Can a certificated escrow agent continue to conduct escrow business when the designated escrow officer has been terminated?
Analysis: The Department has encountered situations in which the designated escrow officer of a certificated escrow agent is terminated or resigns with no immediate replacement available. In such situations it is a clear violation for the escrow agent to continue to conduct business under chapter 18.44 RCW, the Escrow Agent Registration Act (“Act”). This letter sets forth support for the Department’s interpretation, and provides information on the Department’s intended response as well as guidance to licensees faced with this situation. Pursuant to RCW 18.44.200, no escrow agent shall engage in the business of handling escrow transactions unless such transactions are supervised by a licensed “escrow officer”: Provided, That (1) in the case of a partnership, one licensed partner shall act on behalf of the partnership; (2) in the case of a corporation, one licensed officer thereof shall act on behalf of the corporation; and (3) each branch office shall be required to have at least one li
Related Questions
- I want to be the Designated Escrow Officer for my escrow agent main office, and also an Escrow Officer at one of our branch locations. How do I get a second license to hang at the branch location?
- Can a certificated escrow agent continue to conduct escrow business when the designated escrow officer has been terminated?
- Does the business entity need to have a qualified active officer to be licensed as an agent?
