CERTIFICATION OF ENROLLMENT

SUBSTITUTE HOUSE BILL 1012

Chapter 90, Laws of 2013

63rd Legislature
2013 Regular Session



APPRAISAL MANAGEMENT COMPANIES--SURETY BOND



EFFECTIVE DATE: 07/28/13

Passed by the House March 4, 2013
  Yeas 98   Nays 0

FRANK CHOPP
________________________________________    
Speaker of the House of Representatives


Passed by the Senate April 17, 2013
  Yeas 48   Nays 0


BRAD OWEN
________________________________________    
President of the Senate
 
CERTIFICATE

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.


BARBARA BAKER
________________________________________    
Chief Clerk
Approved May 1, 2013, 1:42 p.m.








JAY INSLEE
________________________________________    
Governor of the State of Washington
 
FILED
May 1, 2013







Secretary of State
State of Washington


_____________________________________________ 

SUBSTITUTE HOUSE BILL 1012
_____________________________________________

Passed Legislature - 2013 Regular Session
State of Washington63rd Legislature2013 Regular Session

By House Business & Financial Services (originally sponsored by Representatives Stanford, Kirby, Ryu, and Hudgins)

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.


         Passed by the House March 4, 2013.
         Passed by the Senate April 17, 2013.
         Approved by the Governor May 1, 2013.
         Filed in Office of Secretary of State May 1, 2013.