18.44.465 - Termination of license -- Effect upon preexisting escrows -- Notice to principals. - Washington Statutes

Termination of license — Effect upon preexisting escrows — Notice to principals.

The revocation, suspension, surrender, or expiration of an escrow agent's license shall not impair or affect preexisting escrows accepted by the agent prior to such revocation, suspension, surrender, or expiration: PROVIDED, That the escrow agent shall within five workdays provide written notice to all principals of such preexisting escrows of the agent's loss of license. The notice shall include as a minimum the reason for the loss of license, the estimated date for completing the escrow, and the condition of the agent's bond and whether it is in effect or whether notice of cancellation has been given. The notice shall afford the principals the right to withdraw the escrow without monetary loss.

[1999 c 30 § 16; 1977 ex.s. c 156 § 9; 1965 c 153 § 13. Formerly RCW 18.44.130.]