Around the PIA Western Alliance States – Week of June 15, 2026

California — Resilience is a global responsibility: Commissioner Lara moves to safeguard Californians’ financial future from future insurance crises: Strengthening oversight to protect Californians’ financial futures, Insurance Commissioner Ricardo Lara announced a public hearing on a new Long-Term Solvency Planning Regulation for the nation’s largest insurance market. The regulation will help the California Department of Insurance keep insurance available despite natural catastrophes and technological changes that are emerging today and whose scope will expand in future years.

“The last decade has taught insurance regulators a hard truth: Resilience is not optional, it is a global responsibility,” said Commissioner Lara. “California’s go-it-alone approach on insurance hasn’t served consumers effectively in the past. This regulation embodies our hard-earned insights along with our international regulatory colleagues about the challenges from AI and climate change. Insurance is critical to every part of our economy, so a forward-thinking approach minimizing the risk of sudden disruptions in the insurance market makes every Californian more secure.”



Confidential financial oversight of insurance companies is a core function of the California Department of Insurance’s consumer protection mission, similar to the U.S. Federal Reserve for U.S. banks. The Long-Term Solvency Planning Regulation would require insurance companies to assemble individualized information on risk mitigation for protecting their solvency, allowing the Department’s experts to analyze their planning for 2030, 2040, and 2050. This forward-thinking approach — the first such regulation for any U.S. state — enhances the financial security of the state's policyholders and minimizes the risk of sudden disruptions in the insurance market, as well as broader systemic risks to California’s economy.

Commissioner Lara released new draft regulatory text in advance of the Department’s virtual public hearing on July 28.

Why it matters

Strong financial oversight protects all Californians: Access to insurance is critical for real estate, agriculture, home construction, and every other business. Under this proposed regulation, California-based insurance companies must provide regular information to the Department to strengthen consumer protection against unforeseen challenges.

Using global tools to safeguard Californians: Better planning can protect Californians from future shocks. The Long-Term Solvency Planning Regulation builds on the experience of financial regulators from the Banque de France, the Bank of England, the Bank of the Netherlands, Canada’s chief insurance regulator, and the Monetary Authority of Singapore in projecting future scenarios to test insurance company performance. This approach integrates technical guidance from the International Association of Insurance Supervisors (IAIS) climate risk framework, which Commissioner Lara has contributed to over the past three years. Importing the experience of global regulators will promote sustainability in California’s insurance market-- the largest sub-national insurance market in the world.

Investing strategies that plan for climate and technology: Insurance companies invest directly in the U.S. and world economy, with approximately $8.2 trillion in assets reported in 2022. How those investments perform affects companies’ capacity to stay and grow in California. The Long-Term Solvency Planning Regulation requires documentation of future risks and opportunities projected for 2030, 2040, and 2050, which could impact underwriting, investments, or operations.

Addressing cybersecurity and artificial intelligence: The regulation will also address the evolving landscape of cybersecurity, focusing on data quality, the use of large datasets, and artificial intelligence.

Mitigating catastrophic risk: Mitigation refers to the science of making people safer from wildfires, floods, heat waves, and other natural catastrophes affecting residents, agriculture, and infrastructure. Under the regulation, companies will share information with the Department on strategies to mitigate climate-related risks, such as extreme weather patterns and gradual market shifts expected to become pronounced by 2050.

Enhancing stability in the marketplace amid transitions: The regulation will require information on transition risks associated with new technologies, particularly regarding the reduction of reliance on greenhouse gas-emitting technologies. Central to this effort are “stress tests” of climate risk scenarios for 2030, 2040, and 2050.

The Long-Term Solvency Planning Regulation has won praise from leading U.S. and international experts and financial regulators.

“With climate change escalating the risks of weather-related extreme events and new technology bringing uncertainty to markets, long-term planning by insurance regulators is needed,” said Carolyn Kousky, Associate Vice President, Economics and Policy Analysis, at Environmental Defense Fund. “In order to preserve market stability, we must think longer term about the impacts of growing risks and the investments being made to mitigate them. To prevent surprises that can harm consumers, we need to be planning for a future that will look different from our past.”

“Insurer risk and transition plans are a critical step to better prepare insurers, their customers, and other stakeholders for the quickly changing future,” said Steven M. Rothstein, Ceres' Chief Program Officer. “The California regulatory process is a critical milestone, and Commissioner Lara and his team deserve credit for their forward-looking approach to ensure insurers are strategically planning and key stakeholders have the information they need.”

