The proposed bill establishes the "Own Your Own Art Purchase Program" within the Washington state commission, 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 outlines the eligibility criteria for applicants, which include being a U.S. resident, at least 18 years old, and purchasing artwork for personal use. Eligible purchases include original works by Washington state artists and indigenous artists, with loans ranging from $1,000 to $12,000, to be repaid in 12 equal monthly installments.

The bill emphasizes the importance of the arts to the economic vitality and cultural richness of Washington state, drawing inspiration from Tasmania's successful art purchase program. The commission is tasked with administering the program, issuing loans, and establishing rules for eligibility and loan repayment processes. The initiative aims to foster a thriving arts ecosystem, enhance the quality of life for individuals and communities, and promote greater appreciation and engagement with the arts throughout the state.