The bill amends existing laws regarding the mortgage lending fraud prosecution account in Washington State. It increases the surcharge charged by county auditors for recording each deed of trust from one dollar to five dollars. The funds collected from this surcharge will be transmitted monthly to the state treasurer, who will deposit them into the mortgage lending fraud prosecution account. The Department of Financial Institutions, in consultation with the Attorney General and local prosecutors, will develop rules for the use of these funds to pursue criminal prosecutions related to fraudulent activities in the mortgage lending process. Additionally, the bill clarifies that the surcharge does not apply to assignments or substitutions of previously recorded deeds of trust.

The bill also removes the expiration date of June 30, 2027, from both the surcharge provision and the mortgage lending fraud prosecution account, allowing these measures to remain in effect indefinitely. This change aims to ensure ongoing funding and support for the prosecution of mortgage lending fraud crimes without the need for future legislative renewal.

Statutes affected:
Original bill: 36.22.181, 43.320.140