Washington legislation · 2025-26 Regular Session
Washington SB5938: Foreclosure prevention fee
Status: Signed into law, March 23, 2026
Concerning the foreclosure prevention fee.
What the bill says
An act Relating to the foreclosure prevention fee; and amending RCW 61.24.157.
From the enrolled text:
AN ACT Relating to the foreclosure prevention fee; and amending RCW 61.24.157. 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.)) (2)(a) The following are exempt from the requirements of subsection (1) of this and (ii) Chattel loans or retail installment contracts to purchase a dwelling where the dwelling is secured as personal property. (b) If a borrower is purchasing residential …
Sponsors
- Tina Orwall (D) · primary sponsor
- T'wina Nobles (D)
- Derek Stanford (D)
Latest actions
- : Effective date 6/11/2026.
- : Chapter 156, 2026 Laws.
- : Governor signed.
- : Delivered to Governor.
- : Speaker signed.
- : President signed.
- : Passed final passage; yeas, 48; nays, 1; absent, 0; excused, 0.
- : Senate concurred in House amendments.
- : Third reading, passed; yeas, 59; nays, 35; absent, 0; excused, 4.
- : Rules suspended. Placed on Third Reading.
Votes
- Final Passage as Amended by the House (March 9, 2026): 48 yea, 1 nay, passed
- Final Passage as Amended by the House (March 3, 2026): 59 yea, 35 nay, passed
- House Committee on Housing: Do pass as amended (February 23, 2026): 12 yea, 0 nay, passed
- 3rd Reading & Final Passage (February 4, 2026): 49 yea, 0 nay, passed
- Senate Committee on Housing: That Substitute Senate Bill No. 5938 be substituted therefor, and the substitute bill do pass (January 16, 2026): 7 yea, 0 nay, passed
Subjects: HOUSING AND HOMES, COMMERCE, DEPARTMENT OF
Common questions
- What is SB5938?
- SB5938 is a bill in the Washington Legislature (2025-26 Regular Session): Foreclosure prevention fee.
- What does SB5938 do?
- In its own words: An act Relating to the foreclosure prevention fee; and amending RCW 61.24.157.
- What is the status of SB5938?
- Signed into law as of March 23, 2026. Latest action: Effective date 6/11/2026. (March 23, 2026).
- Who sponsored SB5938?
- Tina Orwall (D), with 2 co-sponsors.
- Where is the official record for SB5938?
- On the Washington Legislature website: https://app.leg.wa.gov/billsummary?BillNumber=5938&Year=2025
Source: official Washington record. Tracked by Delilah, AI for legislation across all 50 states and Congress.