“Managing climate risk is part and parcel of good risk management and of disaster risk reduction—but the past alone is not a reliable indicator of the future. This is why it is essential for insurers to assess different climate futures and their implications for their underwriting and investment portfolios,” said Butch Bacani, Head of Insurance at the UN Environment Programme and Chair of the UN Forum for Insurance Transition. “By insuring and investing with foresight, insurers are better positioned to enhance long-term business resilience and company value, close the protection gap, contribute to financial stability, and support the transition to safer, more resilient and sustainable communities and economies.”

“Scenario analysis is a critical risk management tool for navigating uncertainty,” said Dr. Sean Carmody, former Executive Director, Policy and Advice Division of the Australian Prudential Regulation Authority, the country’s insurance regulator. “It helps institutions anticipate and prepare for emerging risks—such as the impact of a changing climate and rapid technological innovation—by exploring a range of plausible futures and identifying areas of vulnerability and strategies that can strengthen resilience in the financial system.”

“This is about giving Californians confidence that their coverage will be there when they need it most,” said Commissioner Lara. “Strong oversight means asking the right questions, demanding real answers, and following the data, not just for today but for the decades ahead.”

Source link: California Department of Insurance — https://bit.ly/4xD1fta

Idaho — Arson Fire in Payette County alone Interstate 84: The Idaho State Fire Marshal’s Office has determined that a wildfire reported on Friday, May 29, in a farm field along the westbound side of Interstate 84 near milepost 15 in rural Payette County was intentionally set.

According to State Fire Marshal Knute Sandahl, firefighters from the Sand Hollow Fire District were dispatched at approximately 4:30 p.m., just as a sudden windstorm moved through the area. Early 911 callers reported flames coming from a discarded pile of drip tape, a one-time-use irrigation material. When the windstorm struck, the fire spread rapidly into surrounding dry vegetation.

A bulldozer from the Sand Hollow Fire District arrived quickly and worked to separate the burning drip‑tape piles, which produced thick black smoke visible for miles along the interstate. Fire crews from Sand Hollow and neighboring departments contained the fire to fewer than 100 acres, and no homes were damaged.

The Idaho State Fire Marshal’s Office is requesting assistance from the public. Investigators are seeking information from motorists who were traveling westbound on Interstate 84 near milepost 15 shortly before the fire began.

“We are particularly interested in hearing from anyone who may have seen vehicles or unusual activity in the area shortly before the fire started,” said Fire Marshal Sandahl. “Even small details could help our investigators identify who is responsible. Arson is a serious crime, and intentionally setting a fire—especially in dry, windy conditions—can endanger lives, threaten property, and rapidly escalate into a major wildfire. We are committed to determining how this fire began and holding the responsible individuals accountable.”

Anyone with information is urged to call the arson hotline at 1-877-75ARSON (27766).

Oregon — OSSPAC is seeking candidates to fill a seat representing the P&C insurance sector: The Oregon Division of Financial Regulation (DFR) has issued a statement that OSSPAC (Oregon Seismic Safety Policy Advisory Commission), is looking for someone to join OSSPAC to fill a seat representing the P&C insurance sector, knowledgeable in earthquake coverage. Click on the hyperlink for information on the commission. The position involves 2 - 3 hours per month.



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About Oregon DFR: The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit dfr.oregon.gov and www.dcbs.oregon.gov.

Contact information:

Scott D. Kluempke, MBA, CPCU

Operations and Policy Analyst 3

Oregon Department of Consumer and Business Services

Division of Financial Regulation

Scott.D.Kluempke@DCBS.Oregon.gov

503.877.0882

Oregon — New law protects consumers from predatory high-interest loans: A new law going into effect June 5, House Bill (HB) 4116 (2026), closes a loophole that allowed internet lenders to charge interest rates in excess of Oregon’s limit of 36 percent for consumer finance loans.

Consumer finance loans are unsecured small dollar loans with a term of 60 days or more. Since 2007, consumer finance loans in Oregon have been limited to a 36 percent interest rate. This limit is intended to protect Oregonians from predatory lending practices.

However, in recent years, some lenders have sought to take advantage of a provision in federal law called the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) enabling state-chartered banks from other states to export their home state’s interest rate to Oregon.

