Passed by the Senate February 13, 2012 YEAS 48   ________________________________________ President of the Senate Passed by the House March 1, 2012 YEAS 97   ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 6218 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
State of Washington | 62nd Legislature | 2012 Regular Session |
Read first time 01/16/12. Referred to Committee on Judiciary.
AN ACT Relating to escrow licensing requirement exceptions; and amending RCW 18.44.021.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 18.44.021 and 2010 c 34 s 2 are each amended to read
as follows:
It shall be unlawful for any person to engage in business as an
escrow agent by performing escrows or any of the functions of an escrow
agent as described in RCW 18.44.011(((4))) (7) within this state or
with respect to transactions that involve personal property or real
property located in this state unless such person possesses a valid
license issued by the director pursuant to this chapter. The licensing
requirements of this chapter shall not apply to:
(1) Any person doing business under the law of this state or the
United States relating to banks, trust companies, mutual savings banks,
savings and loan associations, credit unions, insurance companies, or
any federally approved agency or lending institution under the national
housing act (12 U.S.C. Sec. 1703).
(2) Any person licensed to practice law in this state ((while
engaged in the performance of his or her professional duties:
PROVIDED, That no separate compensation or gain is received for escrow
services, and the service is provided under the same legal entity as
the law practice. Any attorney who is principally engaged as an escrow
agent is required to be licensed. If an attorney holds himself or
herself out publicly as being able to perform the services of an escrow
agent, he or she is principally engaged as an escrow agent)) if:
(a) All escrow transactions are performed by the lawyer while
engaged in the practice of law, or by employees of the law practice
under the direct supervision of the lawyer while engaged in the
practice of law;
(b) All escrow transactions are performed under a legal entity
publicly identified and operated as a law practice; and
(c) All escrow funds are deposited to, maintained in, and disbursed
from a trust account in compliance with rules enacted by the Washington
supreme court regulating the conduct of lawyers.
(3) Any real estate company, broker, or agent subject to the
jurisdiction of the director of licensing while performing acts in the
course of or incidental to sales or purchases of real or personal
property handled or negotiated by such real estate company, broker, or
agent: PROVIDED, That no compensation is received for escrow services.
(4) Any transaction in which money or other property is paid to,
deposited with, or transferred to a joint control agent for disbursal
or use in payment of the cost of labor, material, services, permits,
fees, or other items of expense incurred in the construction of
improvements upon real property.
(5) Any receiver, trustee in bankruptcy, executor, administrator,
guardian, or other person acting under the supervision or order of any
superior court of this state or of any federal court.
(6) Title insurance companies having a valid certificate of
authority issued by the insurance commissioner of this state and title
insurance agents having a valid license as a title insurance agent
issued by the insurance commissioner of this state.