The Escrow Association of Washington membership is comprised of many different entities, who work in the State of Washington. These escrow professionals are regulated by different regulatory bodies who oversee the practice of escrow in the state of Washington.
Independent escrow companies are required to be licensed under RCW 18.44. They are under the auspices of the Department of Financial Institutions in Olympia, Washington.
Title company escrow personnel are under the auspices of the State Insurance Commissioners office in Olympia, Washington.
Bank /Lender company escrow personnel are under the auspices of the banking/lender agency for whom they work, such as banks, trust companies, mutuals, savings and loan, credit unions, mortgage companies, etc.
Attorneys who do escrows may act as a licensed agent under 18.44, or may work under the regulations of their license under the Washington State bar.
History
EAW History 1962 forward
- 1962 Chartered and Incorporated as a non profit corporation
- 1965 Introduced legislation that resulted in the passage of the Escrow Agents Registration Act (RCW 18.44)
- 1971 Requirement for errors and omissions insurance was added to RCW 18.44
- 1982 Instrumental in implementation of the Limited Practice Rule
- 1990 Supported legislation for the collected funds law for escrow
- 1998/99 Supported legislation for re-write of 18.44
