(1) An escrow agent license may not be transferred.
(2) An escrow officer's license may not be transferred.
(3) Whenever a licensed escrow agent contemplates a transfer involving all or substantially all of its assets, the licensee shall provide written notice to the director at least thirty days prior to the effective date of the transfer. This notice must include a copy of the signed agreement between the parties, which provides in part:
(a) A stipulation that the transferee is responsible for obtaining a license prior to completion of the transfer;
(b) A stipulation that the transferee shall obtain and submit to the director evidence of financial responsibility in the form of the required bond or bonds and errors and omission insurance in compliance with RCW
18.44.201 prior to completion of the transfer;
(c) A stipulation indicating which of the parties shall:
(i) Make all payments due to principal parties on or before the effective date of the transfer;
(ii) Maintain and preserve the accounting and other records as required by RCW
18.44.400 and WAC
208-680D-020 and
208-680D-030;
(iii) Provide notice of the transfer to all principal parties who have pending escrows, or who have deposited funds with the escrow agent, or who have executed some other form of written agreement with the escrow agent; and
(d) A stipulation that the transferee is either restricted from using or authorized to use, the escrow agent's business name, unless waived by the director.
(4) At least thirty days prior to a change in a principal officer or controlling person of a licensed escrow agent, the licensee shall provide the director with all information required of a principal officer or controlling person when an application is made for a license. The director shall make a determination prior to completion of the change, whether the proposed new principal officer or controlling person meets the requirements for licensing.
[Statutory Authority: RCW 18.44.410. 01-08-055, § 208-680B-015, filed 4/2/01, effective 5/3/01.]