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 208-680-174 - What are the designated escrow officer's responsibilities?

Current through Register Vol. 24-14, July 15, 2024
(1) The designated
						escrow officer is responsible for the custody, safety, and accuracy of entries
						of all required escrow records. He or she retains this responsibility even if
						he or she has assigned the duties of preparation, custody, recording or
						disbursing to another person or persons.
(2) The designated escrow officer is
						responsible for the actions of all employees and the supervision of escrow
						officers, limited practice officers, and other employees handling escrow
						transactions. This supervisory responsibility must be exercised within
						reasonable parameters. For example, a designated escrow officer who is on
						extended leave may not be reasonably available to supervise the activities of
						the escrow agent and its employees.
(3) The branch designated escrow officer is
						responsible for the custody, safety and accuracy of entries of all required
						escrow records at his or her assigned branch office and at his or her branch is
						responsible for the actions of the escrow agent and all employees and the
						supervision of escrow officers, limited practice officers, and other employees
						handling escrow transactions. The designated escrow officer bears
						responsibility for all actions of the branch designated escrow
						officer.
(4) Before issuing a new
						license reflecting a change of the designated escrow officer or branch
						designated escrow officer of a licensed escrow agent, the department must
						receive evidence that the responsibility for preexisting escrows is being
						transferred to the incoming designated escrow officer or incoming branch
						designated escrow officer. Such evidence must be demonstrated by a statement
						signed by both the outgoing and incoming designated escrow officers or branch
						designated escrow officers that lists all outstanding trust liabilities and
						certifies that funds in the trust account maintained by the agent are adequate
						to meet all trust liabilities. This statement must be received by the
						department before the changeover can occur.
(5) In the event that the outgoing designated
						escrow officer or branch designated escrow officer is not available to sign the
						required statement, another principal officer of the escrow agent may sign the
						statement.
(6) If the department is
						concerned that the licensee's trust accounting records may not comply with the
						requirements of WAC
						208-680-410, and before accepting
						a new designated escrow officer or branch designated escrow officer, the
						department may retain or instruct the licensee to retain a certified public
						accountant, or other person acceptable to the department, to reconcile the
						trust account or accounts and report whether they have been maintained in
						compliance with WAC
						208-680-410 and to report on the
						adequacy of the licensee's internal routines and controls to ensure continuing
						compliance with WAC
						208-680-410.