61.24.169  <<  61.24.172 >>   61.24.173

Foreclosure fairness account createdUses.

The foreclosure fairness account is created in the custody of the state treasurer. All receipts received under *RCW 61.24.174, as it existed prior to July 1, 2016, and RCW 61.24.173 must be deposited into the account. Only the director of the department of commerce or the director's designee may authorize expenditures from the account. Funding to agencies and organizations under this section must be provided by the department through an interagency agreement or other applicable contract instrument. The account is subject to allotment procedures under chapter 43.88 RCW, but an appropriation is not required for expenditures. Biennial expenditures from the account must be used as follows: Four hundred thousand dollars to fund the counselor referral hotline. The remaining funds shall be distributed as follows: (1) Sixty-nine percent for the purposes of providing housing counseling activities to benefit borrowers; (2) eight percent to the office of the attorney general to be used by the consumer protection division to enforce this chapter; (3) six percent to the office of civil legal aid to be used for the purpose of contracting with qualified legal aid programs for legal representation of homeowners in matters relating to foreclosure. Funds provided under this subsection (3) must be used to supplement, not supplant, other federal, state, and local funds; and (4) seventeen percent to the department to be used for implementation and operation of the foreclosure fairness act.
The department shall enter into interagency agreements to contract with the Washington state housing finance commission and other appropriate entities to implement the foreclosure fairness act.

NOTES:

*Reviser's note: RCW 61.24.174 was repealed by 2016 c 196 § 4.
Effective date2016 c 196: "This act takes effect July 1, 2016." [ 2016 c 196 § 6.]
Effective dates2015 3rd sp.s. c 4: See note following RCW 28B.15.069.
Effective date2012 c 185 § 12: "Section 12 of this act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [March 29, 2012]." [ 2012 c 185 § 15.]
Effective date2011 c 58 §§ 11, 12, and 16: "Sections 11, 12, and 16 of this act are necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and take effect immediately [April 14, 2011]." [ 2011 c 58 § 19.]
FindingsIntentShort title2011 c 58: See notes following RCW 61.24.005.
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