S-4031.1
SUBSTITUTE SENATE BILL 5938
State of Washington
69th Legislature
2026 Regular Session
By Senate Housing (originally sponsored by Senators Orwall, Nobles, and Stanford)
READ FIRST TIME 01/19/26.
AN ACT Relating to the foreclosure prevention fee; amending RCW 61.24.157 ; creating a new section; and providing an expiration date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 61.24.157 and 2025 c 393 s 8 are each amended to read as follows:
(1) For each residential mortgage loan, as defined in RCW 31.04.015 (24), originated within or outside of the state of Washington and related to property located within the state of Washington, (( excepting only reverse mortgage loans issued to seniors over the age of 61 )) except as set forth in subsection (2) of this section , a foreclosure prevention fee of $80 shall be assessed and due and payable at the time of closing by the escrow agent or other settlement or closing agent processing the loan closing into the foreclosure fairness account created in RCW 61.24.172 . This foreclosure prevention fee may be financed in the loan and paid from the loan proceeds (( or from any borrower cash contribution )) at the time of closing. (( The department may make policies and procedures related to the implementation, collection, remittance, and management of the fee and may enter into individualized agreements governing the efficient remittance of the fee. ))