Transcript Highlights:

• on SF 1750 as amended, and also to briefly explain the intersection of mortgage banking, mortgage lending
• Some of the stakeholders who are here today may have asked if mortgage lending and mortgage banking would
• and mortgage banking uh mortgage lending and mortgage banking uh would<00:52:16.079><c> be</c><00:52
• Um, I spent the last 34 years in mortgage<01:47:24.560><c> lending,</c><01:47:24.960><c> mortgage</c>
• lending, mortgage banking, all of<01:47:26.400><c> those</c><01:47:26.639><c> in</c><01:47:26.960><c

Bills: SF1750 , HF704 , HF3479

Committee: House Commerce Finance and Policy

Keywords: common interest community, CIC, homeowners association, HOA, condominium, planned community, cooperative, unit owner, association board, declarant, declarant control, special declarant rights, assessment lien, foreclosure, late fees, fines, attorney fees, resale disclosure, annual report, maintenance plan

Transcript Highlights:

• I've spoken too long, but I'm very happy to lend my support to this bill in honor of all the children
• I've spoken too long, but I'm very happy to lend my support to this bill in honor of all the children
• <01:20:58.000><c> to</c><01:20:58.320><c> lend</c><01:20:58.640><c> to</c><01:20:58.880><c> that.
• </c><01:20:59.199><c> But</c><01:20:59.920><c> ultimately</c><01:21:00.320><c> as</c> lend to lend to
• But ultimately as lend to lend to that.

Summary: The committee met for its sixth and final interim meeting after a brief technical delay, approved the October 14 minutes, and heard a presentation on a proposed Kentucky hands-free driving bill. The main discussion centered on distracted driving and a draft measure modeled on South Carolina law that would prohibit holding or supporting a mobile electronic device while driving on public roads, while allowing limited exceptions for parked/stopped vehicles, navigation, emergency reporting, dispatch systems, first responders, and certain hands-free call functions. The bill would make a violation a $100 fine plus court costs, with the draft allocating fine revenue to the traumatic brain injury trust fund, Kentucky trauma care system, and veteran program trust fund. The sponsor also said the bill would address prior concerns about enforcement and clarify that officers need a clear, unobstructed visual observation before stopping a driver, and that they may not search or seize devices or make custodial arrests solely for the violation. Alyssa Burns gave emotional testimony in support of the bill, describing the death of her young daughter Kimberly in a crash she attributed to a distracted driver and urging lawmakers to pass the measure to improve roadway safety. The sponsor cited Kentucky traffic fatality statistics, including 814 deaths in 2023 and an estimated 20% involving distracted driving, and argued that the bill could reduce preventable deaths. Several members voiced support and sympathy, including remarks comparing the effort to past seat belt legislation and suggesting possible future additions such as community service. One member raised concerns about enforcement and whether officers could reliably observe phone use inside vehicles, while another asked about the bill’s interaction with existing texting-while-driving penalties and whether points would still apply. The sponsor said the draft was still being refined, acknowledged gray areas, and invited further changes as the bill moves forward.

Transcript Highlights:

• </c> other charges that go into the lending other charges that go into the lending um<01:01:17.319><c
• <c> the</c><01:02:53.559><c> potential</c><01:02:54.119><c> settlement</c><01:02:54.520><c> of</c> lend
• against the potential settlement of lend against the potential settlement of return<01:02:56.039><c>
• When you think of where this might come into play, you know, there's lending in advance to a plaintiff
• When you think of where this might come into play, you know, there's lending in advance to a plaintiff

