Washington Revised Code Title 61. Mortgages, Deeds of Trust, and Real Estate Contracts § 61.24.172. Foreclosure fairness account created--Uses (Effective January 1, 2022)

The foreclosure fairness account is created in the custody of the state treasurer.  All receipts received under RCW *61.24.174, as it existed prior to July 1, 2016, **61.24.173, and 61.24.190 must be deposited into the account.  Only the director of the department of commerce or the director's designee may authorize expenditures from the account.  Funding to agencies and organizations under this section must be provided by the department through an interagency agreement or other applicable contract instrument.  The account is subject to allotment procedures under chapter 43.88 RCW, but an appropriation is not required for expenditures.  Biennial expenditures from the account must be used as follows:  Four hundred thousand dollars to fund the counselor referral hotline.  The remaining funds shall be distributed as follows:  (1) Sixty-nine percent for the purposes of providing housing counseling activities to benefit borrowers;  (2) eight percent to the office of the attorney general to be used by the consumer protection division to enforce this chapter;  (3) six percent to the office of civil legal aid to be used for the purpose of contracting with qualified legal aid programs for legal representation of homeowners in matters relating to foreclosure.  Funds provided under this subsection (3) must be used to supplement, not supplant, other federal, state, and local funds;  and (4) seventeen percent to the department to be used for implementation and operation of the foreclosure fairness act.

The department shall enter into interagency agreements to contract with the Washington state housing finance commission and other appropriate entities to implement the foreclosure fairness act.