BILL REQ. #:  S-1735.1 

Read first time 02/21/2003.   Referred to Committee on Financial Services, Insurance & Housing.

     AN ACT Relating to conducting the business of an escrow agent; amending RCW 18.44.021; and repealing RCW 48.29.190 and 48.29.200.

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

Sec. 1   RCW 18.44.021 and 1999 c 30 s 2 are each amended to read as follows:
     It shall be unlawful for any person to engage in business as an escrow agent by performing escrows or any of the functions of an escrow agent as described in RCW 18.44.011(4) within this state or with respect to transactions that involve personal property or real property located in this state unless such person possesses a valid license issued by the director pursuant to this chapter. The licensing requirements of this chapter shall not apply to:
     (1) Any person doing business under the law of this state or the United States relating to banks, trust companies, mutual savings banks, savings and loan associations, credit unions, insurance companies, or any federally approved agency or lending institution under the national housing act (12 U.S.C. Sec. 1703).
     (2) Any person licensed to practice law in this state while engaged in the performance of his or her professional duties.
     (3) Any real estate company, broker, or agent subject to the jurisdiction of the director of licensing while performing acts in the course of or incidental to sales or purchases of real or personal property handled or negotiated by such real estate company, broker, or agent: PROVIDED, That no compensation is received for escrow services.
     (4) Any transaction in which money or other property is paid to, deposited with, or transferred to a joint control agent for disbursal or use in payment of the cost of labor, material, services, permits, fees, or other items of expense incurred in the construction of improvements upon real property.
     (5) Any receiver, trustee in bankruptcy, executor, administrator, guardian, or other person acting under the supervision or order of any superior court of this state or of any federal court.
     (((6) Title insurance companies having a valid certificate of authority issued by the insurance commissioner of this state and title insurance agents having a valid license as a title insurance agent issued by the insurance commissioner of this state.))

NEW SECTION.  Sec. 2   The following acts or parts of acts are each repealed:
     (1) RCW 48.29.190 (Conducting business as escrow agent--Requirements -- Violation, penalties) and 1999 c 30 s 34; and
     (2) RCW 48.29.200 (Prohibited practices) and 1999 c 30 s 35.