WA People
BILL · 2005–06 SESSION · LATEST VERSION ESB 5045

SB 5045: Title insurance companies

Allowing title insurance companies to provide a guarantee covering its agents.

Summary

  • Allows title insurance companies to provide a guarantee accepting financial responsibility for up to $200,000 for fraudulent or dishonest acts committed by its title agents. This is an alternative to existing financial requirements.
  • Requires a guarantee to be approved by the Office of the Insurance Commissioner.
  • Allows a title agent to meet the requirement for a fidelity bond, surety bond, or fidelity insurance by purchasing the bond or insurance through the surplus lines.

From the House Bill Report (SB 5045), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 115, Laws of 2005
  1. IntroducedJan 12, 2005
  2. Out of committeeJan 21, 2005
  3. Passed SenateFeb 23, 2005
  4. Passed HouseApr 5, 2005
  5. GovernorApr 21, 2005
  6. LawApr 21, 2005
Prime sponsor
Mark Doumit (D-19)
Introduced
January 12, 2005 in the Senate
Last action
April 21, 2005
Session law
Chapter 115, Laws of 2005
Companion bill
EHB 1157

AN ACT Relating to allowing title insurance companies to provide a guarantee covering its agents;

Sponsors

Prime sponsor: Mark Doumit (D-19)

1 co-sponsor (0 Democrats, 1 Republican)

Bob Morton R-7

Votes

Senate · 3rd Reading & Final Passage

Passed February 23, 2005
Version voted on: ESB 5045
46 Yea 0 Nay 0 Absent 3 Excused
PartyYeaNayAbsentExcused
Democrat26000
Republican20003
How each member voted

Yea (46)

Excused (3)

Permalink to this vote

House · Final Passage

Passed April 5, 2005
Version voted on: ESB 5045
94 Yea 0 Nay 0 Absent 4 Excused
PartyYeaNayAbsentExcused
Democrat53003
Republican41001
How each member voted

Yea (94)

Permalink to this vote

History

  1. Effective date 7/24/2005. (ESB 5045)
  2. Chapter 115, 2005 Laws. (ESB 5045)
  3. Governor signed. (ESB 5045)
  4. Delivered to Governor. (ESB 5045)
  5. Speaker signed. (ESB 5045)
  6. President signed. (ESB 5045)
  7. Third reading, passed; yeas, 94; nays, 0; absent, 0; excused, 4. (ESB 5045)
  8. Rules suspended. Placed on Third Reading. (ESB 5045)
  9. Placed on second reading by Rules Committee. (ESB 5045)
  10. Passed to Rules Committee for second reading. (ESB 5045)
  11. FII - Majority; do pass. (ESB 5045)
  12. FII - Executive action taken by committee. (ESB 5045)
  13. First reading, referred to Financial Institutions & Insurance. (ESB 5045)
  14. Third reading, passed; yeas, 46; nays, 0; absent, 0; excused, 3. (ESB 5045)
  15. Rules suspended. Placed on Third Reading. (ESB 5045)
  16. Floor amendment(s) adopted. (ESB 5045)
  17. Placed on second reading by Rules Committee. (ESB 5045)
  18. Passed to Rules Committee for second reading. (ESB 5045)
  19. FHC - Majority; do pass. (ESB 5045)
  20. First reading, referred to Financial Institutions, Housing & Consumer Protection. (ESB 5045)

SB 5045 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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