Transcript Highlights:

• </c><00:33:18.400><c> data</c> The objective of of qualified data The objective of of qualified data
• So, first, fewer..." of the Minnesota home mortgage interest of the Minnesota home mortgage interest
• </c><01:04:48.000><c> interest</c> Minnesota home mortgage interest Minnesota home mortgage interest
• </c> order to qualify for this treatment. order to qualify for this treatment.
• The mortgage did not cover today.

Bills: SB1423 , SB1426 , SB1502 , SB1377 , SB1983 , SB1466 , SB1645 , SB1647 , SB1847 , SB1565 , SB1562 , SB1329 , SB1383 , SB1833 , SB1555 , SB1344 , SB1839 , SB1280 , SB1832 , SB2001 , SB1405 , SB2143 , SB1989 , SB1393 , SB1392 , SB1395 , SB1400 , SB1220 , SB1516 , SB1239 , SB1531 , SB1349 , SB1221 , SB1538 , SB1309 , SB1434 , SB2108 , SB2121 , SB2171 , SB2061 , SB2112 , SB2138

Keywords: Oklahoma Hospital Advisory Council, hospital licensure, public health, State Department of Health, State Board of Health, hospital regulations, healthcare regulation, hospital standards, hospital construction, hospital operations, stroke care, stroke system, emergency medical services, EMS transport, psychiatric treatment, chemical dependency treatment, substance use disorder, drug storage, pharmacy, quality indicators

Transcript Highlights:

• Those are don't pay your mortgage.
• Um, exemption of a qualifying trust.
• :00.640><c> waiver</c> every every mortgage contains a waiver every every mortgage contains a waiver
• </c> trust is a qualifying trust under this? trust is a qualifying trust under this?
• </c><00:35:27.760><c> is</c> by the the existing the mortgage is by the the existing the mortgage is

Committee: Senate Ways and Means

Transcript Highlights:

• It was a mortgage. The company said that it is not a mortgage.
• mortgages.
• They may not be old enough to qualify for a reverse mortgage.
• They may not have the income to qualify for an additional mortgage or a HELOC, and the interest rate
• mortgage loan.

Summary: The committee first held a work session on cryptocurrency kiosks, with the Department of Financial Institutions and Spokane City Council describing how virtual currency kiosks operate, where they are located in Washington, and the rapid growth in transaction volume. DFI said the machines are being used heavily in scams, especially against older and vulnerable consumers, and cited FBI fraud data showing substantial losses. DFI outlined possible consumer protections in pending legislation, including stronger disclosures, a $1,000 daily transaction limit, and a fee cap. Spokane City Council described its unanimous ordinance banning new kiosks and requiring removal of existing ones, citing local scam reports and the difficulty of recovering funds once they are sent through crypto wallets. Committee members asked about how the machines are used, whether the hardware itself is vulnerable, and whether stronger warnings or screening requirements could help. The committee then reviewed home equity sharing agreements, or CHISAs/HESAs, following a legislative report. The report’s author said these products provide homeowners a lump sum in exchange for a share of future home value or appreciation, with no monthly payments, but can be difficult for consumers to understand and can produce highly variable settlement costs. The report found the market has grown quickly in Washington, that many consumers using the products had financial hardship, and that many did not fully understand how settlement amounts were calculated. DFI said it views the products as mortgage-like and is moving forward with rulemaking, including counseling and clearer disclosures. Industry representatives said the products are equity-based rather than debt-based, support access to home equity for people who may not qualify for traditional loans, and said they are working with DFI on standardized disclosures, counseling, and annual settlement estimates. Senators raised concerns about consumer understanding, cost caps, and whether the products should be treated as mortgages under state law. In the final work session, the committee heard an overview of Washington’s space economy from Amazon Leo, Blue Origin, Stoke Space, Space Northwest, and Green River College. Speakers highlighted major investments in Washington facilities, manufacturing, testing, and workforce training, and described the state as a hub for aerospace and satellite activity. They emphasized job creation, supply-chain spending, and education partnerships, including technician certification and apprenticeship-style programs. Several speakers urged the legislature to expand tax incentives to include space companies, support grants and workforce programs, and consider a state space commission or similar long-term coordination effort. The committee thanked the presenters and noted time constraints before ending the hearing.

