Until recently, Cx13539 was required under the provisions of Wash. Rev. Code Ann. §§19.144.020 & 31.04.102 and Wash. Admin. Code §§208-600-200 & 208-620-510. This document was a duplicate of the “1 Page Disclosure Summary” forms published by the Washington State Department of Financial Institutions on their website (http://www.dfi.wa.gov/banks/forms.htm), which was specifically created for these requirements.
However, 2012 Wash. Leg. Serv. ch. 17 (H.B. 2255), which takes effect June 7th of this year, changed Wash. Rev. Code Ann. §19.144.020(4) to allow for the use of the Real Estate Settlement Procedures Act (12 USCA §§2601 et seq.) and Regulation X (12 CFR §§1024.1 et seq.) disclosures (particularly the Good Faith Estimate) to fulfill the disclosure requirements of this section.
Due to this amendment, plus direct reference in Supra §31.04.102(4) to the disclosure required under Supra §19.144.020 and the necessity to reform administrative law to conform to statutory law, it is no longer necessary to provide the “1 Page Disclosure Summary.” Therefore, Cx13539 will no longer print by default in client’s Initial Disclosure packages, since the Good Faith Estimate prints by default in all of these packages.
Cx13539 will still be available, upon request, for any clients who would still like to utilize it.
This change will take effect June 7, 2012. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
June 4, 2012