reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › DIRECTOR AND DEPARTMENT POWERS › Section 208-660-540 - Director and department powers - General authority

Current through Register Vol. 24-14, July 15, 2024
Reserved.
Statutory Authority:
								RCW
								43.320.040,
								19.146.223, 2006 c 19. 06-23-137,
								§
											208-660-540, filed 11/21/06,
								effective 1/1/07.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › DIRECTOR AND DEPARTMENT POWERS › Section 208-660-550 - Department fees and costs

Current through Register Vol. 24-14, July 15, 2024
(1)
Mortgage broker licenses.
Mortgage broker - license application fee
$371.00
Mortgage broker - annual assessment (due upon
												initial licensing, then an annual renewal fee, per location)
$530.00
Mortgage broker late renewal assessment (fifty
												percent of annual assessment)
$265.00
Mortgage broker branch office - license application
												fee
$185.00
Mortgage broker branch office - annual assessment
												(annual renewal fee, per location)
$530.00
Mortgage broker - license amendment
No fee
Mortgage broker - change of designated
												broker
$25.00
(2)
Loan originator licenses.
Loan originator - license application fee
$125.00
Loan originator - annual assessment (not due until
												first renewal; then an annual renewal fee)
$125.00
Loan originator late renewal assessment (fifty
												percent of annual assessment)
$62.50
Loan originator - cancel association with any
												mortgage broker
No fee
Loan originator - license amendment - add a
												mortgage broker relationship
$50.00
Loan originator - license amendment - other
No fee
(3)
Examinations.
(a) In Washington.
						The department does not charge a licensee located in Washington for the costs
						of an examination unless the examination is a referral from enforcement. See
						WAC 208-660-510(8).
(b) Outside of Washington. The department
						will charge the licensee for travel costs.
(c) If the department hires professionals,
						specialists, or both to examine an out-of-state licensee, the professional,
						specialist, or both will be considered examiners for the purpose of billing the
						licensee for travel costs.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › DIRECTOR AND DEPARTMENT POWERS › Section 208-660-600 - Administration and facilitation of prelicensing and continuing education

Current through Register Vol. 24-14, July 15, 2024
(1)
Who may
						offer prelicensing and continuing education courses to principals, designated
						mortgage brokers, and loan originators?
Prelicensing and continuing
						education is offered by course providers and courses approved through
						NMLS.
(2)
On what topics of
						education will I be tested?
(a)
Prelicensing education.
The topics of education will be federal
						law and regulations, ethics (fraud, consumer protection, fair lending) and
						lending standards for the nontraditional mortgage marketplace.
(b)
Continuing education.
The
						topics of education will be the same as for prelicensing education, plus
						Washington specific topics.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › DIRECTOR AND DEPARTMENT POWERS › Section 208-660-700 - Mortgage broker commission

Current through Register Vol. 24-14, July 15, 2024
(1)
What is the role of the mortgage broker commission (commission)?
The commission acts in an advisory capacity to the director on mortgage broker
						issues. The commission advises the director on the characteristics and needs of
						the mortgage broker profession.
(2)
Who serves on the commission?
(a)
						The director appoints the seven members of the commission for two-year terms.
						Commission members must have at least five years' experience in the business of
						residential mortgage lending. The experience must be within the past five years
						from the date of appointment. When appointing a commission member, the director
						will consider the recommendations from professional organizations that
						represent mortgage brokers and loan originators.
(b) Of the seven voting members of the
						commission, at least three members of the commission must be licensed mortgage
						brokers, at least two must be licensed loan originators who are not designated
						brokers, and at least one must be a mortgage broker who is exempt from
						licensure under
						RCW
						   19.146.020(1).
(c) The director or a designee serves as an
						ex officio, nonvoting member of the commission.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-660 - Mortgage brokers and loan originators-Licensing › DIRECTOR AND DEPARTMENT POWERS › Section 208-660-800 - Forms