Transcript Highlights:

• We have taken the position it was a mortgage. The company said that it is not a mortgage.
• , reverse mortgage product.
• We have shared appreciation mortgages, because we also have reverse mortgages.
• They may not be old enough to qualify for a reverse mortgage.
• They may not have the income to qualify for an additional mortgage or a HELOC, and the interest rate

Summary: The committee first heard a work session on cryptocurrency kiosks from the Department of Financial Institutions and Spokane City Councilmember Paul Dillon. DFI described crypto kiosks as licensed money transmission terminals that allow cash purchases of virtual currency, and said the main concern is fraud: scammers often pressure victims, especially older adults, to deposit cash into kiosks and send it to wallets controlled by organized crime. DFI cited a sharp increase in kiosk volume, nationwide fraud complaints and losses, and said Washington currently has licensing and disclosure rules but lacks transaction and fee limits. The department said it is seeking stronger disclosures, a $1,000 daily transaction limit, and a fee cap. Spokane described its unanimous ordinance banning new kiosks and removing existing ones after local scam reports, and members asked about how the machines work, whether the fraud is in the hardware or the transaction, and whether stronger warnings or screening could help. The committee then reviewed home equity sharing agreements, or CHISAs, based on a report by Mariana Amaram and testimony from DFI and industry representatives. The report found that CHISAs provide homeowners a lump sum in exchange for a share of future home value or appreciation, with no monthly payments, but that consumers often struggle to understand the products and settlement calculations. The report said the market has grown quickly in Washington, that costs can be hard to predict, and that early uncapped contracts could produce very high settlement amounts, especially during periods of rising home prices. DFI said it views these products as mortgage loans and is moving forward with rulemaking, including counseling and clearer disclosures, while industry witnesses said the products are equity-based rather than debt-based and asked for tailored regulation. Members discussed the need for better consumer education, clearer payoff schedules, and whether the products should be treated as mortgages or a separate category. The final panel focused on Washington’s space economy, with presentations from Amazon Leo, Blue Origin, Stoke Space, Space Northwest, and Green River College. Speakers highlighted major in-state investments in satellite manufacturing, launch systems, and workforce training, including Amazon Leo’s Redmond and Kirkland facilities, Blue Origin’s Kent headquarters, and Stoke Space’s Kent manufacturing and Moses Lake test site. Space Northwest presented data showing the sector’s growing economic footprint, high-wage jobs, and regional clusters in Kent and Redmond, and urged more workforce programs, incentives, infrastructure support, and a state space commission. The companies emphasized local hiring, apprenticeship and certification programs, and the role of Washington’s aerospace supply chain in supporting the broader space industry. No votes were taken during the transcript excerpt.

Transcript Highlights:

• </c> communities there is Strong Mortgage communities there is Strong Mortgage industry<00:21:29.000>
• </c> the Minnesota mortgage the Minnesota mortgage Association<00:22:00.120><c> uh</c><00:22:00.279><
• </c> my name is Amber laser I am the mortgage my name is Amber laser I am the mortgage foreclosure<00
• We're going to be opening up an open market program where families can come qualify for a mortgage, go
• We're going to be opening up an open market program where families can come qualify for a mortgage, go

Committee: Senate Housing and Homelessness Prevention

Transcript Highlights:

• Independent mortgage companies make over 50% of the mortgage loans in California.
• found that independent mortgage banks have significantly grown their market share of mortgage lending
• found that independent mortgage banks have significantly grown their market share of mortgage lending
• Our studies have shown that independent mortgage companies potentially are steering conventional loan-qualifying
• qualifying borrowers into higher cost loans.

Summary: The Assembly Banking and Finance Committee met to hear several bills, beginning with a consent calendar that included AB 665 and AB 866, both adopted on a do pass basis and referred to Appropriations. The committee then took up AB 801, which would create a California Community Reinvestment Act to require covered financial institutions, including state-chartered banks, credit unions, residential mortgage lenders, and money transmitters, to meet the financial needs of low- and moderate-income communities and communities of color. The author and supporters argued the bill would close gaps left by the federal CRA, address redlining and discriminatory lending, and expand investment in housing, small business, and community development. Support came from community groups, CDFIs, labor, and housing advocates, while opposition from mortgage bankers and credit unions argued the bill would impose costly new reporting and regulatory burdens, especially on institutions they said already serve underserved borrowers well. Committee members discussed the scope of the bill, the experience of other states with state CRA laws, and possible carve-outs or tiered treatment for smaller credit unions. AB 801 was passed as amended and referred to Appropriations, with the roll left open and later completed; one member voted no and others were not voting or voted aye as the roll was finalized. The committee also heard AB 743, which would require licensing and surety bonds for commercial lawsuit financing and bring those transactions under DFPI oversight. The author said the bill was aimed at a largely unregulated, multi-billion-dollar industry and was intended to increase transparency and address concerns about foreign interests, fraud, and abusive litigation funding practices, while not affecting consumer legal funding. Supporters, including Unified Patents, the Civil Justice Association of California, the California Chamber of Commerce, the California Trucking Association, and the American Property Casualty Insurance Association, said the bill was an important first step toward disclosure and regulation. There was no opposition testimony. AB 743 passed unanimously as amended and was referred to Appropriations, with the roll held open briefly for absent members before the committee adjourned.

