SENATE 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

Senate Committee on Financial Institutions & Insurance

Senate Hearing Date(s):March 16, 1989; March 23, 1989

Majority Report:  Do pass.

      Signed by Senators von Reichbauer, Chairman; Johnson, Vice Chairman; McCaslin, McMullen, Moore, Rasmussen, Sellar, Smitherman, West.

Senate Staff:Bev Tweddle (786-7403)

                  March 23, 1989

AS REPORTED BY COMMITTEE ON FINANCIAL INSTITUTIONS & INSURANCE, MARCH 23, 1989

BACKGROUND:

Currently, independent escrow officers are regulated by the Department of Licensing.  If an escrow officer wishes to put his license in inactive status, he may do so for a period of three years only.  For reactivation, the escrow officer must have his application endorsed by another escrow officer.

SUMMARY:

Independent escrow agents regulated by the Department of Licensing may put their license on inactive status indefinitely.  The application form for reactivation does not need to be endorsed by another escrow officer.

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested

Senate Committee - Testified: PRO:  Dean Morgan, Escrow Association of Washington; Bob Mitchell, Department of Licensing