(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.
(2)
(a) You
must notify the department within one business day of the loss of or change of
a branch designated escrow officer, and provide the department with the
identity your proposed replacement branch designated escrow officer within five
business days.
(b) The branch
office may accept new clients and new files under the supervision of your
designated escrow officer until the proposed branch designated escrow officer
has been approved by the department or the department has otherwise authorized
new activities. Your branch may continue to handle escrow transactions and
provide escrow services on existing client files under the supervision of your
designated escrow officer.
(c) You
must apply to the department for approval of the proposed branch designated
escrow officer. The proposed branch designated escrow officer must meet the
requirements of WAC
208-680-110 and
208-680-135.
(d) If you need more than five days to
identify your proposed replacement branch designated escrow officer, you must
seek approval from the department. If your proposed identified replacement is
rejected by the department, you will have an additional thirty days to provide
the department with the identity of a new proposed replacement branch
designated escrow officer.
(e)
Failure to identify and replace your branch 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.
Notes
Wash. Admin. Code §
208-680-176
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, §
208-680-176, filed 10/5/10,
effective 11/5/10.