By partnering with a bank chartered in a state that allows higher interest rates, some lenders have charged Oregonians interest in some cases in excess of 100 percent APR. Since 2020, DFR found evidence of more than 31,000 loans totaling at least $61 million with interest rates that exceed Oregon’s cap.

In a recent enforcement action, DFR was successful in securing a settlement that required a lender to pay restitution of $900,000 for charging interest that exceeded the cap. However, the option to export other states’ interest rates still left Oregon consumers vulnerable to these practices.

DIDMCA allows states to opt out of permitting banks chartered in other states from importing another state’s interest rate. HB 4116, signed into law by Gov. Kotek on April 7, exercises Oregon’s opt-out right under federal law. The law also clarifies the applicability of Oregon law to internet-based lending and makes other technical updates. Now, lenders can no longer take advantage of DIDMCA interest rate exportation to evade Oregon’s interest rate caps.

Oregon consumers should know that if they are charged interest in excess of 36 percent for a consumer finance loan, it is likely in violation of the law. We would strongly encourage any consumers to contact the Oregon Division of Financial Regulation for information, assistance, and, if needed, regulatory action to ensure compliance. Our consumer advocates can be reached at 888-877-4894 (toll-free) or dfr.financialserviceshelp@dcbs.oregon.gov.

Oregon — Each county in Oregon to have at least three choices in the individual market; reinsurance program keeps 2027 proposed health rates lower than anticipated: Oregon health insurers have submitted proposed 2027 rates for individual and small group plans, launching a monthslong review process that includes public input and meetings.

Health insurance choices for Oregonians remains strong despite broader market changes. Kaiser, Moda, Regence BlueCross BlueShield of Oregon, and BridgeSpan will offer plans in the individual market for 2027. Three insurers will offer plans statewide (Moda, Bridgespan, and Regence), and Kaiser is offering insurance in 11 counties, giving four options to choose from in various areas around the state. Providence and PacificSource will leave the individual market at the end of the year and did not submit individual rate filings for consideration.

In the individual market, four companies submitted rate-change requests ranging from an average increase of 11.7 percent (BridgeSpan) to 25 percent (Moda), for a weighted average increase of 17.5 percent. That is higher than last year’s average increase of 9.7 percent.

In the small group market, six companies submitted rate-change requests ranging from an average increase of 9.5 percent (Kaiser) to 28.9 percent (UnitedHealthcare), for a weighted average increase of 17 percent. That is higher than last year’s average increase of 11.5 percent.

The Oregon Reinsurance Program continues to help stabilize the market and lower the rate increases. This year the reinsurance program lowered rates by an average of 9.7 percent minimizing price increases felt by consumers. Reinsurance lowered rates for the ninth-straight year. Oregon has resubmitted a renewal request to the federal government to maintain this program. The Oregon Legislature adopted Gov. Kotek’s 2025-27 funding plan, which continued revenue streams that keep the reinsurance program stable.

Refer to the attached chart for the full list of rate-change requests. The requested rates are for plans that comply with the Affordable Care Act (ACA) for small businesses and individuals who buy their own coverage rather than getting it through an employer.

Oregon’s individual and small group markets are under pressure from several directions with respect to the 2027 rate filings. In the individual market, the expiration of the enhanced federal ACA subsidies has priced some Oregonians out of coverage entirely, shrinking the individual market from roughly 161,000 enrollees in 2025 to about 140,000 in 2026. The small group market has gone from about 142,000 to 134,000 enrollees over the same period. This adds uncertainty and risk to insurance companies as they price 2027 benefit year products. Across both markets, filings reflected generalized federal policy uncertainties, tariff effects to pharmaceutical drugs and durable medical equipment, and general inflation – all of which have raised the costs of coverage and caused markets to diminish. DFR will independently analyze and confirm the information submitted by insurance companies related to cost drivers before approving final rates.

“Oregon consumers are facing challenging times with expiring premium tax credits, rising health insurance rates across the country, and two carriers leaving the Oregon market,” said TK Keen, Oregon’s insurance commissioner. “With the losses of Providence and PacificSource in the individual market, there are fewer options, but there are still three options in every Oregon county to choose from, and the Oregon Reinsurance Program continues to stabilize the market and keep rates lower than they would be by almost 10 percent next year.”

A virtual public meeting about the 2027 requested health insurance rates will be held at 2 p.m. Monday, July 13. A July 31 virtual public meeting is also scheduled, if necessary; however, public comment is encouraged by the July 13 meeting because the second meeting may be canceled. At the meetings, each insurance company will provide a brief presentation about its rate increase requests, answer questions from DFR employees, and hear public comment from Oregonians. Public comment will be accepted now through July 13. A web address to watch the public meetings will be posted at oregonhealthrates.org at a later date.

