Title 19 — Title 19 BUSINESS REGULATIONS—MISCELLANEOUS
111 chapters · 1,481 sections in this title.
RCW 19.310.005 Finding—Purpose.
0.4K chars
The legislature finds that there are no statutory requirements pertaining to persons who facilitate like-kind exchanges pursuant to section 1031 of the internal revenue code and associated treasury regulations. The purpose of this chapter is to create a statutory framework that p…
RCW 19.310.010 Definitions.
4.2K chars
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) A person or entity "affiliated" with a specific person or entity, means a person or entity who directly, or indirectly through one or more intermediaries, controls, or …
RCW 19.310.020 Actions for collection of compensation—Requirements.
0.4K chars
An exchange facilitator may not bring a suit or action for the collection of compensation in connection with duties performed as an exchange facilitator unless the exchange facilitator alleges and proves that he or she was fully in compliance with this chapter at the time of the …
RCW 19.310.030 Notice of change in control—Exceptions.
1.4K chars
(1) Except as provided under subsection (2) of this section, a person who engages in business as an exchange facilitator shall notify all existing exchange clients whose relinquished property is located in this state, or whose replacement property held under a qualified exchange …
RCW 19.310.040 Duties of exchange facilitator—Fidelity bonds.
4.0K chars
(1) A person who engages in business as an exchange facilitator must:(a)(i) Maintain a fidelity bond or bonds in an amount of not less than one million dollars executed by an insurer authorized to do business in this state for the benefit of a client of the exchange facilitator t…
RCW 19.310.050 Claims on fidelity bonds—Remedies.
0.4K chars
(1) A person who claims to have sustained damages by reason of the fraudulent act or covered dishonest act of an exchange facilitator or an exchange facilitator's employee may file a claim on the fidelity bond.(2) The remedies provided under this section are cumulative and nonexc…
RCW 19.310.060 Duties of exchange facilitator—Errors and omissions policies.
1.5K chars
(1) A person who engages in business as an exchange facilitator shall:(a) Maintain a policy of errors and omissions insurance in an amount of not less than two hundred fifty thousand dollars executed by an insurer authorized to do business in this state; or(b) Deposit an amount o…
RCW 19.310.070 Claims on errors and omissions policies—Remedies.
0.4K chars
(1) A person who claims to have sustained damages by reason of an unintentional error or omission of an exchange facilitator or an exchange facilitator's employee may file a claim on the errors and omissions insurance policy or approved alternative described in RCW 19.310.060 to …
RCW 19.310.080 Exchange funds—Prudent investor standard—Violations—Not subject to execution or attachment.
2.4K chars
(1) A person who engages in business as an exchange facilitator shall act as a custodian for all exchange funds, including money, property, other consideration, or instruments received by the exchange facilitator from, or on behalf of, the client, except funds received as the exc…
RCW 19.310.090 Administration of places of business—Direct management.
0.4K chars
A person who engages in business as an exchange facilitator must administer each of his, her, or its places of business under the direct management of an officer or an employee who is either:(1) An attorney or certified public accountant admitted to practice in any state or terri…
RCW 19.310.100 Prohibited practices.
2.3K chars
A person who engages in business as an exchange facilitator shall not, with respect to a like-kind exchange transaction:(1) Make a false, deceptive, or misleading material representation, directly or indirectly, concerning a like-kind transaction;(2) Make a false, deceptive, or m…
RCW 19.310.110 Deposit of client funds—Written notice.
0.5K chars
(1) An exchange facilitator must deposit all client funds in a separately identified account, as defined in treasury regulation section 1.468B-6(c)(ii), for the particular client or client's matter, and the client must receive all the earnings credited to the separately identifie…
RCW 19.310.120 Prima facie evidence of fraud—Violations—Penalty—Cure for violations.
1.1K chars
(1) Failure to fulfill the requirements under RCW 19.310.040 constitutes prima facie evidence that the exchange facilitator intended to defraud a client who suffered a subsequent loss of the asset entrusted to the exchange facilitator.(2) A person who engages in business as an ex…
RCW 19.310.130 Violations—Misdemeanor.
0.2K chars
A person who engages in business as an exchange facilitator and who violates RCW 19.310.100 (11) or (12) is guilty of a misdemeanor under chapter 9A.20 RCW.[ 2009 c 70 s 14.]
RCW 19.310.150 Violation of chapter—Civil suit—Damages.
0.4K chars
(1) A person who violates this chapter is subject to civil suit in a court of competent jurisdiction.(2) Damages awarded to a current client for a civil suit filed for a violation of the requirements under RCW 19.310.040 include treble damages and attorneys' fees.[ 2012 c 34 s 5;…
RCW 19.310.160 Application of consumer protection act.
0.5K chars
The legislature finds that the practices covered by this chapter are matters vitally affecting the public interest for the purpose of applying the consumer protection act, chapter 19.86 RCW. A violation of this chapter is not reasonable in relation to the development and preserva…
RCW 19.310.900 Application of chapter 21.20 RCW.
0.1K chars
This chapter does not affect the application of chapter 21.20 RCW.[ 2009 c 70 s 18.]