Washington and Oregon’s legislature is back in session after the holidays, and both states have a couple bills that, if enacted, would have impact on credit unions.
In Washington, Senate Bill 5635 would repeal Washington’s Power of Attorney Act and replace it with a modified Uniform Power of Attorney Act – which 18 states have currently adopted. This bill is a carryover from the 2015 session.
House Bill 2876 would amend the Foreclosure Fairness Act to ensure that services, including counseling and mediation, remain available. This would require that those credit unions that do not certify that less than fifty notices of trustee’s sale were recorded on its behalf in the preceding year would need to report quarterly: the number of notices of trustee’s sale recorded for each residential property during the previous quarter and remit $250 for each notice from the previous quarter. Note that this exemption threshold is less than the current threshold (250) for exemptions from mediation and payment of fees under the Foreclosure Fairness Act.
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In Oregon, two bills are on the agenda that may have impact on the credit union. House Bill 4094 would exempt financial institutions that provide financial services to law-abiding marijuana related businesses from any Oregon criminal law. The Bill would also require the OLCC and OHA to make licensees’ information available to requesting financial institutions.
House Bill 4131 would require financial institutions to participate in a data match system established by the Department of Revenue to identify assets held at financial institutions by the Department of Revenue’s delinquent debtors. Financial institutions would have to scrub their account holders for delinquent debtors quarterly. The State will pay financial institutions for the actual costs incurred in conducting the data match – not to exceed $2,500 for the first quarter, or $150 for subsequent quarters.
The credit union will not have to do anything but scrub and report for this process. The State will issue garnishments or judgements on appropriately available funds.
NWCG will continue to monitor these and let the credit unions know the outcomes and any action required.
