(1)
Ten days prior notification required. An escrow agent must notify the director in writing ten days prior to a change of the escrow agent's:
(a) Location or mailing address of the escrow agent office or branch office. See RCW
18.44.061 and WAC
208-680C-040;
(b) Form of business organization or place of organization (for example, from sole proprietor to corporation);
(c) Name and mailing address of the out-of-state escrow agent's registered agent; or
(d) Legal or trade name.
(2)
Ten days post notification required. An escrow agent must notify the director in writing within ten days after an occurrence of any of the following:
(a) The cancellation or expiration of its Washington state master business license;
(b) A change in its standing with the state of Washington secretary of state, including the resignation or change of the registered agent;
(c) The licensed escrow agent filing for bankruptcy;
(d) The personal bankruptcy of a principal officer or controlling person; or
(e) The licensed escrow officer or designated escrow officer filing for personal bankruptcy.
(3)
Other notification requirements. (a) In the event of an escrow office closure, see WAC
208-680C-045.
(b) For a transfer involving all or substantially all of its assets, the escrow agent must comply with WAC
208-680B-015(3).
(c) For a change in principal officer or controlling person of a licensed escrow agent, the escrow agent must comply with WAC
208-680B-015(4) and 208-680B-020(4).
(d) For changes in designated escrow officer or branch designated escrow officer, see WAC
208-680D-010.
(e) For termination of a licensed escrow officer, the escrow agent must notify the department within three business days that the escrow officer no longer represents the escrow agent. If the escrow officer was terminated for dishonesty or financial misconduct involving the business, the escrow agent must provide the department with that information. Within ten business days of the termination, the escrow agent must deliver the escrow officer's license to the department. See RCW
18.44.101.
(f) For the filing of quarterly reports, see WAC
208-680E-025.
(g) For suit or complaint notification, see WAC
208-680D-070.
(h) Any changes to the escrow agent's bonds, or the bonds of the escrow agent's licensed escrow officers, as required under RCW
18.44.201, must be reported to the department within five days.
(i) Within five business days of the escrow agent's license being revoked, surrendered, suspended, or the license expiring, the escrow agent shall notify the principals of preexisting escrows of the action. The contents of the notification must comply with RCW
18.44.465.
[Statutory Authority: RCW 43.320.040, 18.44.410. 07-22-010, § 208-680C-060, filed 10/25/07, effective 11/25/07.]