BILL REQ. #:  S-0653.2 

Read first time 01/19/2005.   Referred to Committee on Financial Institutions, Housing & Consumer Protection.

     AN ACT Relating to establishing mortgage broker branch offices; and amending RCW 19.146.265.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

Sec. 1   RCW 19.146.265 and 1997 c 106 s 19 are each amended to read as follows:
     (1) A licensed mortgage broker may apply to the director for authority to establish one or more branch offices under the same or different name as the main office upon the payment of a fee as prescribed by the director by rule.
     ((Provided that the applicant is in good standing with the department, as defined in rule by the director, the director shall promptly issue a duplicate license for each of the branch offices showing the location of the main office and the particular branch. Each duplicate license shall be prominently displayed in the office for which it is issued.))
     (2) Within five business days of receipt of the request, the director shall review the department's records of the licensee and determine whether:
     (a) The licensee is delinquent on any assessment, fee, fine, or other charge;
     (b) The license of the licensee is currently suspended, revoked, or restricted;
     (c) There is a pending action to enjoin or enforce a cease and desist order; or
     (d) The department has served a statement of charges upon the licensee that includes a notice of intention to revoke, suspend, or restrict the licensee from conducting business as a licensed mortgage broker.
     (3) If a determination under subsection (2) of this section applies to the licensee, the department shall promptly notify the licensee that the department will proceed as follows:
     (a) For failing to comply with subsection (2)(a) of this section, the duplicate license will issue upon payment;
     (b) For violation of subsection (2)(b) of this section, a duplicate will not be issued until the suspension, revocation, or restriction is removed; and
     (c) For violation of subsection (2)(c) or (d) of this section, review of the application shall be suspended until the charges are resolved.
     (4) In the case of a violation of subsection (2)(c) or (d) of this section, the department shall expedite the investigation and diligently and expeditiously pursue a resolution.
     (5) In the event the licensee is in compliance under subsection (2) of this section and unless the department has received a consumer complaint against the licensee, the department shall issue the branch license.
     (6) Each duplicate license shall be prominently displayed in the office for which it is issued.