There is established a committee of the state of Washington, to consist of the director of financial institutions or his or her designee as chair, and five other members who shall act as advisors to the director as to the needs of the escrow profession, including but not limited to the design and conduct of tests to be administered to applicants for escrow licenses, the schedule of license fees to be applied to the escrow licensees, educational programs, audits and investigations of the escrow profession designed to protect the consumer, and such other matters determined appropriate. The director is hereby empowered to and shall appoint the other members, each of whom shall have been a resident of this state for at least five years and shall have at least five years experience in the practice of escrow as an escrow agent or as a person in responsible charge of escrow transactions.
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Terms Used In Washington Code 18.44.500

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Oath: A promise to tell the truth.
  • person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
Every member of the committee shall receive a certificate of appointment from the director and before beginning the member’s term of office shall file with the secretary of state a written oath or affirmation for the faithful discharge of the member’s official duties. On the expiration of the term of each member, the director shall appoint a successor to serve for a term of five years or until the member’s successor has been appointed and qualified.
The director may remove any member of the committee for cause. Vacancies in the committee for any reason shall be filled by appointment for the unexpired term.
Members shall be compensated in accordance with RCW 43.03.240, and shall be reimbursed for their travel expenses incurred in carrying out the provisions of this chapter in accordance with RCW 43.03.050 and 43.03.060.

NOTES:

Reviser’s note: This section was amended by 2011 c 336 § 484 and by 2011 1st sp.s. c 21 § 50, each without reference to the other. Both amendments are incorporated in the publication of this section under RCW 1.12.025(2). For rule of construction, see RCW 1.12.025(1).
Effective date—2011 1st sp.s. c 21: See note following RCW 72.23.025.
Effective date—1995 c 238: See note following RCW 18.44.011.
Legislative findings—Severability—Effective date—1984 c 287: See notes following RCW 43.03.220.
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