Waiver of bond or policy where not reasonably available — Determination procedure — Waiver period.

The director shall, within thirty days after the written request of the escrow commission, hold a public hearing to determine whether the fidelity bond, surety bond, and/or the errors and omissions policy specified in RCW 18.44.201 is reasonably available to a substantial number of licensed escrow agents. If the director determines and the insurance commissioner concurs that such bond or bonds and/or policy is not reasonably available, the director shall waive the requirements for such bond or bonds and/or policy for a fixed period of time.

[1999 c 30 § 31; 1988 c 178 § 2; 1977 ex.s. c 156 § 30. Formerly RCW 18.44.360.]

Notes: Severability -- 1988 c 178: See note following RCW 18.44.400.