HOUSE BILL REPORT

HB 1287

BYRepresentatives Day, Chandler, Crane, Winsley, Dellwo, Schmidt and P. King 

Extending the time frame for possible renewal of escrow agent licenses.

House Committe on Financial Institutions & Insurance

Majority Report:  The substitute bill be substituted therefor and the substitute bill do pass.  (12)

      Signed by Representatives Dellwo, Chair; Zellinsky, Vice Chair; Chandler, Ranking Republican Member; Anderson, Baugher, Beck, Crane, Day, Dorn, Inslee, P. King and K. Wilson.

House Staff:John Conniff (786-7119)

AS REPORTED BY COMMITTEE ON FINANCIAL INSTITUTIONS & INSURANCE

FEBRUARY 15, 1989

BACKGROUND:

When an escrow officer ceases to represent a certified escrow agent, the escrow officer's license must be surrendered to the Department of Licensing.  The escrow officer may apply to the Department and have his or her license placed on inactive status for a period of three years so long as the escrow officer continues to pay the annual license renewal fee.

SUMMARY:

SUBSTITUTE BILL:  The three year limit for maintaining an inactive escrow officer license is repealed.  Licenses may remain on inactive status indefinitely.

SUBSTITUTE BILL COMPARED TO ORIGINAL:  The goal of avoiding new application and testing procedures for expired escrow officer licenses is accomplished by amending a different section of law than originally proposed.

Fiscal Note:      Not Requested.

House Committee ‑ Testified For:    Dean Morgan, Escrow Association of Washington.

House Committee - Testified Against:      None Presented.

House Committee - Testimony For:    Escrow officers are required to have a license depending upon whether the employer is exempt from the escrow licensing statute.  An officer may work for a certified escrow agent requiring the officer to be licensed and then may work for a financial institution doing the same work but without the need for a license.  Allowing an escrow officer to maintain his or her license on inactive status for an indefinite period of time permits the officer to change employment from an exempt institution to a licensed institution with greater ease.

House Committee - Testimony Against:      None Presented.