“We look forward to a thorough and transparent process putting these rate requests through a rigorous public review, and we encourage the public to join the virtual public meeting and provide feedback on their health insurance plans,” Keen said. “This public process not only helps keep insurance companies accountable, but it gives Oregonians the opportunity be part of the process.”

Over the next several months, DFR will analyze the requested rates to ensure they adequately cover, without excessively exceeding, the amount necessary for the insurers’ to pay for plan participants’ healthcare costs. DFR must review and approve rates before they are charged to policyholders.

Final decisions for the 2027 year are anticipated in September.

Washington — OIC report recommends transparency, modernization for WSRB: The Washington state Office of the Insurance Commissioner’s report on property protection classification standards (PDF 1.37MB) recommends performance-based modernization and transparency for the Washington Survey & Rating Bureau (WSRB), among other changes to the state’s only independent fire protection rating bureau. The OIC delivered the report to the Legislature on May 28.

WSRB collects public data about fire departments, municipal water supplies, and emergency communications in Washington communities to generate protection class ratings from 1 (highest) to 10 (lowest). Insurance companies buy WSRB’s community rating scores to determine if individual properties are eligible for insurance and as a key factor in setting fire insurance premiums.

The Legislature requested a report on the efficacy of WSRB’s rating methodologies and the potential for modernizing them. The OIC hired LM2 & Associates to conduct the study and prepare the report. During the study, WSRB failed to provide its raw scoring data or detailed point-value calculations when requested.

“Firefighters have been open about their concerns with the fire protection classifications in our state and how it reflects on their capabilities,” Insurance Commissioner Patty Kuderer said. “We see this as the first step toward addressing those concerns and more accurately and openly providing insurance companies with data on a property’s level of protection.”

Kuderer’s office also asked the WSRB to file its complete rating information by the end of August for review, a requirement for all insurance companies doing business in Washington state.

Key findings and recommendations

The report consultant engaged with and surveyed fire service professionals across the state and found that the lack of transparency was the most pressing concern – specifically the difficulty in understanding how classifications are calculated and how their investments of public funds could change their rating scores.

The report findings include:

WSRB’s methodology doesn’t reflect how fire departments perform during actual fire responses.

Its fixed distance thresholds create “cliff” effects where minor geographic variations produce major classification swings.

Rural and volunteer departments are evaluated based on standards created for urban departments staffed full-time by career firefighters.

The report includes 10 recommendations in three key areas:

Transparency and data access: Fire departments should be able to view and verify the data used in their own classifications – all of which is public data -- and the WSRB should explain its methodology.

Performance-based modernization: The report proposes a structured pilot framework for fire protection capability ratings focusing on performance-based metrics.

Legislative and regulatory foundation: The Legislature should provide direction on transparency, evaluations, data usage, and accountability for components outside fire departments’ control, such as building code enforcement and water systems.

“This report gives us a great starting point for making some much-needed changes,” Kuderer said. “A more modern, performance-based system best serves the interests of our communities and the agencies that provide public safety.”

About wildfire risk scores

WSRB’s property scores are different from wildfire risk scores. Insurance companies use wildfire risk scores to determine eligibility for coverage and if they will renew a policy.

Third-party companies generate wildfire risk scores based on satellite images, property data, insurance loss data, and fire science, down to the individual property level, and then sell the scores to insurance companies.

Kuderer proposed legislation during the 2026 session to increase transparency around wildfire risk scores so property owners knew what steps they could take to get and maintain coverage.

Washington — Meet WSRB’s New CEO: Effective April 2026, Cori Medrano is the President and CEO of WSRB. We sat down with her for a brief discussion on her past experience in the insurance industry, her time at WSRB, and her hopes for the future.

Explore specific topics:

Past experience

Experience at WSRB

Future outlook

How did you get started in the insurance industry? What’s your story?

Believe it or not, I actually started out going to beauty school.

I very quickly decided it was not for me.

By the time I was 20, I landed my first insurance job in claims and realized I found my passion. While claims wasn't exactly what I wanted to do, I fell in love with the insurance space.

From there, I progressed from a data entry role to a rater, then to a Workers’ Compensation Underwriter, a P&C Underwriter, and eventually a P&C Manager.

