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.
RCW 18.44.465
Termination of license—Effect upon preexisting escrows—Notice to principals.
Known as the Escrow Agent Registration Act
The act spans §§ 18–18 (55 sections).
1999 c 30 s 16; 1977 ex.s. c 156 s 9; 1965 c 153 s 13
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.