The State of Washington passed House Bill 1349, effective as of May 1, 2023, that amends provisions to Section 8. If you have properties in Washington State and Cenlar has not specifically contacted you already in a separate communication, please reach out to your client manager for more information.

For your awareness, the amendment is as follows:

During the 2023 calendar year, a beneficiary is exempt from the remittance requirements if the beneficiary (a federally insured depository institution) certifies to the Department of Commerce under penalty of perjury that fewer than 50 NOTS were recorded on its behalf in 2019.

The beneficiary exemptions from the remittance requirements apply retroactively to January 1, 2023, and prospectively beginning with the effective date of this section of the bill, which takes effect immediately.

Cenlar is aware of the exemption requirement; however, submitting the exemption to the State of Washington is a client responsibility and not a servicing requirement.