The department shall carry out the following duties:

Terms Used In Washington Code 43.63A.640

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(1) Administer the program;
(2) Identify organizations eligible to receive funds to implement the program;
(3) Develop and adopt the necessary rules and procedures for implementation of the program and for dispersal [disbursal] of program funds to eligible organizations;
(4) Establish the interest rate for repayment of loans at two percent below the market rate;
(5) Work with lending institutions and social service providers in the eligible communities to assure that all eligible persons are informed about the program;
(6) Utilize federal and state programs that complement or facilitate carrying out the program;
(7) Ensure that local eligible organizations that dissolve or become ineligible assign their program funds, rights to loan repayments, and loan security instruments, to the government of the county in which the local organization is located. If the county government accepts the program assets described in this subsection, it shall act as a local eligible organization under the provisions of RCW * 43.63A.600 through 43.63A.640. If the county government declines to participate, the program assets shall revert to the department.

NOTES:

*Reviser’s note: RCW 43.63A.600 was repealed by 1995 c 226 § 35, effective June 30, 2001.
Effective date—1994 c 114: See note following RCW 43.63A.610.
Intent—1991 c 315: See note following RCW 28B.50.030.
Conflict with federal requirements—1991 c 315: See RCW 50.70.901.
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