Purpose: Amend WAC 208-680G-050 to implement RCW 18.44.121(5), which states that director "shall charge...an hourly audit fee." The amendment would clarify that both in-state and out-of-state escrow agents may be charged for examinations and investigations and provides detail of examination and investigation expenses. Upon adoption of this amendment, the Department of Financial Institutions plans to begin charging an hourly fee for its examinations.

     Citation of Existing Rules Affected by this Order: Amending WAC 208-680G-050.

     Statutory Authority for Adoption: RCW 18.44.121, [18.44].410.

      Adopted under notice filed as WSR 04-22-086 on November 2, 2004.

     Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

     Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

     Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 1, Repealed 0.

     Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.

     Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 0, Repealed 0;      Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.

     Date Adopted: January 6, 2005.

Helen P. Howell

Director

OTS-7058.1

AMENDATORY SECTION(Amending WSR 01-08-055, filed 4/2/01, effective 5/3/01)

WAC 208-680G-050   Examination and investigation fees and expense--Authority to retain specialists.   (1) The director may retain attorneys, appraisers, independent certified public accountants, or other professionals and specialists as examiners, auditors, or investigators, the cost of which shall be borne by the person who is the subject of the examination, audit, or investigation.

     (2) The expense of ((required travel and services related to)) an examination or investigation pursuant to WAC 208-680G-010 or 208-680G-020 inside or outside this state shall be borne by the person examined or investigated. ((Such expense includes, but is not limited to, travel, lodging, and per diem expense.))

     (3) The expenses of an examination or investigation pursuant to this section may include, but are not limited to, staff time, travel, lodging, per diem, and any other expenses related to the examination or investigation. At a reasonable time following each examination or investigation performed, the director shall provide the person examined with an invoice for the expenses incurred during the examination or investigation. Payment of the invoiced amount is due within thirty days of the date of the invoice.

[Statutory Authority: RCW 18.44.410. 01-08-055, § 208-680G-050, filed 4/2/01, effective 5/3/01.]

© Washington State Code Reviser's Office