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From the Field – Examination Update

Important Reminders for Licensees

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  • Per RCW 19.255 Washington residents must be “immediately” notified of a data breach involving their Personally Identifying Information (PII). (An absolute limit of within 45 days of discovering the breach is allowed, but sooner than 45 days is clearly encouraged to limit consumer harm.) The RCW specifies the content of the notice and ways of giving the notice. Further, if more than 500 Washington residents are affected the company must also notify the Attorney General’s office by sending a sample of the notifications to affected residents at the time the notices are sent.
  • Per RCW 61.24.174, from April 14, 2011, to July 1, 2016, and RCW 61.24.173 from July 1, 2016, through present (RCW 61.24 covers Deeds of Trust), the Washington State Department of Commerce (DOC) and the state treasurer maintain a Foreclosure Fairness Account. The account is funded by a $250 fee per property for notices of default issued by a deed of trust beneficiary on owner-occupied residential real property. After July 1, 2016, the fee is charged per recorded notice of trustee’s sale. When it was for notices of default the fee only applied once when a single property had multiple notices of default. Likewise, if an amended notice of trustee’s sale is recorded the fee only applies once, and if the fee was previously paid on a property under the notice of default rules, it does not apply a second time for a notice of trustee’s sale. Beneficiaries are required to file a report with DOC within 45 days of a calendar quarter’s end. When our examiners find a company not complying with RCW 61.24.173 and RCW 61.24.174 we require them to file the reports for all missing time periods from April 14, 2011 through present. The instructions are on DOC’s web site (http://www.commerce.wa.gov/building-infrastructure/housing/foreclosure-fairness/).