H-4128              _______________________________________________

                                                   HOUSE BILL NO. 1606

                        _______________________________________________

State of Washington                              50th Legislature                              1988 Regular Session

By Representatives Day, Winsley, Crane, Silver, Chandler, Ferguson and Lux

Read first time 1/20/88 and referred to Committee on Financial Institutions & Insurance.

AN ACT Relating to escrow; and amending RCW 18.44.360.

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

        Sec. 1.  Section 30, chapter 156, Laws of 1977 ex. sess. and RCW 18.44.360 are each amended to read as follows:

          The director shall, within thirty days after the written request of the escrow commission, hold a public hearing to determine whether the fidelity bond and/or the errors and omissions policy specified in RCW 18.44.050 as now or hereafter amended is reasonably available to a substantial number of certificated escrow agents.  If the director determines and the insurance commissioner concurs that such bond and/or policy is not reasonably available, the director shall waive the requirements for such bond and/or policy for a fixed period of time ((not to exceed ninety days after the next regular session of the legislature)).