Regular Session Ends, Special Session Begins
The 2011 Legislative Session ended (Sine Die, Latin for “without day”) last Friday with the state budget and approximately 50 fiscal bills that are necessary to implement it still to be considered. Gov. Gregoire called for a Special Session, that began this week and that could last up to 30-days. The Governor directed lawmakers to remain focused specifically on balancing the state’s budget to fill a more than $5 million gap. Legislative Watch: What’s Signed, What’s Awaiting the Governor’s Signature
All of REALTORS® top legislative priorities have either been signed by the Governor into law or are awaiting her signature as those bills are considered “necessary to implement the budget.” Following is a summary of where we stand today.
Signed by Governor: No Private Transfer Fees Bill Now Law
SB 5115: One of Washington REALTORS®’ top priorities, it eliminates fees imposed by developers to generate a future income stream whenever the property is bought and sold. Washington now joins more than 20 other states that have passed similar legislation. The bill has an emergency clause and thus, goes into effect the day the Governor signed the bill.
View photo of signing...
No Unnecessary Foreclosures Bill Signed by Governor
HB 1362: Protects home owners by preventing unnecessary foreclosures. It establishes a mediation process for borrowers as well as face to face to face meetings with lenders prior to a foreclosure. We will provide comprehensive information on the new processes once they are ironed out. Stay tuned!
Helping Small Business Bill Signed
HB 1150: Extends from two business days to seven calendar days the time an agency must provide a small business to correct a violation before the agency imposes a fine, civil penalty, or administrative sanction. Effective 7/22/2011
Other Victories: Wood Stoves: No Point of Sale Provision; REALTORS® Work on Solutions
REALTORS® successfully worked to remove the point of sale section from a Department of Ecology bill, SB 5432 intended to prevent wood stove pollution; the bill was not passed. REALTORS® will be working during the interim with a stakeholder group to develop solutions without using a point of sale provision.
Awaiting Governor’s Signature: No Double B&O: SB 5083 has been REALTORS®’ top priority because of its direct impact on REALTORS®’ bottom line. The legislation clarifies a new Department of Revenue interpretation of B&O tax statute to prevent a double tax on referral commissions and other types of real estate transactions involving multiple real estate offices.
Due to the importance of this bill, WR President Phil Harlan sent a letter last week to Gov. Gregoire encouraging her signature on SB 5083 that clarifies the real estate business and occupation (B&O) statute, which preserves how real estate firms have paid the B&O tax for more than 30 years.
Read the letter...
Temporary Help for Communities
HB 1953: This is legislation that is a result of an agreement REALTORS® made with cities and counties allowing flexibility of their use of existing local real estate excise tax (REET). REALTORS® helped find common ground in recognition of the challenging fiscal situation faced by the state and local governments in a way that balances the demands for new infrastructure with the need to maintain existing capital facilities over the next five years.
Protecting Existing Homes
SB 5451: For new or amended shoreline master programs that are approved on or after September 1, 2011, this legislation provides a new optional authority for local government, under which existing homes could be protected and remodeled as conforming uses, rather than regulated as non-conforming uses as is currently the case under existing law.
Streamlining Short Sales
SB 5590: Sponsored by Sen. Don Benton in response to REALTOR® input on our Hill Day in January, this bill requires that a lien holder must respond, in good faith, within 120 days with an acceptance, rejection, or counter-offer of the seller's written offer in a short sale. The bill will improve predictability in the short sale process.
RPAC Major Investors Committed to Protecting Industry
REALTORS® who make a large investment ($5000, $2500, $1000) in REALTOR® PAC understand what the power of our PAC means to our businesses and our clients. Please join us in thanking these REALTORS® for their commitment to protect our industry during these challenging times.
Many Thanks to RPAC Major Investors
Help Us Succeed in Protecting our Clients and our Business
All of the success we have seen so far this session can be attributed in large part to the friends we helped elect. When the right people are in office they listen to our concerns and understand what our industry needs. Please do your part to help.
Invest in RPAC Today
Research Who is Moving to Washington?
Research shows that WA still has the 4th largest in-migration in the country and the description of who is moving here is important to our business! Michael Luis of Michael Luis & Associates, a research and public affairs consultant, did a presentation on Washington state’s growing population and what it looks like at this year's WA REALTOR® spring business conference.
Demographics, Migration and Growth in WA (Michael Luis, April 2011)
Benefits of Parks in Seattle
A new study published in March commissioned by the Trust for Public Land reports on the positive impact of parks on the economy in Seattle. Page 7 has information on the impact on property values.
Read the report...
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