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PDFWAC 173-700-410

Obtaining credit releases.

(1) Once the bank has met the required performance standards, the sponsor must petition the department in writing in order to obtain a release of credits.
(2) For preconstruction credit releases, the sponsor must include documentation that the minimum requirements in WAC 173-700-331 have been met.
(3) For postconstruction credit releases, the sponsor must send the department supporting monitoring data demonstrating that the required performance standards have been met.
(a) The department shall conduct an on-site inspection, as needed, to verify that performance standards have been met.
(b) The sponsor must allow the department access to the site and to all documentation relevant to the requested credit release.
(4) The department must grant the release of credits upon its approval that the bank met the required performance standards. The department must respond to the petition in writing.
[Statutory Authority: Chapter 90.84 RCW. WSR 09-19-013 (Order 04-13), ยง 173-700-410, filed 9/3/09, effective 10/4/09.]
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