Rule detail : 254933

WAS LEG Covenant Program Revisions

Published on: May 20, 2025

WAS LEG enacted HB 1696 on revisions to Covenant Homeownership Program.
Amends WAS LEG 43.181.040 (credit programs), WAS LEG 43.181.050 (committee).
Document dated Apr. 22, 2025, was received on May 16, 2025, due to a fixed feed.
Bill Provisions
Modified program by raising the area median income threshold for eligibility to 120%.
Additionally, provisions authorized full loan forgiveness under certain circumstances.
Provisions modified one of the membership positions on the oversight committee.
Legislative History
On Jan. 29, 2025, bill introduced in House; on Mar. 6, 2025, bill passed in House.
On Mar. 10, 2025, bill introduced in Senate; on Apr. 14, 2025, bill passed in Senate.
On Apr. 22, 2025, HB 1696 was signed by the governor, assigned Chapter 143.
Effectiveness
Chapter 143 will become effective on Jul. 27, 2025.

Regulators

WAS LEG

Entity Types

CNSM; Corp

Reference

Ch. 143, Bill 1696, 4/22/2025; Citation: *WAS LEG* 43.181.040, 43.181.050;

Functions

Compliance; Financial; Legal; Market Conduct; Product Administration; Product Design; Suitability

Countries

United States of America