PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: Escrow trust account procedures.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040 and 18.44.410.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Procedures and responsibilities for administering escrow trust accounts are incomplete and unclear in the current applicable WAC provisions. Rule amendments will more clearly and comprehensively spell out escrow officer and agent responsibilities, procedures, and allowable practices. These changes will enhance the safety of client funds placed in escrow licensee trust accounts.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
Process for Developing New Rule: Negotiated rule making.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Chuck Cross, Assistant Director (acting), Consumer Services, Department of Financial Institutions, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-8733.
August 18, 2003
David D. Cheal