Transcript Highlights:

• A mortgage modification is a change to a mortgage that typically happens when a borrower is in trouble
• </c> the Uniform Mortgage Modification Act. the Uniform Mortgage Modification Act.
• A mortgage modification step.
• </c> is a change to a mortgage that typically is a change to a mortgage that typically happens<00:10:
• </c> have to have this mortgage relisted. have to have this mortgage relisted.

Bills: SF0114 , SF0102 , SF0117

Committee: House Corporations, Elections & Political Subdivisions

Transcript Highlights:

• Raise your hand if you know what a mortgage is. You know a mortgage? Okay.
• I worked with a young woman who got her doctorate, who was well qualified, but she qualified at the $325,000
• This is a mortgage.
• We can get you qualified at that number.
• income is missing; they can't qualify for a loan.

Committee: House House Government, Elections & Indian Affairs

Transcript Highlights:

• The first mortgage revenue bond that we did was in July of 1978, and that was a $61 million mortgage
• Certainly, mortgage rates continue 18 months, but still very challenging for borrowers to qualify with
• Just continuing to offer competitive mortgage rates and we see them well positioned.
• This graph reflects the historical mortgage rates over the past 50 plus years.
• Process of figuring out how they qualify is what is the need of weatherization.

Committee: House Mortgage Finance Authority Act Oversight Committee

Transcript Highlights:

• Specifically, it would allow airport hangars used for the manufacturing of aircraft to qualify for a
• To qualify, renting households must have incomes below income limits, which for 2022 was about 70,000
• </c> of a household's income for qualifying of a household's income for qualifying for<00:36:16.119><
• They look at the ability of mortgage interest.
• </c> the property were eligible to qualify the property were eligible to qualify for<01:26:33.800><c>

Committee: House Taxes

Transcript Highlights:

• </c> uh towards property taxes to qualify. uh towards property taxes to qualify.
• interest,</c><00:10:10.800><c> they</c> deductibility of mortgage interest, they deductibility of mortgage
• To subsidize mortgages for those some of those 4% of people who itemize deductions.
• ><c> interest</c><00:26:00.720><c> deduction</c> about the mortgage interest deduction about the mortgage
• To subsidize mortgages for those right?

Summary: The committee heard House File 2499, authored by Representative Lee, which would expand Minnesota’s renters’ credit to more closely match the homestead credit for homeowners. Lee explained that the bill would raise the income cutoff from about $75,389 to $143,140 and increase the maximum credit to $3,500, with the goal of addressing what she described as an inequity between renters and homeowners who both pay property taxes. She cited revenue estimates showing the change could make about 80,000 additional renters eligible, while acknowledging the bill would be costly to enact this year. Nan Madden of the Minnesota Budget Project testified in support, describing how the renters’ credit works, including the assumption that 17% of rent goes toward property taxes. She highlighted 2022 data showing most recipients had low incomes, many were seniors or people with disabilities, and participation was higher in greater Minnesota in some respects. Michael Dah of Homeline also supported the bill, saying renters face rising housing costs and use the credit for basic needs such as groceries, school supplies, medical care, and car repairs. Members discussed whether expanding the credit would simply benefit landlords or encourage rent increases. Representative Anderson opposed the bill on the grounds that policy should incentivize homeownership, while Representative Huitt argued the credit could help renters build savings and move toward homeownership if they choose. Representative Lee responded that the housing market is broken and that the credit is one tool to help renters in a broader housing continuum. The discussion also covered outreach and administration of the credit, including the recent move to file it with income taxes, electronic certificates of rent paid, and funding for tax-preparation assistance and outreach through VITA sites and community organizations. The bill was laid over for possible inclusion in the omnibus tax bill.

Transcript Highlights:

• And so then you still can get a mortgage.
• This new program is called the Cal Assist Mortgage Fund.
• This new program is called the Cal Assist Mortgage Fund.
• So now we need to make sure the for-sale projects are relying on homebuyers who can qualify for mortgages
• For-sale requires buyers who can afford a 6% to 7% mortgage rate.