Current through Register Vol. 24-14, July 15, 2024
Reserved.
Statutory Authority:
								RCW
								43.320.040,
								19.146.223, 2006 c 19. 06-23-137,
								§
											208-660-800, filed 11/21/06,
								effective 1/1/07.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › GENERAL PROVISIONS › Section 208-680-040 - Exceptions - General

Current through Register Vol. 24-14, July 15, 2024
(1)
Do I need an escrow license to provide escrow services?
Unless you
						fall into one of the exceptions in
						RCW
						   18.44.021, you must have a license under the
						act before providing escrow services.
(2)
I only plan on performing one or
						two escrow transactions. Do I need an escrow license?
Yes. You must
						license unless you meet one of the above exceptions. There is no exception
						under the act for persons performing limited numbers of transactions.
Statutory Authority:
								RCW
								43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-040, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › GENERAL PROVISIONS › Section 208-680-045 - Exceptions - Attorneys

Current through Register Vol. 24-14, July 15, 2024
(1)
I am licensed to practice law in Washington. Am I excepted from licensing
						as an escrow agent?
Yes, as long as you only perform escrow services as
						part of your law practice. You are excepted from licensure as an escrow agent
						while you are engaged in the practice of law, but you are required to apply for
						and receive an escrow license before you perform escrow services outside of
						your legal practice. Your attorney exception may be extended to your bona fide
						legal practice, but is otherwise an individual exception and may not be
						extended to a separate business entity. Your exception may not be extended to
						nonattorney individuals unless they are employees of your bona fide law
						practice and you supervise all of their transactions.
You or your attorney-owned business entity will be required
							to license as an escrow agent if you or your business entity do one or more of
							the following:
(a) Principally provide
						escrow services, not including escrow services provided incidentally to the
						practice of law;
(b) Advertise
						yourself or your business entity as providing the services of an escrow agent
						without identifying yourself or your business entity as an attorney or law
						practice;
(c) Receive compensation
						or gain for providing escrow services through a business entity other than a
						bona fide law practice; or
(d)
						Permit nonattorney associates or employees to conduct escrow transactions
						without either a valid escrow officer license or an attorney's supervision. See
						RCW
						   18.44.021(2).
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › LICENSING AND THE ESCROW OFFICER TEST › Section 208-680-110 - Credit and character report

Current through Register Vol. 24-14, July 15, 2024
What kinds of credit and character reports must I
							provide with my escrow agent application?
(1) If you are applying for an escrow officer
						license you must provide:
(a) Proof that you
						have passed the escrow officer test; and
(b) Satisfactory proof of your good
						character; and
(c) Satisfactory
						proof of your credit rating, as evidenced by a report from a recognized
						credit-reporting agency, and in a form approved by the director.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › LICENSING AND THE ESCROW OFFICER TEST › Section 208-680-125 - Licenses not transferable

Current through Register Vol. 24-14, July 15, 2024
(1)
Can I transfer my escrow agent or escrow officer license to another
						person or entity?
No. Neither an escrow agent license nor an escrow
						officer's license may be transferred.
(2)
Can all or substantially all of the
						assets of an escrow agent be transferred to another person?
Yes. A
						licensed escrow agent may transfer all or substantially all of its assets to
						another person as long as the transfer is approved by the department pursuant
						to subsection (3) of this section and the receiving party (the transferee) has
						been issued an escrow agent license under the act prior to the
						transfer.
(3)
If I am
						transferring my assets to another escrow agent, what notification must I
						provide to the department?
You must provide written notice to the
						department at least thirty days before the effective date of the transfer. The
						written notice must include a copy of the signed transfer agreement that
						contains, at a minimum:
(a) A stipulation
						that the transferee is responsible for obtaining an escrow agent license before
						completion of the transfer;
(b) A
						stipulation that the transferee is either restricted from using or authorized
						to use, your escrow agent's business name, unless this requirement is waived by
						the director; and
(c) A stipulation
						indicating which of the parties will:
(i)
						Make all payments due to principal parties on or before the effective date of
						the transfer;
(ii) Be responsible
						for the existing trust account funds;
(iii) Maintain and preserve the accounting
						and other records as required by
						RCW
						   18.44.400 and WAC
						208-680-520 and
						208-680-530; and
(iv) Provide notice of the transfer to all
						principal parties who have pending escrows or deposited funds with the escrow
						agent, or who have executed some other form of written agreement with the
						escrow agent. Such notice must be provided within five days of your notice to
						the department, and must comply with
						RCW
						   18.44.465.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › LICENSING AND THE ESCROW OFFICER TEST › Section 208-680-130 - What kind of background check and fingerprinting information may the department require with my application for an escrow agent license?