Summary: The committee heard testimony on HB 733-FN, a bill concerning third-party litigation financing (TPLF). Representative Cole, the prime sponsor, described TPLF as outside investors funding lawsuits in which they have no personal stake, arguing that the practice is largely unregulated, can involve foreign entities, increases litigation abuse, and contributes to higher insurance and consumer costs. He said the bill is modeled on an NCOIL proposal and would require disclosure of TPLF agreements, with guardrails and reporting requirements on specified pages of the bill. He also noted a couple of drafting fixes, including adding the word “knowingly” and incorporating a missing section later. Members raised questions about the bill’s foreign-entity language, especially the provision allowing a governor or the Department of Safety to designate a country as a threat to critical infrastructure. Representative Cole said he would have lawyers review that issue. Another member asked whether the bill would prohibit a party from obtaining outside funding for a lawsuit; Cole clarified that the bill is intended as a reporting measure, not a ban, and that disclosure would be required. He also said the bill is aimed at American citizens rather than foreign-backed financing, and that some states had considered caps on such arrangements, though this bill does not. Brandon Gratz of the Attorney General’s office testified that the enforcement language appears too limited, because it would allow only civil penalties and not broader Consumer Protection Act remedies such as injunctions or restitution. He suggested the Attorney General may not have meaningful authority under the bill as written and raised possible insurance-law issues. Commissioner D.J. Benton-Court of the Insurance Department said the disclosure could help insurers better assess risk and potentially soften the hard insurance market by improving transparency, competition, underwriting, innovation, and claims management. He also said the bill likely needs further work on jurisdiction and enforcement, and that the committee may need to coordinate with the Attorney General, Insurance Department, and possibly banking regulators. No vote was taken in the portion provided.

Transcript Highlights:

• Authority should be favorably received by the bond market and lending agencies.
• favorably received by the bond market favorably received by the bond market and<00:19:25.440><c> lending
• </c> and lending agencies. and lending agencies.

Committee: Joint Energy

Transcript Highlights:

• Senate Bill 5109, the Secretary will read: An act relating to the mortgage lending fraud prosecution
• And that act relating to the mortgage lending fraud prosecution account and amending RCW 36...
• Oftentimes during those transactions there can be scams or fraudulent mortgage lending.
• And for the last 20 years, the mortgage lending fraud prosecution has worked hard to combat those harmful

Bills: SB5068 , SB5109 , SB5188 , SB5223 , SB5280 , SB5420 , SB5467 , SB5581 , SB5649 , SB5705

Summary: The Senate opened with ceremonial items, approved the previous day’s journal, and referred committee reports and new introductions. Members then adopted Senate Resolution 8669 recognizing National Blood Donor Month after remarks emphasizing the life-saving need for blood donations and the work of blood coalition partners. The Senate also adopted Senate Resolution 8667 honoring Monica Alexander for her long public service with the Washington State Patrol and Criminal Justice Training Commission, with multiple senators praising her leadership, reforms, and mentorship. The chamber then took up a series of gubernatorial appointments to college boards of trustees, confirming Rosa Peralta to the Seattle College District, Stephen Zimmerman to Wenatchee Valley College, and Tara Lear to Walla Walla Community College, each by roll call vote. After caucus, the Senate returned to third reading and considered several bills, including SB 5068 on law enforcement, corrections, and prosecutors; SB 5252 on property tax exemptions for nonprofit public assembly halls and meeting places; SB 5280 on consumer protections for virtual currency kiosks; SB 5124 on patient access and skilled nursing facility discharge coordination; and SB 5436 on interference with access to places of religious worship. Most of these measures were amended and then passed, with SB 5068 and SB 5436 drawing debate over immigration status and protest activity, respectively. Later, the Senate passed SB 5705, narrowing traffic safety penalties to focus on distracted driving in school zones; ESSB 5594, delaying implementation of biosimilar drug access provisions; SB 5169, expanding out-of-court testimony options for child victims and witnesses; ESSB 5098, expanding weapons restrictions to additional public buildings and outdoor public spaces, despite opposition over firearm preemption and self-defense concerns; SB 5188, allowing rural broadband repair loans; SB 5109, making the mortgage lending fraud prosecution account permanent with a fee increase; SSB 5240, authorizing schools to use available anaphylaxis medication in emergencies; SB 5420, ensuring veterans and uniformed service members access to benefits and opportunities; SB 5467, simplifying surplus property sales by water-sewer districts; SSB 5331, strengthening insurance enforcement and restitution authority; and ESSB 5071, updating child endangerment law to include fentanyl and synthetic opioids, with an amendment adding a parenting-alternative approach for child defendants. The Senate also adopted an amendment to SB 5581 to include public transportation providers in safe-system transportation infrastructure planning and then advanced the bill toward final passage.

