ADVOCACY
WORKING FOR CHANGE
One of the most effective ways to achieve justice for consumers is to change harmful laws and policies. We work with and lobby legislators at the local, state, and national levels to effect change.
2024-2025 Legislative Agenda
Regulate home equity stealing agreements
HB 2081/SB 5968 will protect homeowners from predatory and deceptive contracts that often lead families into foreclosure.
Home Equity Sharing Agreements (HESAs) are deceptive agreements between an investor and a homeowner. It targets vulnerable people who are short on cash by misleading them to sign away their home equity. There is currently no cap on the amount of equity an investor can take in addition to invading regulation, they prevent homeowners from refinancing and making home improvements.
Follow the link to sign in Pro to HB 2081/SB 5968
If signed HB 2081/SB 5968 will work towards:
- Bringing HESA contracts under the definition of a mortgage.
- Caps the amount of equity an investor can take.
cost to the consumer clearer and will facilitate accurate disclosures. - Prohibits the investor from putting a lien on the property.
Legislative Wins
Keeping people in their homes
Governor Inslee signed SB 5408 into law on May 12, 2021, raising the homestead exemption to the county median sale price.
The homestead exemption keeps people in their homes during tough times. When filing for bankruptcy, a debtor can protect the equity in their primary residence up to a certain limit. If the value of the home is less than the limit, the bankruptcy trustee cannot seize and sell the home. The exemption also protects small businesses struggling to stay afloat in the face of COVID-19 shutdowns.
At $125,000—a figure last updated in 2007—Washington's homestead exemption was one of the nation's lowest. The passage of SB 5408 helps restore homestead fairness to Washington by:
- Raising the homestead exemption from $125,000 to the median value per county of a single-family home.
- Ensuring bankruptcy filers won't lose their homestead exemption due to property value increases after the date of filing.
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Questions about our advocacy work?
Get in touch with our staff.