Current through Register Vol. 24-14, July 15, 2024
(1) If you are
						applying for an escrow agent license:
(a) You
						must submit fingerprint identification for the natural person making the
						application, and for your principal officers, designated escrow officer or
						branch designated escrow officers, and any controlling person. This
						identification must be submitted on standard Federal Bureau of Investigation
						fingerprint cardstock or another form acceptable to the department.
(b) You may be required, at the department's
						discretion, to provide additional background information any applicant,
						principal officer, designated escrow officer, controlling person, or partner.
						This may include any information the department deems necessary to satisfy the
						director that the requirements under
						RCW
						   18.44.031(2) have been met.
						The director may require that such information be reported in writing and
						signed by the reporting individuals.
(c) If you have been issued an escrow agent
						license and experience a change in one or more principal officers or
						controlling persons, you must submit fingerprints and such other information as
						the director may request under (b) of this subsection to the department thirty
						days prior to the effective date of the change in principal officer or
						controlling person.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › LICENSING AND THE ESCROW OFFICER TEST › Section 208-680-135 - What kind of background check and fingerprinting information may the department require with my application for an escrow officer license?

Current through Register Vol. 24-14, July 15, 2024
(1) If you are
						applying for an escrow officer license :
(a)
						You must submit fingerprint identification on standard Federal Bureau of
						Investigation fingerprint cardstock or another form acceptable to the
						department.
(b) You may be
						required, at the department's discretion, to provide additional background
						information about yourself to ascertain your honesty, truthfulness, and
						reputation. This information may include, but is not limited to: Residential
						address and telephone number, qualifications, employment history, a personal
						credit report, and other information that the director may deem appropriate
						under RCW
						   18.44.031(2).
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › LICENSING AND THE ESCROW OFFICER TEST › Section 208-680-155 - What escrow officer and agent fees will I be required to pay?

Current through Register Vol. 24-14, July 15, 2024
(1) Escrow officer
						and agent fees charged by DFI:
Title of Fee
Fee
Escrow officer:
First test
$168.00
Subsequent tests
168.00
Application
179.26
License renewal
179.26
Transfer of license to a new escrow agent, name or
										address change, or license activation
28.01
Duplicate license
28.01
Escrow agent:
Application
386.55
Renewal
386.55
Late renewal with penalty
579.81
Change of designated escrow officer, or name or address
										change, per license generated
28.01
Duplicate license
28.01
Escrow agent branch office:
Application and original license
386.55
Renewal
386.55
Late renewal with penalty
579.81
Change of branch designated escrow officer, or name or
										address change, per license generated
28.01
Duplicate license
28.01
Fingerprints
(2)
						If your license is managed on a multistate licensing system pursuant to
						RCW
						   18.44.023, you may be charged system fees by
						the licensing system, including a fee for fingerprints managed through the
						system.
(3) You will be charged an
						hourly fee of $62.50 for examinations and investigations.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-155, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › LICENSING AND THE ESCROW OFFICER TEST › Section 208-680-165 - May the director waive fees under the act?

Current through Register Vol. 24-14, July 15, 2024
Yes. The director may waive any or all of the fees and
							assessments imposed under WAC
							208-680-155, in whole or in part,
							when he or she determines that both of the following factors are
							present:
(1) The consumer services
						program fund exceeds the projected acceptable minimum fund balance level
						approved by the office of financial management;
(2) The fees paid by escrow agents equals or
						exceeds the costs of the licensing, examinations, and enforcement escrow
						program; and
(3) That such course
						of action would be fiscally prudent.
Statutory Authority:
								RCW
								43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-165, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › LICENSING AND THE ESCROW OFFICER TEST › Section 208-680-170 - What happens if my check is dishonored or my payment of an escrow fee is insufficient?

