A bill aimed at cleaning up an obscure sector of the financial industry has been signed into law by Gov. Chris Gregoire.

Exchange facilitators are independent third parties who, for a fee, help property owners trade one or more relinquished properties for one or more "like-kind" replacement properties.  House Bill 1078 establishes rules and guidelines exchange facilitators must follow. The bill defines prohibited practices for the facilitators of the exchange, including fraud, misrepresentation, and failing to fulfill the contractual duties of a client.

Sen. Jean Berkey, D-Everett, sponsored a similar bill in the Senate.

Photo: Sen. Berkey, far left, attends bill signing April 13, 2009.