| Passed by the House March 4, 2013 Yeas 98 ________________________________________ Speaker of the House of Representatives Passed by the Senate April 17, 2013 Yeas 48 ________________________________________ President of the Senate | I, Barbara Baker, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1012 as passed by the House of Representatives and the Senate on the dates hereon set forth. ________________________________________ Chief Clerk | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 63rd Legislature | 2013 Regular Session |
READ FIRST TIME 01/25/13.
AN ACT Relating to maintenance of a surety bond for appraisal management companies; and amending RCW 18.310.040.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 18.310.040 and 2010 c 179 s 4 are each amended to read
as follows:
(1) Applications for licensure must be made to the department on
forms approved by the director. A license is valid for two years and
must be renewed on or before the expiration date. Applications for
original and renewal licenses must include a statement confirming that
the company must comply with applicable rules and that the company
understands the penalties for misconduct.
(2) The appropriate fees must accompany all applications for
original licensure and renewal.
(3)(a) Each applicant shall file and maintain a surety bond,
approved by the director, executed by the applicant as obligor and by
a surety company authorized to do a surety business in this state as
surety, whose liability as the surety may not exceed in the aggregate
the penal sum of the bond. The penal sum of the bond must be a minimum
of ((twenty-five)) one hundred thousand dollars. The bond must run to
the state of Washington as obligee for the use and benefit of the state
and of any person or persons who may have a cause of action against the
obligor under this chapter. The bond must be conditioned that the
obligor as licensee will faithfully conform to and abide by this
chapter and all the rules adopted under this chapter. The bond will
pay to the state and any person or persons having a cause of action
against the obligor all moneys that may become due and owing to the
state and those persons under and by virtue of this chapter.
(b) If the director determines that surety bonds are not readily
available to appraisal management companies, the director may accept a
cash bond or other security in lieu of the surety bond required by this
section. The security accepted in lieu of a surety bond must be in an
amount equal to the penal sum of the required bond. All obligations
and remedies relating to surety bonds apply to deposits and other
security filed in lieu of surety bonds.