Subject of Possible Rule Making: Chapter 208-680 WAC, Escrow Agency Registration Act.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 18.44.410.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Chapter 18.44 RCW was extensively amended in 1999 and these rules are needed to bring the WAC in conformance with the amendments made to the statute.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: No other state agency regulated the activities of escrow agents in the state of Washington.

Process for Developing New Rule: The Department of Financial Institutions encouraged participation by holding extensive meetings with the Escrow Commission and the Escrow Association of Washington prior to this filing and will continue to work with both groups and the public as these rules go forward.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Mark Thomson, Assistant Director of Consumer Services and Administration, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-8787, mthomson@dfi.wa.gov.

May 3, 2000

Mark Thomson

Assistant Director

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