H-1853              _______________________________________________


                                          SUBSTITUTE HOUSE BILL NO. 1287



                                                                            C 051 L 89



State of Washington                               51st Legislature                              1989 Regular Session


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



Read first time 2/17/89.



AN ACT Relating to the license renewal of escrow officers; and amending RCW 18.44.310.




        Sec. 1.  Section 24, chapter 156, Laws of 1977 ex. sess. as amended by section 6, chapter 340, Laws of 1985 and RCW 18.44.310 are each amended to read as follows:

          The license of an escrow officer shall be retained and displayed at all times by the certificated escrow agent, and when the officer ceases to represent the agent, the license shall cease to be in force.  Notice of such termination shall be given by the next regular business day by the escrow agent to the director and such notice shall be accompanied by and include the surrender of the escrow officer's license.  Failure to notify the director of such termination after demand by the affected escrow officer shall work a forfeiture of the escrow agent's certificate of registration.

          The director may hold the escrow officer's license inactive ((for a period not exceeding three consecutive years)) upon application of the escrow officer:  PROVIDED, That the escrow officer shall pay the annual renewal fee.  Such license may be activated upon application of a certificated escrow agent on a form provided by the director((, endorsement by an escrow officer,)) and the payment of a fee.  The director shall thereupon issue a new license for the unexpired term if such escrow officer is otherwise entitled thereto.  An escrow officer's first license shall not be issued inactive.

                                                                                                                           Passed the House March 6, 1989.


                                                                                                                                         Speaker of the House.


                                                                                                                             Passed the Senate April 4, 1989.


                                                                                                                                       President of the Senate.