The proposed bill establishes the "Own Your Own Art Purchase Program" in Washington state, aimed at providing interest-free loans to eligible individuals for purchasing original works of art created by Washington state artists. The program is designed to stimulate the arts economy, support local artists, and increase art ownership by making original artwork more accessible. The bill highlights the positive impact of the arts on the state's economic vitality and cultural richness, drawing inspiration from Tasmania's successful art purchase program.

Under the new program, the Washington State Commission will administer the loans, which will range from $1,000 to $12,000, and must be repaid in 12 equal monthly installments. Eligibility criteria for applicants include being a U.S. resident, at least 18 years old, and purchasing artwork for personal use. The program will also include provisions for collecting loan payments and may impose fees for late payments. Overall, the bill aims to foster a thriving arts ecosystem in Washington by connecting art buyers with local artists and enriching the state's cultural landscape.