Current through Register Vol. 24-14, July 15, 2024
Payment of any fee required under chapter 18.44 RCW by a
							check that is dishonored or is an insufficient payment will be considered
							nonpayment. The license action for which the dishonored check or insufficient
							payment was tendered will not be completed by the department, and a
							non-sufficient funds fee may be charged.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-170, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › DESIGNATED ESCROW OFFICERS › Section 208-680-175 - May my designated escrow officer or branch designated escrow officer supervise more than one of my locations?

Current through Register Vol. 24-14, July 15, 2024
Yes, with the director's prior written consent designated
							escrow officers and branch designated escrow officers may supervise more than
							one location.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-175, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › DESIGNATED ESCROW OFFICERS › Section 208-680-176 - What must I do if my designated escrow officer or branch designated escrow officer leaves?

Current through Register Vol. 24-14, July 15, 2024
(1)
(a) You must notify the department within one
						business day of the loss of or change of your designated escrow officer and
						provide the department with the identity your proposed replacement designated
						escrow officer within five business days.
(b) You may not accept new clients or new
						files until the proposed designated escrow officer has been approved by the
						department or the department has otherwise authorized new activities. Your
						employees may continue to handle escrow transactions and provide escrow
						services on existing client files to the extent necessary to avoid prejudicing
						those existing clients and files.
(c) You must apply to the department for
						approval of the proposed designated escrow officer. The proposed designated
						escrow officer must meet the requirements of WAC
						208-680-110 and
						208-680-135.
If you need more than five days to identify your proposed
							replacement designated escrow officer, you must seek approval from the
							department. If your identified proposed replacement is rejected by the
							department, you will have an additional thirty days to provide the department
							with the identity of the proposed replacement designated escrow officer.
(d) Failure to identify and
						replace your designated escrow officer, or to receive approval from the
						director for an extension, may result in an enforcement action against you and
						the suspension or revocation of your license.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › DESIGNATED ESCROW OFFICERS › Section 208-680-180 - May a designated escrow officer or a branch designated escrow officer work for two or more licensed escrow agents?

Current through Register Vol. 24-14, July 15, 2024
Yes, under certain circumstances. If the director agrees
							with the escrow agent's need for this arrangement and with the director's prior
							written consent a designated escrow officer or branch designated escrow officer
							may provide escrow services and may supervise employees for more than one
							licensed escrow agent.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-180, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › DESIGNATED ESCROW OFFICERS › Section 208-680-185 - What constitutes the misuse of my escrow officer license?

Current through Register Vol. 24-14, July 15, 2024
Regardless of whether or not you are compensated, it is
							misuse of your escrow license to:
(1)
						Allow another person to use it to establish and carry on an escrow agent
						business over which you do not have full management and supervisory
						responsibilities; or
(2) Fail to
						adequately supervise any individual conducting escrow or assisting in escrow
						under the authority of your license.
Statutory Authority:
								RCW
								43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-185, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › DESIGNATED ESCROW OFFICERS › Section 208-680-195 - Can an escrow agent prohibit its designated escrow officer from accessing its trust account books and records?

Current through Register Vol. 24-14, July 15, 2024
No. Pursuant to WAC
							208-680-174 and
							208-680-410, the designated
							escrow agent is primarily responsible for the custody, safety, and accuracy of
							entries of all required escrow records, including the trust account books and
							records, and must have signatory authority on all trust accounts. Accordingly,
							an escrow agent must remove and replace a designated escrow officer if the
							escrow agent wants to prohibit the designated escrow officer from accessing its
							trust account books and records. See WAC
							208-680-176.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-195, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-210 - How must I identify my office location or locations?

