MANASSAS, VA – The Coalition for Home Equity Partnership (CHEP) is pleased to see House Bill 1464 introduced in the Washington State House of Representatives. This bill aims to provide clarity and regulation for shared equity products (SEPs), otherwise referred to as home equity sharing agreements or home equity investments.
A SEP is a financing tool that enables homeowners to receive a lump sum of cash in exchange for a share of their home’s future equity or appreciation. This gives homeowners greater flexibility and control over their finances, allowing them to pay off high-interest debt, start a small business, make home improvements, or pay for a child’s education, without making monthly payments.
House Bill 1464 represents a significant step toward establishing a clear regulatory framework for SEPs. By addressing key issues such as consumer protection, transparency, and fair practices, the bill seeks to create a balanced environment that benefits all parties involved.
“We believe that House Bill 1464 is a positive development for the shared equity industry,” said Ed McFadden, a spokesman for CHEP. “The clarity and structure provided by this legislation will help foster trust and confidence among homeowners and SEP investors, ultimately contributing to the growth and stability of the market.”
CHEP remains committed to advocating for policies that promote fairness and transparency in the SEP industry, while fostering innovation and providing more options to homeowners in their home financing decisions.
“We look forward to working with other stakeholders to ensure the successful implementation of House Bill 1464. CHEP is committed to supporting initiatives that benefit homeowners and establish clear regulatory frameworks for these innovative products,” added McFadden.
Click to read the testimony presented to Washington State’s House Consumer Protection and Business Committee.
For more information, visit www.homeequitypartnership.org or contact info@homeequitycoalition.org.