Wash. Admin. Code § 284-29-255 - Other things of value that title companies are permitted to give to producers
(1) A
title company must not give, offer to give, provide, or offer to provide
nontitle services (for example: Computerized bookkeeping, forms management,
computer programming, trust accounting for trust accounts not held in the name
of the title company, short sale consultants, or transaction coordination) or
any similar benefit to a producer, without charging and actually receiving a
fee equal to the value of the services provided and in an amount at not less
than what the producer would pay if the services were purchased on the open
market or the title company's cost to provide the service, whichever is
greater.
(2) A title company must
not allow the use of any part of its premises (for example, its conference
rooms or meeting rooms) to a producer without receiving a fair rental charge
equal to the average rental for similar premises in the area.
(3) A title company may allow the use of a
part of its premises (for example, its conference rooms or meeting rooms) for
no charge to a meeting of a trade association for no more than four meetings in
a calendar year.
(4) Title company
employees may attend activities and business meetings of producers if all of
the following standards are met:
(a) There is
no cost to the employee or title company other than the employee's own entry
fees, registration fees, meals, or other costs associated with the activity or
business meeting;
(b) The fees paid
by the title company are no greater than those charged to producer attendees;
and
(c) If the title company pays a
fee for an employee to attend the activity or business meeting, the title
company employee must actually attend the activity or business meeting, unless
an emergency prevents attendance.
(5) A title company may advance the recording
fees for transactions for which the title company is either issuing the title
insurance or conducting the escrow, or both, provided the title company is
promptly reimbursed for the recording fees that it advanced.
Notes
Statutory Authority: RCW 48.02.060, 48.29.005 and 48.29.210. 09-05-077 (Matter No. R 2008-21), § 284-29-255, filed 2/17/09, effective 3/20/09.
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(1) A title company must not give, offer to give, provide, or offer to provide nontitle services (for example: Computerized bookkeeping, forms management, computer programming, trust accounting for trust accounts not held in the name of the title company, short sale consultants, or transaction coordination) or any similar benefit to a producer, without charging and actually receiving a fee equal to the value of the services provided and in an amount at not less than what the producer would pay if the services were purchased on the open market or the title company's cost to provide the service, whichever is greater.
(2) A title company must not allow the use of any part of its premises (for example, its conference rooms or meeting rooms) to a producer without receiving a fair rental charge equal to the average rental for similar premises in the area.
(3) A title company may allow the use of a part of its premises (for example, its conference rooms or meeting rooms) for no charge to a meeting of a trade association for no more than four meetings in a calendar year.
(4) Title company employees may attend activities and business meetings of producers if all of the following standards are met:
(a) There is no cost to the employee or title company other than the employee's own entry fees, registration fees, meals, or other costs associated with the activity or business meeting;
(b) The fees paid by the title company are no greater than those charged to producer attendees; and
(c) If the title company pays a fee for an employee to attend the activity or business meeting, the title company employee must actually attend the activity or business meeting, unless an emergency prevents attendance.
(5) A title company may advance the recording fees for transactions for which the title company is either issuing the title insurance or conducting the escrow, or both, provided the title company is promptly reimbursed for the recording fees that it advanced.
Notes
Statutory Authority: RCW 48.02.060, 48.29.005 and 48.29.210. 09-05-077 (Matter No. R 2008-21), § 284-29-255, filed 2/17/09, effective 3/20/09.