Current through Register Vol. 24-14, July 15, 2024
Any main or branch office of an escrow agent must be
							identified by displaying the escrow agent's name in a manner visible to the
							public. The displayed name must be the name recorded on the license for that
							particular office location. Any physical office location where an escrow agent
							holds itself out to the public as able to provide escrow services as defined
							under RCW
							   18.44.011(8) is considered
							an office for the purposes of this section.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-210, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-225 - Must I display my licenses?

Current through Register Vol. 24-14, July 15, 2024
Yes. You must prominently display all licenses in their
							associated locations, including branches.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-225, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-235 - How must I notify the department if I move the location of one or more of my offices?

Current through Register Vol. 24-14, July 15, 2024
You must notify the department of any change of the location
							or mailing address of your main or branch offices before engaging in business
							at your new locations or addresses. You must file an escrow agent amendment
							application form as prescribed by the director at least ten business days
							before the change in business location or address. The application and required
							attachments must be accompanied by all applicable fees specified under WAC
							208-680-155.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-235, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-240 - Escrow agent renewal and reinstatement

Current through Register Vol. 24-14, July 15, 2024
(1)
When does the escrow agent license
						expire?
All escrow agent licenses expire on December 31st of every
						year.
(2)
How do I renew my
						escrow agent license?
Escrow agent licenses may be renewed by filing for
						renewal and paying the applicable fee to the department.
(3)
I did not renew my escrow agent
						license on time, did not pay my escrow agent renewal fee by my renewal date, or
						my renewal fee payment was rejected. Can I still provide escrow
						services?
No. Your escrow agent license is now expired, and any escrow
						services you provide are considered unlicensed activities and are in violation
						of the act. If you continue to provide escrow services after expiration of your
						license, the department may investigate and bring an enforcement proceeding
						against you.
For information about failed payments, see WAC
							208-680-170.
(4)
Can my licensed escrow officers
						provide escrow services if my license is expired?
No. If your licensed
						escrow officers continue to provide escrow services on your behalf after your
						license has expired, the department may investigate and bring an enforcement
						action against them.
(5)
I
						did not renew my escrow agent license on time. Can I still renew my license, or
						do I need to file a new application?
Once your license has expired you
						have thirty days to file for renewal and to pay the renewal fee and any late
						renewal penalty. If you do not renew the license with in thirty days the
						license will be canceled on the thirty-first day. A canceled license will not
						be renewed or reinstated. If your escrow agent license is canceled and you wish
						to provide escrow services, you must apply for a new escrow agent license. Any
						escrow services your escrow officers provide after your license is canceled are
						unlicensed activities and are in violation of the act.
Even if you renew your license before it is canceled, you
							(and your licensed escrow officers) are still liable for any unlicensed
							services you provided while your license was expired.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-240, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-243 - Escrow officer license renewal and reinstatement

Current through Register Vol. 24-14, July 15, 2024
(1)
For how long is an escrow officer
						license valid?
Escrow officer licenses are valid for one year from the
						date of issuance.
(2)
Can I
						renew my escrow officer license?
Yes. Escrow officer licenses may be
						renewed by completing the online renewal application and paying the annual
						renewal license fee specified under WAC
						208-680-155 by your renewal date.
						Your renewal date is the date one year after the day your license was
						issued.
(3)
I did not
						complete the online escrow officer renewal process, did not pay my renewal fee
						by my renewal date, or my renewal fee payment was rejected. Can I still provide
						escrow services?
No. Your license is now expired, and any escrow
						services you perform are considered unlicensed activities and are in violation
						of the act. If you continue to perform escrow services after expiration of your
						license, the department may investigate and bring an enforcement proceeding
						against you.
For information about failed payments, see WAC
							208-680-170.
(4)
I did not complete the online
						escrow officer form and pay my renewal fee by my renewal date. Can I still
						renew my license, or do I need to reapply?
Once your license has expired
						you have sixty days to file for renewal and to pay the renewal fee and any late
						renewal penalty. If you do not renew your license will be canceled on the
						sixty-first day. A canceled license cannot be renewed or reinstated. If your
						license is canceled and you wish to provide escrow services, you will have to
						apply for a new license. You should note that if your new license is not issued
						within two years of your passing the escrow test, you may have to take the
						escrow test again.
Even if you renew your license before it is canceled, you are
							still liable for any unlicensed services you provided while your license was
							expired.
For the renewal fee structure, see WAC
							208-680-155.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-243, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-245 - Closure of office