Transcript Highlights:

• Senate Bill 5109, the Secretary will read: An act relating to the mortgage lending fraud prosecution
• An act relating to the mortgage lending fraud prosecution account and amending RCW 36...
• Oftentimes during those transactions there can be scams or fraudulent mortgage lending.
• And for the last 20 years, the mortgage lending fraud prosecution has worked hard to combat those harmful

Bills: SB5068 , SB5109 , SB5188 , SB5223 , SB5280 , SB5420 , SB5467 , SB5581 , SB5649 , SB5705

Summary: The Senate opened with ceremonial business, including the roll call, colors, pledge, and prayer, then approved the previous day’s journal and referred committee reports and new introductions. Members also suspended rules to consider multiple resolutions and bills. Senate Resolution 8669, honoring National Blood Donor Month, was adopted after remarks emphasizing the life-saving importance of blood donation and recognizing the Northwest Blood Coalition, whose members were introduced in the gallery. The chamber then adopted Senate Resolution 8667 honoring Monica Alexander, executive director of the Criminal Justice Training Commission, with multiple senators praising her career in the State Patrol, her leadership on regional training academies, sexual assault kit reform, and public safety culture. The Senate also confirmed several gubernatorial appointments to college boards, including Rosa Peralta to the Seattle College District Board of Trustees, Stephen A. Zimmerman to Wenatchee Valley College, and Tara Lear to Walla Walla Community College, each by 49-0 roll call votes. The Senate spent much of the session on third-reading bills, often amending them before final passage. Measures passed included SB 5068 on agencies, firefighters, prosecutors, and limited authority; ESSB 5252 on property tax exemptions for nonprofit public assembly halls; SB 5280 on virtual currency kiosk consumer protections; ESSB 5124 on patient access and skilled nursing facility identification; ESSB 5436 on interference with access to places of worship; SB 5705 on traffic safety penalties in school zones; ESSB 5594 on biosimilar medicines; SSB 5169 on out-of-court testimony for child victims and witnesses; ESSB 5098 on weapons restrictions in certain public buildings and parks; SB 5188 on broadband infrastructure repair loans; SB 5109 on the mortgage lending fraud prosecution account; SSB 5240 on anaphylaxis medications in schools; SB 5420 on veterans’ benefits access; SB 5467 on water-sewer district surplus property sales; SSB 5331 on insurer accountability; ESSB 5071 on endangerment with controlled substances involving fentanyl or synthetic opioids; and ESSB 5581 on safe system/complete streets transportation strategies. Most of these bills passed with broad bipartisan support, though some drew opposition over firearms restrictions, insurance penalties, or transportation costs. Several bills were amended on the floor before final passage, including changes to dates, scope, and technical language, and the session concluded with additional business beginning on SB 5649.

Transcript Highlights:

• </c><01:08:13.720><c> Where</c> Credit lending loss.
• Actually here you Credit lending loss.
• Credit and lending can be expanded.
• </c> Uh credit and lending can be expanded. Uh credit and lending can be expanded.
• </c> you know, what can actually lend you know, what can actually lend against.<01:34:19.680><c> And<

Summary: The meeting opened with roll call, confirmation of a quorum, and approval of the April 6 and May 4 minutes, with minor corrections noted to the May minutes. The main presentation came from JD of Link Network, introduced by Dan Cohen, who described Link’s work with crypto.com and other market participants on tokenized money market funds and real-time settlement for institutional clients. JD gave a detailed history of his earlier work developing the Arca U.S. Treasury Fund and ArCoin, emphasizing that the project was built within existing SEC and 1940 Act frameworks and was intended to use blockchain technology for a traditional asset rather than create a crypto product. He said the effort involved years of discussions with the SEC, multiple custodians, and partners such as U.S. Bank, T-Zero Securities, and Tassat, and that the model eventually led to Link’s settlement system. He highlighted concerns that shaped the design, including regulatory compliance, privacy for institutional users, and the need to bridge traditional banking hours with 24/7 digital asset markets. The presentation also described Link’s features, including segregated and bankruptcy-remote fund structures, tokenized deposit and treasury fund settlement, and “yield in transit,” which allows interest to accrue and be distributed daily down to a two-second block. JD said the platform is being expanded for use cases such as exchange liquidity, cross-border capital movement, off-exchange collateral, stablecoin bridging, treasury management, and peer-to-peer settlement. He closed by posing policy questions for the commission about the use cases for stablecoins versus tokenized money market funds in New Hampshire and whether the state could issue or administer a security-based program with appropriate compliance controls.

