Escrow Agent Interpretive Letters
2003 | 2002-2000 | 1999-1998 | 1997 | 1996-1995 | No Action Letters
The opinions expressed in the interpretive letters are informal and non-binding. These opinions reflect the position of the Department of Financial Institutions at the time they were produced. The DFI could learn of additional facts, which would cause us to change our position. The letters may also contain policy statements providing a written description of the current approach of DCS to implementation of a statute or other provision of law.
Readers are cautioned that the opinions in both the interpretive letters and policy statements may have changed because of statute or rule revisions or other additional facts presented. Consult your attorney for advice regarding the current state of the law and how it may apply to the issue or situation you have in mind.
Note: Only letters directed to all escrow agents, designated escrow officers, and other interested parties are available by "hyperlink" from this page. If the letter you're interested in does not have a live hyperlink to the letter text, you may order a copy using the Public Records Request Form.
1997 Interpretive Letters
| Number | 97-01 ES |
| Date | 1/30/97 |
| Statute | 208-680D-040 |
| Subject | Failure to Purchase Title Insurance Paid for by Client |
| Summary | Failure to obtain title insurance which was paid for by the client is a violation of WAC 208-680D-040 which requires an escrow agent to follow the escrow instructions. |
| Number | 97-02 ES |
| Date | 3/03/97 |
| Statute | 208-680D-030 |
| Subject | Records Maintenance |
| Summary | An escrow agent must maintain all records at an address where the escrow agent is licensed to do business and may not transfer the records to another unlicensed location to enable another party to complete reconveyance. |
| Number | 97-03 ES |
| Date | 4/9/97 |
| Statute | 208-680C-050 |
| Subject | Similar Names |
| Summary | Director has the discretion to issue a certificate of registration if one is in existence with the same or similar name. |
| Number | 97-1ES Alert |
| Date | 4/28/97 |
| Statute | 30.04.020(1) |
| Subject | Business Names |
| Summary | Use of Bank or Trust in Business Name. |
| Number | 97-04ES |
| Date | 5/14/97 |
| Statute | 208-680-020(d) |
| Subject | Escrow Agent Bank Deposit |
| Summary | Escrow Requirements for escrow agents to use ATM for deposit of trust funds. |
| Number | 97-05ES |
| Date | 5/20/97 |
| Statute | 18.44.020 |
| Subject | Out of State Location |
| Summary | Title company not licensed in Washington subject to RCW 18.44. Department does not issue license to company located out of state. |
| Number | 97-06ES |
| Date | 7/21/97 |
| Statute | 18-44-010 |
| Subject | Licensure Under 18.44 for Collection of Real Estate Contracts |
| Summary | DOL allowed collection of payments under 19.16 if documents not held. DFI needs additional information but would definitely require 18.44 license and compliance if documents held. |
| Number | 97-07ES |
| Date | 7/28/97 |
| Statute | 18.44 |
| Subject | Fidelity Bonds |
| Summary | Escrow Agents' fidelity bonds must: cover owners, have no deductible, copy on file with DFI. |
| Number | 97-08ES |
| Date | 7/28/97 |
| Statute | 18.44 |
| Subject | Excise Tax "Overdraft" of Trust Sub-Account |
| Summary | The customer's trust account may not be disbursed in excess, even for payment of excise taxes. |
| Number | 97-09ES |
| Date | 7/28/97 |
| Statute | 18.44 |
| Subject | Discount Coupons and Referral Fees |
| Summary | If and when (dollar) discount coupons to customers are allowable |
| Number | 97-10ES |
| Date | 8/12/97 |
| Statute | 18.44 |
| Subject | Charging Fees for Printing Documents Over the Internet |
| Summary | Fees charged for printing documents for other escrow companies over the Internet must be clearly disclosed, and must be bona fide. |
| Number | 97-11ES |
| Date | 8/21/97 |
| Statute | 18.44.330 |
| Subject | Branch Office Requirements |
| Summary | Branch office is a fixed physical location such as an office separate from the principal place of business of the escrow agent, where the agent holds itself out as an escrow agent. |
| Number | 97-12ES |
| Date | 9/30/97 |
| Statute | 18.44 & 30.04 |
| Subject | "Banqers" Name |
| Summary | Misleading or forbidden names and re-application due to change of business structure. |
| Number | 97-13ES |
| Date | 11/14/97 |
| Statute | 208-680C-020 |
| Subject | Use of Unregistered Name to Perform Collections Under a Registered Escrow Agent's Name |
| Summary | An escrow agent can only use its registered name to perform escrow contract collections. |
| Number | 97-14ES |
| Date | 12/04/97 |
| Statute | 18.44.010 |
| Subject | Contract Collections |
| Summary | Definition of escrow requires compliance with instructions under which agent may act. If instructions specify late notices and collection activity then agent may perform. |
