SUBSTITUTE SENATE BILL 5275
State of Washington 62nd Legislature 2011 Regular SessionBy
Senate Financial Institutions, Housing & Insurance (originallysponsored by Senators Kline, Haugen, Kohl-Welles, Hargrove,Rockefeller, Nelson, Ranker, Keiser, Swecker, White, Conway, Hobbs,Chase, Harper, Kilmer, Prentice, Shin, Murray, Fraser, and McAuliffe)READ FIRST TIME 02/17/11.1 AN ACT Relating to protecting and assisting homeowners from2 unnecessary foreclosures; amending RCW 61.24.030, 61.24.031, 61.24.135,3 and 82.45.030; reenacting and amending RCW 61.24.005; adding new4 sections to chapter 61.24 RCW; creating new sections; repealing 2009 c5 292 s 13 (uncodified); and declaring an emergency.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:7 NEW SECTION.
(1) The legislature finds and declares that:8 (a) The rate of home foreclosures continues to rise to9 unprecedented levels, both for prime and subprime loans, and a new wave10 of foreclosures has occurred due to rising unemployment, job loss, and11 higher adjustable loan payments;12 (b) Prolonged foreclosures contribute to the decline in the state's13 housing market, loss of property values, and other loss of revenue to14 the state;15 (c) In recent years, the legislature has enacted procedures to help16 encourage and strengthen the communication between homeowners and17 lenders and to assist homeowners in navigating through the foreclosure18 process; however, Washington's nonjudicial foreclosure process does notp. 1 SSB 5275