Transcript Highlights:

• Lend? Nichols. O'Connowitz? Ruckie? Aye. Aye. Samarath? Shippy? Taves.
• Lend. Nichols. O'Connell. O'Conowitz. Lenny? Aye. Lend? Nichols. O'Connowitz? Aye. Robby? Ricks?
• Lend? Borman? Lent? Senator Beerke? How did you vote? That's what we thought. Yeah.
• Den Hartog, Foreman, Galloway, Groh, Guthrie, Harris, Hart, Kaiser, aye, Cole, Lakey, aye, Lenny, Lend

Transcript Highlights:

• And so, that's why Texas implemented its small-dollar lending statute.
• During our negotiations, with payday lending, they said, we'll come back in years to improve the legislation
• Around payday lending to make it low cost; that has not happened.
• are in the greatest need through various means, including advocating for consumer protection. and lending
• recognize that low-income earners who need access to credit and cash are often denied by traditional lending

Bills: HB1453 , HB1718 , HB2043 , HB2207 , HB2798

Committee: House Pensions, Investments & Financial Services

Keywords: local governments, anticipation notes, certificates of obligation, public works, flood control, financial management, local government, municipal financing, private activity bonds, closing definition, real estate finance, bond issuance, government regulation, bond election, general obligation bonds, GO bonds, political subdivision, city bonds, county bonds, school district bonds

Transcript Highlights:

• challenges that would impact the effects of the law and create additional uncertainty in the mortgage lending
• author. and the Governor's Office regarding making conforming changes with the Residential Mortgage Lending

Committee: House Appropriations

Transcript Highlights:

• We continue to see unprecedented demand for early-stage lending, and we've reached record-high loans
• to private developers to build multifamily housing or to purchase loans through our corresponding lending
• BUILD, which stands for Bringing Innovation to Lending and Development, is the MassHousing...
• BUILD, which stands for Bringing Innovation to Lending and Development, is the MassHousing program that
• Travelini can talk more about interest rates, financing, equity lending, and so on there.

Committee: Joint Joint Committee on Housing

Summary: The Joint Committee on Housing opened its second hearing of the session with remarks from Chairs Haggerty and Cyr emphasizing that the hearing was a broad look at Massachusetts’ housing crisis rather than a single bill. They highlighted topics including zoning, permitting, rental assistance, public housing, homelessness prevention, and housing production. The first witness, Housing and Livable Communities Secretary Augustus, reviewed implementation of the Affordable Homes Act and the state’s new housing plan, citing a 1.6% vacancy rate, a projected need for 222,000 new homes over 10 years, and ongoing efforts such as ADUs by right, fair housing enforcement, eviction record sealing, seasonal communities planning, and new funding for affordable housing, public housing, and the Momentum Fund. He also discussed infrastructure support for municipalities, technical assistance for ADUs, and concerns about possible federal funding cuts. Committee members questioned the secretary about ADU financing and technical assistance, the likely unit yield from the Affordable Homes Act, infrastructure barriers in suburban and rural communities, public housing waitlist management, supportive housing, and federal budget risks. MassNAHRO then testified that public housing authorities are facing rising operating and capital costs, a statewide waitlist nearing 300,000, and uncertainty over federal Section 8 and HUD funding. Witnesses described recent state support for operating subsidies, capital improvements, vacancy turnover teams, and resident service coordinators, while warning that proposed federal cuts could sharply affect voucher issuance and agency operations. CDAC’s executive director Roger Herzog described the agency’s role as a quasi-public source of early-stage financing and technical assistance for nonprofit housing developers, noting its loan capital, supportive housing bond programs, home modification loans, and preservation work under Chapter 40T. He said CDAC has helped produce or preserve more than 55,000 units and stressed the importance of patient capital and preservation tools. CHAPA CEO Rachel Heller urged the committee to focus on production, preservation, planning, and political will, supporting goals for affordability, supportive housing, and homeownership, and endorsing policy changes such as YIGBY, clearer site plan review rules, stronger fair housing funding, and more support for vouchers and public housing. MassHousing then outlined its financing role, including mortgage lending, down payment assistance, the Community Climate Bank, and the Momentum Fund, while noting that permitting delays, capital gaps, and possible federal changes could affect production. Members also asked about transparency, prevailing wage compliance, and a recent internal restructuring related to diversity and business engagement.