That’s when a big opportunity came along. Having spent my entire life in San Diego, when an opportunity opened up in a place called Enumclaw, Washington, my first reaction was, “Enum-what?” But something about it stuck, and I decided to take a chance.

Cori’s insurance journey brought her from San Diego, CA to Enumclaw, WA

I ended up falling in love with the community and the culture at Mutual of Enumclaw, where I spent 17 years continuing to grow my career, working my way up to Vice President of Underwriting and Product Development.

That eventually led me to WSRB, where I saw an opportunity to be part of something bigger - an organization focused on delivering real value to the insurance industry and the communities we serve.

I've been able to accomplish so much because of the great people I've worked with and because of my passion for the work I do.

You joined WSRB in 2021 – what’s your experience been like here?

I joined WSRB as the Chief Operating Officer, responsible for Public Protection, Inspection Services, and our Technology Solutions department.

As a bonus, I was also asked to lead professional development for WSRB. This was a welcome surprise as I have spent many years dedicated to growing my own leadership skills and helping others.

I was also very fortunate that in my role as COO, I was able to work with other departments, and we had a shared vision around how we can bring more value to our subscribers and stay relevant to them.

What’s an achievement you’re particularly proud of from your time at WSRB thus far?

Bringing the Innovation Advisory Council (IAC) to fruition in collaboration with Bryan Stanwood.

The IAC is a group of representatives from subscribing insurance companies that we meet with three or four times a year. They come from different disciplines within insurance companies, so we get a nice, diverse set of perspectives. The group evolves over time as people move roles, bringing in fresh viewpoints and new ideas.

It’s been a great resource for us as an organization to hear firsthand from our subscribers - what challenges they’re facing and how we can help.

What are you looking forward to accomplishing as you step into the role as CEO?

I think there are a few key areas I’m really focused on as I step into this role:

Education

When I joined, I was familiar with things like a commercial property report and a protection class, but I didn’t fully understand the complexity behind them. We have a great story to tell about what we do and why it matters, and I want to make sure we’re telling that story clearly and consistently.

There are aspects of what we do that can feel like a “black box,” and they don’t need to be. Providing more clarity into the “why” behind our work - why certain factors matter, how decisions are made - helps build trust and strengthens our relationships with subscribers and partners.

I don’t want that responsibility to sit with just a few people. I want everyone in the organization - whether you’re a part of the Dev Team or in Customer Service - to have a deep understanding of what we do and why it’s important. That clarity helps us better serve our subscribers and strengthens the value we bring.

Building Subscriber Value

We need to keep finding ways to make decision-making easier for underwriters and ensure we remain relevant. That means staying focused on the problems we’re trying to solve, why they matter, and who they matter to.

Transparency and Collaboration

Internally, that means continuing to create an environment where people feel comfortable asking questions and understand what’s expected of them. Setting clear goals and expectations leads to better long-term results.

It also means continuing to strengthen collaboration across the leadership team. Every leader has a responsibility not just for their department, but for the entire organization. That’s been a big driver behind initiatives like the quarterly all-leaders meetings, bringing together supervisors, vice presidents, and executive leadership to align, collaborate, and learn from each other.

Outside the organization, I'm focused on building deeper relationships with the communities we serve. The work we’ve done with the fire service has created meaningful momentum, and I’d like to expand that same level of engagement across other areas.

Professional Development

I want to ensure leaders are working closely with their teams to understand career goals, identify growth opportunities, and help people prepare for what’s next. That includes mentoring, developing future leaders, and, whenever possible, promoting from within.

At the core of all of this is a simple philosophy: really understanding the problem we’re trying to solve. When we’re clear on that - why it matters and who it impacts - we make better decisions, build better solutions, and ultimately deliver more value.

Any final note you want to end on? Last thoughts?

One of my personal goals to help everyone at WSRB be better tomorrow than they were today. That starts with our culture which is built on trust and respect.

Even when things are going well, I think there’s always opportunity. That continuous improvement is so important to me. “We’ve always done it that way” is not a good answer for anything. There are always opportunities to do things a little bit differently and find ways to improve.

The people closest to the action generally have the answers more than the leaders. So, bringing them along in the journey and getting them to collaborate on what problem we’re trying to solve and how we can make things better is critical.

As a leader, I don’t feel like you need to have all the answers. You need to hire the best people for the job and rely on them to do the right thing in the moment. Starting out at WSRB, it was really about building relationships. Everything starts with trust.

