(1) Except as provided in subsections (5) and (6) of this section, beginning July 1, 2016, and every quarter thereafter, every beneficiary on whose behalf a notice of trustee's sale has been recorded pursuant to RCW 61.24.040 on residential real property under this chapter must:
(a) Report to the department the number of notices of trustee's sale recorded for each residential property during the previous quarter;
(b) Remit the amount required under subsection (2) of this section; and
(c) Report and update beneficiary contact information for the person and work group responsible for the beneficiary's compliance with the requirements of the foreclosure fairness act created in this chapter.
(2) For each notice of trustee's sale recorded on residential real property, the beneficiary on whose behalf the notice of trustee's sale has been recorded shall remit $325 to the department to be deposited, as provided under RCW 61.24.172, into the foreclosure fairness account. The $325 payment is required for every recorded notice of trustee's sale for noncommercial loans on residential real property, but does not apply to the recording of an amended notice of trustee's sale. No later than January 1, 2020, the department may from time to time adjust the amount of the fee, not to exceed $325, at a sufficient level to defray the costs of the program. The beneficiary shall remit the total amount required in a lump sum each quarter.
(3) Any adjustment to the amount of the fee, pursuant to the authority of subsection (2) of this section, shall be made by rule adopted by the department in accordance with the provisions of chapter 34.05 RCW.
(4) Reporting and payments under subsections (1) and (2) of this section are due within 45 days of the end of each quarter.
(5)(a) Except as provided in (b) of this subsection, this section does not apply to any beneficiary or loan servicer that is a federally insured depository institution, as defined in 12 U.S.C. Sec. 461(b)(1)(A), and that certifies under penalty of perjury that fewer than 50 notices of trustee's sale were recorded on its behalf in the preceding year.
(b) During the 2021 and 2022 calendar years, this section does not apply to any beneficiary or loan servicer that is a federally insured depository institution, as defined in 12 U.S.C. Sec. 461(b)(1)(A), and that certifies under penalty of perjury that fewer than 50 notices of trustee's sale were recorded on its behalf in 2019.
(6) This section does not apply to association beneficiaries subject to chapter 64.32, 64.34, or 64.38 RCW.
(7) For purposes of this section, "residential real property" includes residential real property with up to four dwelling units, whether or not the property or any part thereof is owner-occupied.
(8) After January 1, 2022, the requirements of this section apply only with respect to notices of trustee's sale for which remittance and reporting on a notice of default for that same residential real property was not made pursuant to RCW 61.24.190.
[ 2021 c 151 § 10; 2018 c 306 § 7; 2016 c 196 § 2.]
NOTES:
Application—2021 c 151 § 13: "The repeal in section 13 of this act does not affect any existing right acquired or liability or obligation incurred under the section repealed or under any rule or order adopted under that section, nor does it affect any proceeding instituted under that section." [ 2021 c 151 § 14.]
Effective date—2021 c 151 §§ 13 and 14: "Sections 13 and 14 of this act take effect June 30, 2023." [ 2021 c 151 § 17.]
Effective date—2021 c 151 §§ 1-4, 6-8, and 10: See note following RCW 61.24.005.
Findings—Intent—2021 c 151: See note following RCW 61.24.005.
Effective date—2016 c 196: See note following RCW 61.24.172.