Transcript Highlights:

• And there also wasn't consultation with organizations that do business with small business lending that
• We actually have found that some smaller community banks are able to and willing to do some lending.
• We actually have found that some smaller community banks are able to and willing to do some lending.
• We actually have found that some smaller community banks are able to and willing to do some lending.
• Um there are three to do some lending.

Transcript Highlights:

• Next, we have testifying virtually, Kaylee Mundy, community lending coordinator for Exodus Lending.
• Hi, Kayla Munley here from Exodus Lending. Good afternoon, Chair, members of the committee.
• I serve as a community lending coordinator for Exodus Lending.
• It is shaped by decades of racial and economic exclusion, redlining, discriminatory lending, and policies
• , and policies that blocked lending, and policies that blocked entire<00:58:33.920><c> communities</c

Bills: HF4207 , HF3639 , HF3981 , HF3064 , HF2123

Committee: House Housing Finance and Policy

Transcript Highlights:

• I want to know what this is relative to Chartered Bank lending limits are.
• The lending limits, when I first got on here, we the limit was 10 and then 15 and now we're up to 20.
• </c> Chartered Bank lending limits are. Okay. Chartered Bank lending limits are. Okay.
• uh when I So, uh the lending limits uh when I first<03:33:37.840><c> got</c><03:33:38.000><c> on</c>
• Chartered lending limits. Yes. Every dollar they have. I don't know much more. Okay.

Summary: The committee first took up SB 297 and a new amendment, 2462, which combined the original Senate bill with the Carson amendment and added a proposed alternative regulatory system, RSA 420R. The chair and members discussed that the amendment was intended to give the Senate what it had asked for while also creating a dual system for public entity risk pools. Members asked whether the new structure would affect ownership or governance of health trusts, and the chair explained that 420R would be a separate regulatory statute while existing 420J-style arrangements could remain in place. The committee also noted that a paragraph had been accidentally deleted from the amendment and that another amendment would be prepared to correct it, with the subcommittee recessed while that was done. Public testimony focused on School Care, represented by Executive Director Lisa Ducette, who opposed the shift to Department of Insurance oversight under 420R. She argued that public entity risk pools are not insurance companies, that they are accountable to member entities and taxpayers, and that the proposed dual regulation would add unnecessary costs through examinations, higher reserves, and additional accounting requirements. She said the change could threaten tax-exempt status and create an uneven playing field, and she urged the committee to support SB 297 with the Carson amendment instead of moving to 420R. Committee members questioned whether the amendment would actually affect pools that stayed under the Secretary of State model, and one member cited support from the New Hampshire Municipal Association for the dual system. The discussion then shifted to amendment 245 on ambulance reimbursement and contracting timelines. Members reviewed a provision giving insurers 45 days and ambulance providers 60 days in the contracting process, and one member suggested making both periods 60 days. The chair and others said the current language was intentional and part of a broader compromise aimed at ending balance billing and forcing insurers to establish reimbursement rates. Members noted that the measure was unusual and that its effects would be reviewed over the next two years, with one member saying the bill would likely be difficult to roll back later. No final vote was taken in the portion provided.

Transcript Highlights:

• It was the Legislature's intent to stimulate the lending institutions that were community, defined as
• It was the legislature's intent to stimulate the lending institutions that were community, defined as
• Lending institutions that were community, defined as community banks.

