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Washington Administrative Code (Last Updated: November 23, 2016) |
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Title 208. Financial Institutions, Department of (See Titles 50, 419, and 460) |
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Chapter 208-680. Escrow Agent Registration Act. |
Section 208-680-340. How are claims filed on my cash deposit or securities in lieu of an errors and omissions policy?
Latest version.
- (1) Upon receipt of notification of a legal action for which notice is required to be given to the department under WAC 208-680-570, the department will notify the complaining party of the existence of any cash deposit or securities and the provisions of this chapter.(2) A claim against the cash deposit or securities must be in the form of certified copy of a final judgment from a court of competent jurisdiction. Upon receipt of a claim in the proper form, the department will release the amount of cash deposit or securities sufficient to pay the final judgment.(3) The department will notify the escrow agent of the receipt of the claim and advise the escrow agent that it must deposit additional cash or securities with the department to maintain the required principal amount after payment of the claim.[Statutory Authority: RCW 43.320.040 and 18.44.410. WSR 13-24-022, § 208-680-340, filed 11/22/13, effective 1/1/14. Statutory Authority: RCW 43.320.040 and chapter 18.44 RCW (as amended by 2010 c 34). WSR 10-20-124, § 208-680-340, filed 10/5/10, effective 11/5/10.]
RCW 43.320.040 and 18.44.410. WSR 13-24-022, § 208-680-340, filed 11/22/13, effective 1/1/14. Statutory Authority: RCW 43.320.040 and chapter 18.44 RCW (as amended by 2010 c 34). WSR 10-20-124, § 208-680-340, filed 10/5/10, effective 11/5/10.
Rules
208-680-570,