Summary: The Assembly Select Committee on Housing Finance and Affordability held its first hearing of 2025 to examine how California finances affordable housing and homeownership. Co-chairs opened by describing the state’s severe housing shortage, high costs, and the need for the committee to identify practical recommendations. Panelists from the California Housing Partnership, the Business, Consumer Services and Housing Agency, the Treasurer’s housing finance committees, CalHFA, and Related discussed the layered financing structure used for affordable housing, including federal low-income housing tax credits, tax-exempt bonds, state subsidies, local funds, and rental assistance. Witnesses emphasized that affordable housing projects typically require multiple funding sources and that the system is often slowed by complex applications, overlapping rules, and too many layers of financing. Several speakers noted recent federal changes that expanded the 9% and 4% tax credit programs, including a lower bond-financing threshold for 4% credits, which should allow more projects to move forward. State officials also highlighted ongoing efforts to streamline the system, including the SuperNOFA, AB 519’s one-stop-shop working group, and the planned California Housing and Homeless Agency, which is intended to align housing, homelessness, and civil rights functions. CalHFA described its homeownership and multifamily programs, including My Home, Dream For All, Cal Assist Mortgage Fund, and the Mixed Income Program, and said its financing tools help first-time buyers and developers. Related and other housing providers said the state has made real progress through land-use reform, accountability enforcement, and faster tax credit allocation, but argued that funding remains far below need. They called for more state and permanent funding sources, more efficient administration, more support for ADU and modular financing, and better attention to deeper affordability, the “missing middle,” and equity impacts on renters, women, and communities of color. The hearing was informational only; no votes or formal actions were taken.

Transcript Highlights:

• It removes the requirement for the location of qualifying rehabilitated or newly constructed grocery
• It removes the requirement for the location of qualified Is out of compliance.
• closed mortgage origination volume of at least $10 million, or so. ...mortgage origination volume of
• qualify for the exemptions here, and it removes a retroactivity clause.
• qualify for the exemptions here.

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:

• The so-called first mortgage interest deduction tax preference was a...
• So when the first mortgage interest deduction tax preference was extended, the intent was to stimulate
• But as it is currently written, the bill would apply a B&O tax to first mortgage interest received by
• Last year, we saw a suite of local banks decide not to engage in the mortgage lending market anymore.
• A qualified renewable energy facility is a solar or wind facility with nameplate capacity sufficient

Summary: House Finance met on Friday, January 23rd, and heard three bills. On House Bill 2194, staff explained that the bill would allow a county and a city within that county to both impose the cultural access sales and use tax at the same time, with the county providing a credit for the city tax. Representative Parsley said the change would let more jurisdictions support cultural, arts, science, and school-related programs. Olympia and Thurston County officials testified in support, describing grant funding for cultural organizations, free programming, and school access benefits; a committee member raised a question about how the change could affect county bond obligations. The committee then heard House Bill 2089, which would narrow a B&O tax preference for first mortgage interest by removing the requirement that a financial institution be located in 10 or more states, and direct the resulting revenue to the wildfire response, forest restoration, and community resilience account. Staff said the bill would raise significant revenue and have implementation costs for the Department of Revenue. Representative Scott said the bill was intended to restore wildfire funding and limit the preference to community banks, while opponents from the Washington Bankers Association and Community Bankers of Washington warned the bill could harm community banks and mortgage lending if not drafted carefully. The Department of Natural Resources and a public employee representative supported restoring wildfire preparedness funding. Finally, the committee heard a proposed third substitute for House Bill 1960, which would replace property taxation for new or repowered large renewable energy facilities and battery storage systems with a state and local excise tax structure, while also creating a local investment distribution account and a tribal capacity grant program. Staff and the sponsor described the bill as a way to reduce property tax shifts onto nearby taxpayers and provide more stable, predictable revenue for local governments and tribes. County officials, assessors, treasurers, and some clean energy and conservation groups supported the concept but asked for clearer definitions, payment timing, and rate adjustments; utilities and renewable developers said they supported the goal but opposed the bill as drafted because of concerns about the rates and the treatment of centrally assessed utilities. No votes were taken, and the committee adjourned after closing the hearings on all three bills.

Transcript Highlights:

• Independent mortgage companies make over 50% of the mortgage loans in California.
• found that independent mortgage banks have grown their market share of mortgage lending and the proportion
• it harder to attract mortgage capital.
• qualifying borrowers into higher cost loans.
• like Trident Mortgage Company.

Committee: House Banking and Finance

Transcript Highlights:

• for deep subsidies but make too little to qualify for market-rate housing.
• for deep subsidies but make too little to qualify for market-rate housing.
• It has the authority to make loans or deposits with mortgage lenders for the purpose of making mortgage
• It removes a requirement that loans and mortgage loans issued by the commission must go through a mortgage
• Is there any language to limit the amount of mortgage...