Bills: HB2713 , HB2730 , HB2297 , HB2487 , HB2382 , HB2089 , HB2431 , HB2451 , HB2590 , HB2325 , HB2278 , HB2224 , HB2322

Committee: House Finance

Keywords: private detention facilities, business tax, occupation tax, financial impact, state revenue, aerospace, tax preferences, effectiveness, economic impact, grocery stores, underserved communities, food access, incentives, economic development, insurance tax, state regulation, insurers, taxation, budget impact, excise tax

Transcript Highlights:

• private property rights by statutorily allowing nonprofit corporations to dictate real property and lending
• real estate professional that buyers of unrestricted housing rely on to avoid predatory sales and lending
• comment about, maybe I did a reminder, but I think there was maybe an inference around predatory lending

Summary: The Assembly Committee on Housing and Community Development met first as a subcommittee because quorum was initially lacking, then later established quorum and heard five housing-related bills. AB 748 would require local governments to create preapproved housing plan programs for single-family and small multifamily projects under 10 units, expanding a model already used for ADUs; the author and Habitat for Humanity argued it would save time and money, and there was no opposition. The committee later passed AB 748 unanimously to the Assembly Committee on Local Government. AB 739 would require managing agents for common interest developments to provide HOAs a summary of fees charged and paid to management companies. Realtors and community managers supported the bill as a transparency measure, while the California Association of Community Managers initially opposed it but said it would remove opposition if committee amendments were adopted to avoid blanket mailings and cost increases. The committee adopted the amendments and passed AB 739 7-0 to Appropriations. AB 939 would remove the 180-day resale restriction for certain income-restricted for-sale units when a developer is under contract with a qualified nonprofit affordable housing organization, allowing units to be sold sooner to low-income buyers. Habitat for Humanity, the California Building Industry Association, and several housing groups supported the measure as a no-cost fix to reduce vacancy and carrying costs, while the California Association of Realtors opposed it, warning it could create a right of first refusal and set a precedent affecting property rights and competition. After discussion about the narrow scope and committee amendments, the bill passed 6-1 to Appropriations. AB 1070 would direct the state to study and potentially modernize building code treatment for small, middle-housing projects so that low-rise buildings with three to ten units could be regulated more like residential structures rather than commercial ones. Supporters said the current code makes small multifamily projects unnecessarily expensive and that other states have adopted similar approaches; there was no opposition. The committee passed AB 1070 unanimously to Appropriations. Finally, AB 1184, by the vice chair, would increase HOA transparency and resident access to records, including recordings of HOA meetings; it had no witnesses in opposition and passed 8-0 as amended to Appropriations. After the meeting, absent members later added votes, and the final recorded votes were 10-1 for AB 939, 11-0 for AB 1070 and AB 1184, and unanimous support for AB 739 and AB 748.

Transcript Highlights:

• private property rights by statutorily allowing nonprofit corporations to dictate real property and lending
• real estate professional that buyers of unrestricted housing rely on to avoid predatory sales and lending
• comment also about maybe I did a reminder, but I think there was maybe an inference around predatory lending

Committee: House Housing and Community Development

Transcript Highlights:

• Residential Care Administration, support from Three Financial Group LLC, support from Hawaii Community Lending
• Residential Care Administration, support from Three Financial Group LLC, support from Hawaii Community Lending
• Support was noted from Three Financial Group LLC, Hawaii Community Lending, and 12 individuals.

Committee: House Labor

Transcript Highlights:

• We are strong supporters of providing consumers with better alternatives to predatory lending and junk
• Hello, my name is Whitney Barclay Denny, and I am Senior Policy Counsel at The Center for Responsible Lending
• This is how this industry makes their money, just like the payday lending industry did formerly.

Committee: House House Commerce & Economic Development Committee

Transcript Highlights:

• the DOGE committee, and what it does is it removes a part of code for the treasurer for securities lending
• the DOGE committee, and what it does is it removes a part of code for the treasurer for securities lending

Committee: House State Affairs