HOUSE BILL REPORT

SHB 1287

BYHouse Committee on Financial Institutions & Insurance (originally sponsored by Representatives Day, Chandler, Crane, Winsley, Dellwo, Schmidt and P. King) 

Extending the time frame for possible renewal of escrow agent licenses.

House Committe on Financial Institutions & Insurance

Majority Report:  The substitute bill be substituted therefor and the substitute bill do pass.  (12)

      Signed by Representatives Dellwo, Chair; Zellinsky, Vice Chair; Chandler, Ranking Republican Member; Anderson, Baugher, Beck, Crane, Day, Dorn, Inslee, P. King and K. Wilson.

House Staff:John Conniff (786-7119)

AS PASSED HOUSE MARCH 6, 1989

BACKGROUND:

When an escrow officer ceases to represent a certified escrow agent, the escrow officer's license must be surrendered to the Department of Licensing.  The escrow officer may apply to the Department and have his or her license placed on inactive status for a period of three years so long as the escrow officer continues to pay the annual license renewal fee.

SUMMARY:

The three year limit for maintaining an inactive escrow officer license is repealed.  Licenses may remain on inactive status indefinitely.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    Dean Morgan, Escrow Association of Washington.

House Committee - Testified Against:      None Presented.

House Committee - Testimony For:    Escrow officers are required to have a license depending upon whether the employer is exempt from the escrow licensing statute.  An officer may work for a certified escrow agent requiring the officer to be licensed and then may work for a financial institution doing the same work but without the need for a license.  Allowing an escrow officer to maintain his or her license on inactive status for an indefinite period of time permits the officer to change employment from an exempt institution to a licensed institution with greater ease.

House Committee - Testimony Against:      None Presented.