Current through Register Vol. 24-14, July 15, 2024
(1)
If I
						close my main office, what effect does that have on any other offices?
When the main office of an escrow agent closes, all branch offices must close.
(2)
What are my
						notification requirements to the department when I plan to close my
						business?
Thirty days prior to the planned closure, the designated
							escrow officer or a controlling person must provide the department with notice
							of the closure. After closure you must provide the department with the
							following within fifteen days:
(a) An
						itemized accounting of funds held in trust at the time of closure, including
						the names of the principal parties to the transaction, the escrow number, the
						amount of funds held and the purpose of the funds. If the trust account balance
						is zero, the escrow agent must provide a reconciliation of the trial balance
						supporting the zero balance;
(b)
						The most recent completed three-month reconciliation;
(c) The name, residence address and telephone
						number of the person responsible for the records;
(d) The street address and telephone number
						where the records are located;
(e)
						An itemized list of your retained records, specifying their location and
						quantity, including the number of files and the number of boxes they are stored
						in; and
(f) A records retention
						plan that identifies the ways that you will store, retrieve, and destroy your
						required records in compliance with the act and this section. Your plan must
						identify how you will continue to pay any costs associated with your storage
						location.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-255 - Deceptive names prohibited

Current through Register Vol. 24-14, July 15, 2024
What restrictions affect the name I may use for my
							business?
At the discretion of the director, an escrow agent may not
							receive a license or advertise in any manner using names or trade styles which:
							Are similar to current licensees; imply that the agent is a nonprofit
							organization, research organization, title insurance company, public bureau or
							public group; or are otherwise deceptive or in violation of RCW    30.04.020,
							31.12.025,
							32.04.020(2),
							33.08.010, or any other statute
							that limits the use of names. A bona fide franchisee may be issued a license
							using the name of the franchisor with the firm name of the franchisee.
							Licensees and applicants should be aware that other statutes may further
							restrict the trade names that they may use.
Statutory Authority:
								RCW
								43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-255, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-265 - Reporting significant events

Current through Register Vol. 24-14, July 15, 2024
What significant events am I required to report to the
							department, and how quickly must I report them?
Depending on the significant event, you will have different
							reporting periods.
(1)
Ten-day
						prenotification required.
You must report to the director, in writing,
						changes to the following information at least ten days before they occur:
(a) Your location or mailing address. See
						RCW
						   18.44.061 and WAC
						208-680-235;
(b) The form of your business organization or
						its place of organization. For example, if your business is changing from a
						sole proprietorship to a corporation, or from a corporation to a limited
						liability corporation, you must notify the department and may be required to
						file a new escrow agent application;
(c) The name and mailing address of your
						registered agent if you are an out-of-state escrow agent; or
(d) Your legal or trade name.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › ORGANIZATION AND ADMINISTRATION › Section 208-680-275 - Employment restrictions

Current through Register Vol. 24-14, July 15, 2024
(1)
What criminal background
						restrictions are there on the persons I may employ?
You may not employ
						any person to provide escrow services or handle escrow transactions who has
						been convicted of or plead no contest within the last seven years to either:
(a) A felony; or
(b) A gross misdemeanor involving
						dishonesty.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › FINANCIAL RESPONSIBILITY › Section 208-680-310 - Fidelity and surety bonds

