Washington issues notice to start rulemaking on record storage
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Regulatory Updates
Monday, August 16, 2021
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The Washington Office of the Insurance Commissioner issued a notice to start rulemaking regarding out of state title records storage. Comments on CR-101 for R 2021-20 are due Aug. 20.
“The current state law on out-of-state title records storage requirements mandates that title insurance companies and agents, who are conducting the business of an escrow agent, must keep adequate records of all transactions,” CR-101 for R 2021-20 states. “These records must be maintained in Washington unless otherwise approved by the commissioner (48.29.190(1)(a).”
It said rulemaking is required to outline how to request approval under RCW 48.29.190(1)(a) and detail requirements for title insurance companies and agents storing title records outside of Washington State.
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