Summary: The committee held a public hearing on a series of housing, education, workforce, and court-related bills. On Substitute Senate Bill 5884, staff described changes to a sales and use tax deferral for redeveloping vacant or underused land into affordable housing, including broader eligible property definitions and lower affordability thresholds in designated areas. Testimony was mixed: builders opposed language they feared could encourage project labor agreements, while Spokane and Kent representatives supported the bill but asked for flexibility on affordability mix requirements. On Senate Bill 6256, which expands a property tax exemption for nonprofit low-income rental housing to include certain co-located community uses during construction and extends the pre-construction exemption period, testimony was strongly supportive from housing nonprofits and local housing partners, with questions focused on clawback provisions. The committee also heard Substitute Senate Bill 6027, which expands allowable uses of local housing and supportive housing sales tax revenue, adjusts a REET exemption timeline, broadens emergency housing definitions, and changes use of the Affordable Housing for All account. County, housing, and nonprofit witnesses said the bill would help preserve housing and services amid federal funding uncertainty, though Snohomish County asked for an amendment to allow rental assistance. Substitute Senate Bill 6018 would revise the Housing Finance Commission’s authority, including direct lending and bond counsel terms; commission staff said it would modernize outdated restrictions and improve financing flexibility. Substitute Senate Bill 6028 would create a revolving loan fund for mixed-income homeownership projects; supporters said it would help smaller infill projects pencil, while staff noted the loans would be subordinate and carry some risk. Later, the committee heard Senate Bill 6275 on the community reinvestment program, which would require periodic plan updates, reporting, and a WSIPP study, while also expressing legislative intent to continue at least $100 million annually in the account. Advocates, workforce groups, legal aid providers, and small business owners testified that the program supports communities harmed by past disinvestment and should be made permanent and more accountable. Substitute Senate Bill 5961 would move the Imagination Library program from DCYF to OSPI; early literacy advocates and local partners supported the transfer as better aligned with school readiness. Substitute Senate Bill 5969 would integrate IEP transition plans with high school and beyond plans, and a prior critic said amendments addressed her concerns. Second Substitute Senate Bill 5292 would shift PFML premium rate-setting to the annual actuarial report and raise the reserve target; labor and industry witnesses supported the change, while a policy group opposed the program’s costs. The committee also heard Senate Bill 5868 to add one superior court judge each in Skagit and Yakima counties. Judges and county officials testified that caseloads, population growth, and backlogs justify the additions, and county leaders said they had already budgeted for their share. Finally, Substitute Senate Bill 5827 would allow service members to use pre-discharge certification to claim veterans’ civil service preference; the sponsor said it would solve a timing problem for transitioning service members. No votes or final committee actions were taken in the transcript, as the meeting consisted of bill briefings and public testimony.

Transcript Highlights:

• </c> potentially have their their mortgage potentially have their their mortgage erased.<00:27:13.279
• And when you think about it in the mortgage context, if you had a mortgage out on there and you were
• And when you think about it in the mortgage context, if you had a mortgage out on there and you were
• part of the mortgage company.
• part of the mortgage company.

Committee: Senate Judiciary

Transcript Highlights:

• Veterans are actually having to sometimes go get a refinance their mortgage and all that to continue
• </c> to maximize their benefits and qualify to maximize their benefits and qualify for<00:12:18.399><
• </c> qualify for the for the tax exemption. qualify for the for the tax exemption.
• </c> qualify for the benefit. qualify for the benefit.
• </c> they don't qualify for the benefit. they don't qualify for the benefit.

Transcript Highlights:

• So we're hurting our victims that are sexually assaulted because we don't even have enough qualified
• Some of them are not qualified to do the sexual exam.
• So qualified is a very specific standard.
• How would we get those people qualified in that area?
• It's going to take a statewide... ...those people qualified in that area.

Bills: HB62 , HB124 , HB182 , HB193 , HB198 , HB203 , HB223 , HB237 , HB469 , HB486 , HB574 , HB779 , HB796 , HB919 , SCR2 , SB4 , SB36 , SB38 , SB109 , SB152 , SB168 , SB195 , SB216 , SB221 , SB236 , SB404

Committee: House Health and Welfare

Keywords: Louisiana Women's Policy, gender equality, policy research, commission membership, women's representation, Domestic Violence, judicial experience, legislation, criminal law, family law, HB182, sexual assault, rape kit, forensic examination, forensic medical exam, sexual assault survivor, sexual assault nurse examiner, SANE, emergency department, hospital staffing