Current through Register Vol. 24-14, July 15, 2024
(1)
What is a fidelity bond under the act?
For purposes of the act, a
						fidelity bond is a primary commercial blanket bond or an equivalent bond or a
						combination of more than one bond acceptable to the department, regardless of
						the name used to identify the specific insurance product. A bond or bond
						combination is an acceptable equivalent if it meets the requirements of the
						act. At a minimum, the fidelity bond or equivalent or bond combination must:
(a) Provide an aggregate minimum coverage of
						one million dollars;
(b) Have a
						deductible of no more than ten thousand dollars;
(c) Cover fraudulent or dishonest acts
						committed by one or more principal officers, partners, sole practitioners,
						escrow officers, and employees, acting alone or in concert; and
(d) Run to the benefit of the escrow agent,
						unless the fraudulent or dishonest act is committed by one or more principal
						officers, partners, or sole practitioners, in which case it runs to the benefit
						of the harmed con-sumer(s).
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › FINANCIAL RESPONSIBILITY › Section 208-680-320 - Errors and omissions insurance

Current through Register Vol. 24-14, July 15, 2024
(1)
What errors and omissions insurance
						must I carry?
You must carry an errors and omissions policy in the
						minimum aggregate amount of fifty thousand dollars or provide the department
						with a cash or securities alternative as described in subsection (2) of this
						section. Either a bond or the cash or securities deposit must be maintained
						until you have closed your office, all of your accounts have been reconciled,
						and all balances are zero.
(2)
If I want to use a securities alternative to the errors and omissions
						bond requirement in RCW 18.44.-201 (1)(b), what are the requirements?
(a) Cash used as an alternative to the errors
						and omissions insurance requirement requires a cash deposit of fifty thousand
						dollars made in a recognized Washington state depository which account is
						maintained separate and apart from the escrow agent's own funds. The funds
						shall be deposited in such a manner to permit only the director to withdraw
						from the principal amount. The escrow agent may withdraw any interest
						accumulated to the account.
(b)
						Securities used as an alternative to an errors and omissions policy must be
						effectively delivered to the director along with a properly executed
						irrevocable assignment and any supporting documentation as required by the
						director.
(c) Only those securities
						that meet the definition of "investment securities" under chapter 208-512 WAC
						may be used to satisfy
						RCW
						   18.44.201. Securities issued by the licensed
						escrow agent or its affiliates are not acceptable securities for the purposes
						of fulfilling the requirements of
						RCW
						   18.44.201.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › FINANCIAL RESPONSIBILITY › Section 208-680-330 - When will the cash deposit or securities I used in lieu of an errors and omissions insurance policy be returned to me?

Current through Register Vol. 24-14, July 15, 2024
(1) If you are closing the business, they
						will be returned to you the later of:
(a) One
						year from the date of the expiration, cancellation, surrender, or revocation of
						your license, unless there are any pending actions commenced under WAC
						208-680-340; or
(b) The day all trust accounts have been
						reconciled, and all trust account balances are zero.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › FINANCIAL RESPONSIBILITY › Section 208-680-340 - How are claims filed on my cash deposit or securities in lieu of an errors and omissions policy?

Current through Register Vol. 24-14, July 15, 2024
(1)
						Upon receipt of notification of a legal action for which notice is required to
						be given to the department under WAC
						208-680-570, the department will
						notify the complaining party of the existence of any cash deposit or securities
						and the provisions of this chapter.
(2) A claim against the cash deposit or
						securities must be in the form of certified copy of a final judgment from a
						court of competent jurisdiction. Upon receipt of a claim in the proper form,
						the department will release the amount of cash deposit or securities sufficient
						to pay the final judgment.
(3) The
						department will notify the escrow agent of the receipt of the claim and advise
						the escrow agent that it must deposit additional cash or securities with the
						department to maintain the required principal amount after payment of the
						claim.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-340, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › FINANCIAL RESPONSIBILITY › Section 208-680-350 - How long do I have to maintain my cash deposit and securities, and what are the consequences of failure to do so?

Current through Register Vol. 24-14, July 15, 2024
If you assign, transfer, or set over a cash or securities
							deposit in lieu of an errors and omissions policy, you must keep the deposit in
							full force and effect at all times as a condition precedent to your authority
							to transact escrow business. Your deposit or securities must at all times be at
							least the principal amount of fifty thousand dollars.
Failure to maintain the deposit or securities at the minimum
							level is sufficient grounds for the suspension or revocation of your
							license.
Statutory Authority:
								RCW
								   43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-350, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › FINANCIAL RESPONSIBILITY › Section 208-680-360 - What happens if my errors and omissions policy or my fidelity or surety bonds expire or are canceled?

