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Escrow Agent Company renewals are coming! Watch for a renewal notice by mid November. If you donít receive your renewal notice, you are still required to submit your renewal fee by December 31, 2012. Failure to submit the fee and any required accompanying documentation by December 31, 2012 will result in the expiration of your license, interruption of your business, and a late fee. Below is a reminder of some of the key items that must be current in order for DFI to complete your renewal.
In addition, DFI revised the trust account form (Certificate of Compliance and Authorization to Examine Trust Accounts) and requires the submission of a new form again this year at the time of renewal. Please allot a little extra time for you and your bank to correctly complete this form.
A change in DEO can be a challenging experience for a company, whether it is for a main office or a branch. While we understand personnel changes can be chaotic, DFI treats changes of DEOs seriously and it is important that a company remains in compliance during personnel transitions. Below are some key points regarding a change in DEO:
* Processing times can vary. Submitting a complete application from the start will help us process the application more quickly. Another area that often requires additional review and time is the individualís financial fitness and credit report. If an individual has financial issues, be prepared to submit clear explanations and documentation regarding the issues to help DFI review them as quickly as possible.
So, what happens if your DEO leaves suddenly, you arenít able to get all of the required paperwork filled out completely, and you have no replacement? Communication with DFI is key. WAC 208-680-176 has specific guidelines and timeframes for notification. DFI may try to work with you to find acceptable alternatives to the required paperwork or timeframes. However, if you fail to notify DFI, you will automatically be out of compliance. Extensions or consideration of unique circumstances must go through an approval process and timely notification is your ally.
One final note. . . .Plan ahead. Consider creating a succession plan within your business. Consider the following questions that may help you deal with expected and unexpected changes of DEO.
None at this time.