I'm incredibly proud of where we are as an organization and with the team that we have. The sky's the limit. There's so much more we can do and I'm excited to see what the future holds for the organization.

Washington — Notice of potential rulemaking on geographic rating areas (R 2026-01): We are considering rulemaking to amend our geographic rating area rules. This potential rulemaking aims to ensure consumers’ access to individual market health plans and promote market stability and competition.

Our current rules establish nine geographic rating areas across the state and set maximum premium ratios between the highest and lowest cost geographic rating area, in addition to other requirements. For this potential rulemaking, we may amend WAC 284-43-6680 through 6701 or other sections of WAC 284-43 as necessary.

The comment period for this rule began on June 3, 2026 at 12:00 am and will close on June 16, 2026 at 11:59 pm. Please send comments to rulescoordinator@oic.wa.gov.

For more information, including the notice to start rulemaking (CR-101), please visit the rule webpage.

Washington — OIC’s 2026 Rules Agenda: Our 2026 tentative rules agenda is below. To receive updates on these rules as they are filed, you can sign up for updates here.

Consolidated health care rule

Preventive services (HB 2242

Prior authorization transparency (SB 5395)

Timely claims payments (SB 5845)

Human Immunodeficiency Virus antiviral drug coverage (SB 6183)

Preventing delayed ambulance bills (HB 1187)

Balance Billing Protection Act arbitration

Geographic rating area adjustments for health insurance on the individual market

Continuing care retirement community solvency oversight (HB 2384)

Consolidated life and disability rules

Life insurance lapse/cancellation notification (HB 2428)

Noninsurance service offerings

Single case filing for disability income products

Travel insurance (SB 6248)

Producer licensing modernization

Adverse action disclosure requirements

Carryover rules from 2025

Mental health parity rulemaking. Status: CR 101 filed in August 2025.

Premium change transparency. Status: Supplemental CR-102 filed May 6, 2026.

Clarifying and updating the minimum standards for claims handling. Status: Supplemental CR-102 filed May 6, 2026.

Washington — Notice of potential rulemaking on geographic rating areas (R 2026-01): We are considering rulemaking to amend our geographic rating area rules. This potential rulemaking aims to ensure consumers’ access to individual market health plans and promote market stability and competition.

Our current rules establish nine geographic rating areas across the state and set maximum premium ratios between the highest and lowest cost geographic rating area, in addition to other requirements. For this potential rulemaking, we may amend WAC 284-43-6680 through 6701 or other sections of WAC 284-43 as necessary.

The comment period for this rule began on June 3, 2026 at 12:00 am and will close on June 16, 2026 at 11:59 pm. Please send comments to rulescoordinator@oic.wa.gov.

For more information, including the notice to start rulemaking (CR-101), please visit the rule webpage.

Washington State Foreclosure Prevention Fee – Updates and New Guidance: This message is being sent on behalf of the Washington State Department of Commerce.

The 2026 legislative session saw the passage of SSB 5938 which made changes to, and clarified, aspects of the Foreclosure Prevention Fee (FPF). The FPF was implemented on July 27, 2025. It is an $80 fee assessed on 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 Washington state.

The changes outlined in SSB 5938 will be effective on June 11, 2026.

The legislation made three primary changes:

Updated and broadened exemptions to the fee

Excluded the fee from the finance charge calculation

Broadened Commerce’s power and authority to implement, collect, and manage collection of the fee

Updated and new exemptions to the Foreclosure Prevention Fee:

Changed the exemption age from 61 to 60 relating to reverse mortgages

Exempts chattel loans and retail installment contracts used to purchase a dwelling

Limits application of the fee to the first lien mortgage for borrowers whose home purchase is financed in full or in part by the Housing Trust Fund, Covenant Homeownership Program, and/or any program administered by the Washington State Housing Finance Commission.

In response to these changes, Commerce has updated its resources accordingly.

SSB 5938 Foreclosure Prevention Fee Guidance

Updated Foreclosure Prevention Fee FAQs

Foreclosure Prevention Fee Disclosure (PDF)

These resources can also be found directly on the Department of Commerce website under the Foreclosure Prevention Fee drop down: Foreclosure Fairness Program – Washington State Department of Commerce.

For questions about the Foreclosure Prevention Fee or the Foreclosure Fairness Program please contact the Department of Commerce:

Email: foreclosuremediation@commerce.wa.gov

Phone: 360-725-3040