House Judiciary Committee on Monday, Jan. 30. The bill would increase garnishment exemption levels.
Deed of Trust Recording
Senate Bill 6070 is scheduled for a hearing before the Senate Financial Institutions, Housing & Insurance Committee on Tuesday, Jan. 31. The bill requires every assignment or transfer of a deed of trust to be recorded on the deed of trust in every county in which all or part of the land is situated. The bill provides that an instrument is deemed recorded the minute it is filed for record.
Senate Bill 6465 is scheduled for a hearing before the Senate Labor, Commerce & Consumer Protection Committee on Tuesday, Jan. 31. The bill authorizes bona fide charitable or nonprofit organizations to conduct raffles that exceed $5000 if the organization obtains a license from the gambling commission. Credit unions are defined as bona fide nonprofit organizations under current law.
Senate Bill 6464 is scheduled for a hearing before the Senate Government Operations, Tribal Relations & Elections Committee on Thursday, Feb. 2. The bill requires that significant legislative rules of an agency under the authority of the governor be signed before they are adopted. There is no definition of significant legislative rules.
Posted in Advocacy News.