Wash. Admin. Code § 208-680-125 - Licenses not transferable

(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.

(4) If I am acquiring all or substantially all of the assets of an escrow agent, what information must I provide to the department? The department treats this as a change in a principal officer. If you do not have an escrow agent license, you must apply for and receive one. If you already have an escrow agent license, at least thirty days before you acquire all or substantially all of the assets of an escrow agent you must provide the department with all the information required of a principal officer or controlling person as if you were applying for a new license. The change of control transaction may not be completed until the transferee has either received a license or provided the department with the required information.

Notes

Wash. Admin. Code § 208-680-125

Amended by WSR 13-24-022, filed 11/22/13, effective 1/1/2014

Statutory Authority: RCW 43.320.040 and chapter 18.44 RCW (as amended by 2010 c 34). 10-20-124, § 208-680-125, filed 10/5/10, effective 11/5/10.