WSR 98-07-101
PREPROPOSAL STATEMENT OF INQUIRY
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed March 18, 1998, 10:36 a.m.]
Subject of Possible Rule Making: To amend WAC 460-32A-400, addressing sales in condominiums or units in a real estate development, to eliminate duplicated text contained in federal Securities and Exchange Commission Securities Act Release No. 5347
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 21.20.450
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: To eliminate duplicated text contained in federal Securities and Exchange Commission Securities Act Release No. 5347 from the language of the rule. The federal release may be incorporated by reference and the duplicated text eliminated
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The Securities and Exchange Commission promulgated Securities Act Release No. 5347 to address the applicability of the federal securities laws to the offer and sale of condominium units, or other units in a real estate development, coupled with an offer or agreement to perform or arrange certain rental or other services for the purchaser. The Securities Division continues to concur with the federal position
Process for Developing New Rule: During rules review according to Executive Order 97-02, Securities Division staff recognized that duplicative text could be eliminated and the same result achieved by incorporation by reference to the federal release
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Brad Ferber, Securities Division, P.O. Box 9033, Olympia, WA 98507-9033, (360) 902-8760, FAX (360) 586-5068
March 18, 1998
John L. Bley
Director