Current through Register Vol. 24-14, July 15, 2024
In the event of cancellation or expiration of your errors and
							omissions policy or your fidelity or surety bonds, you must file satisfactory
							evidence of a new policy, bond, or reinstatement with the director before
							conducting any escrow business. Failure to file a new policy, bond, or
							reinstatement is sufficient grounds for the suspension or revocation of your
							license. During the time you do not have full insurance and bonding coverage in
							effect, you may not transact escrow business.
Statutory Authority:
								RCW
								43.320.040 and chapter 18.44 RCW (as amended
								by   2010 c  34). 10-20-124, §
											208-680-360, filed 10/5/10,
								effective 11/5/10.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › TRUST ACCOUNT PROCEDURES › Section 208-680-410 - Administration of funds held in trust

Current through Register Vol. 24-14, July 15, 2024
(1)
Who is responsible for funds
						deposited to and disbursed from an escrow trust account?
The escrow
						agent must establish a trust account or accounts in a recognized Washington
						state depository. The escrow agent, through the designated escrow officer, is
						responsible for depositing, holding, disbursing, and accounting for funds in
						the trust account as provided in the act and the rules, regardless of how they
						are received or disbursed. The designated escrow officer or branch designated
						escrow officer must hold the funds in trust for the purposes of the transaction
						or agreement and must not utilize such funds for the benefit of the agent or
						any person not entitled to such benefit. For branch offices, the branch
						designated escrow officer is also responsible for depositing, holding,
						disbursing, and accounting for funds in the branch's trust account. The escrow
						agent is ultimately responsible for all the actions of the designated escrow
						officer or branch designated escrow officer.
(2)
What kind of an account can I use
						as a trust account for my escrow services?
Your trust account or
						accounts must be designated as a trust account or accounts in the licensed name
						of the escrow agent. Your trust accounts must be noninterest bearing demand
						deposit accounts unless they are one of the following:
(a) An interest-bearing trust account or
						dividend earning investment account containing funds pertaining to an
						individual escrow transaction or escrow collection account, if directed to use
						one by a written agreement between and signed by all principal parties to the
						transaction. The agreement must specify the manner of distribution of
						accumulated interest to the parties to the transaction;
(b) An interest-bearing trust account or
						dividend-earning investment account containing only funds held on behalf of an
						owner, vendor, lessor, etc., involving escrow collections, if directed to use
						one by a written agreement or directive signed by the principal parties. The
						agreement must specify the manner of distribution of accumulated interest to
						the parties to the transaction;
(c)
						An interest-bearing trust account containing funds related to transactions in
						which a limited practice officer has prepared documents under authorization set
						forth in APR 12(h); or
(d) An
						interest-bearing trust account containing funds related to transactions in
						which a licensed attorney has prepared documents. Your trust account must not
						be used for any purpose other than that specified in the act or rules. You must
						not use the trust account for the receipt or disbursement of funds for any
						business other than that conducted under the act.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-680 - Escrow Agent Registration Act › TRUST ACCOUNT PROCEDURES › Section 208-680-425 - What are the requirements for my quarterly reports?

Current through Register Vol. 24-14, July 15, 2024
(1) In order to determine compliance with
						chapter 18.44 RCW and chapter 208-680 WAC, each escrow agent must file with the
						director, within thirty days following the end of each fiscal quarter, the
						following documents in a form prescribed by the director:
(a) A report concerning its operations,
						including the number of escrow transactions conducted and the total dollar
						volume of those transactions;
(b) A
						report concerning the trust account administration;
(c) A one page summary report of the
						completed three way reconciliation from the last month of the quarter;
						and
(d) Such other reports or
						documents in support of the reports as requested by the department. At a
						minimum, you must provide copies of your bank statements in support of (c) of
						this subsection.