H-4160              _______________________________________________

                                                   HOUSE BILL NO. 2011

                        _______________________________________________

State of Washington                              49th Legislature                              1986 Regular Session

By Representatives P. King and Addison

Read first time 1/24/86 and referred to Committee on Financial Institutions & Insurance.

AN ACT Relating to funds of insurance brokers, agents, and solicitors; and adding a new section to chapter 48.17 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 48.17 RCW to read as follows:

          Trust accounts for customer funds must be maintained separately from personal accounts of brokers, agents, and solicitors.  Any broker, agent, or solicitor who violates this requirement shall have his or her license suspended for one year.  Subsequent violation of this section by the same broker, agent, or solicitor shall result in the revocation of the license pursuant to RCW 48.17.530.