PROPOSED RULES
Original Notice.
Preproposal statement of inquiry was filed as WSR 03-02-002.
Title of Rule: Will amend WAC 308-124B-150, affecting real estate transaction recordkeeping.
Purpose: To allow out-of-state real estate licensees working under a license recognition agreement to maintain their Washington transaction records with the out-of-state broker to whom they are licensed.
Statutory Authority for Adoption: RCW 18.85.040(1).
Statute Being Implemented: RCW 18.85.040(3).
Summary: To allow for real estate licensees from other jurisdictions, who obtain their Washington real estate license through a license recognition agreement with Washington, to maintain Washington real estate transaction records in their out-of-state jurisdiction and with the out-of-state broker to who they are licensed. That broker shall be responsible for those records and the records shall be subject to the record keeping and inspection requirements as with any Washington real estate transaction records and the record-keeping requirements of that broker's jurisdiction.
Reasons Supporting Proposal: Better facilitate efficiency of license recognition agreements.
Name of Agency Personnel Responsible for Drafting: Jana L. Jones, DOL Black Lake Complex, P.O. Box 2445, Olympia, WA (360) 664-6524; Implementation and Enforcement: DOL Real Estate Program, DOL Black Lake Complex, P.O. Box 2445, Olympia, WA 9360) 664-6524.
Name of Proponent: Washington Real Estate Commission and the DOL Real Estate Program, governmental.
Rule is not necessitated by federal law, federal or state court decision.
Explanation of Rule, its Purpose, and Anticipated Effects: To allow for out-of-state real estate licensees working in Washington under a license recognition agreement to retain Washington records of real estate transaction with the out-of-state broker to whom they are licensed.
Proposal Changes the Following Existing Rules: Amends WAC 308-124B-150, allowing for Washington records to be retained by out-of-state broker under license recognition agreement.
No small business economic impact statement has been prepared under chapter 19.85 RCW. No small business impact.
RCW 34.05.328 does not apply to this rule adoption. Department of Licensing is exempt from this law.
Hearing Location: AmeriTel Inn, 4520 Martin Way, Olympia, WA 98516, on June 12, 2003, at 1:00 p.m.
Assistance for Persons with Disabilities: Contact Jana Jones by June 11, 2003, TDD (360) 753-1966 or (360) 664-6524.
Submit Written Comments to: Jana L. Jones, Assistant Administrator, Real Estate, P.O. Box 2445, Olympia, WA 98507-2445, fax (360) 586-0998.
Date of Intended Adoption: June 12, 2003.
April 14, 2003
Alan E. Rathbun
Assistant Director
Business and Professions Division
OTS-6326.1
AMENDATORY SECTION(Amending WSR 02-03-054, filed 1/10/02,
effective 2/10/02)
WAC 308-124B-150
Office requirement for brokers actively
licensed in another jurisdiction.
The term "office" in RCW 18.85.180 for a broker actively licensed in another
jurisdiction in which the broker's headquarter office is
located shall mean the Washington location where trust account
and transaction records are maintained. Such records are
required to be maintained for three years. The trust account
and transaction records shall be open and accessible to
representatives of the department of licensing. The parties
to the transaction shall have access to the transaction
records prepared or retained for the requesting party.
A broker actively licensed in another jurisdiction seeking licensure in Washington, whose headquarter office is located in that other jurisdiction, shall notify the department of the location address where the records are maintained in the state of Washington and shall include this address with the headquarter's address on the license application.
The Washington license shall be posted at the location where the records are being maintained.
Within thirty days after mailing of the notice of audit, the broker shall come to the department's office, after making an appointment, in the geographic location (Seattle or Olympia) nearest to the location of the records to sign the audit report.
If a real estate licensee actively licensed in another jurisdiction, whose headquarter office is located in that other jurisdiction, has obtained a Washington real estate license through a license recognition agreement, that licensee may maintain required Washington real estate transaction records in their out-of-state jurisdiction and with the out-of-state broker to whom they are licensed, providing it is allowed for in the license recognition agreement.
[Statutory Authority: RCW 18.85.040(1). 02-03-054, § 308-124B-150, filed 1/10/02, effective 2/10/02. Statutory Authority: RCW 18.85.040 and the Governor's Executive Order on Regulatory Improvement 97-02. 99-03-042, § 308-124B-150, filed 1/14/99, effective 2/14/99. Statutory Authority: RCW 18.85.040. 88-06-039 (Order PM 711), § 308-124B-150, filed 3/1/88.]