WSR 99-04-011

AGENDA

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed January 22, 1999, 9:30 a.m. ]


Department of Financial Institutions

Semi-Annual Agenda for Rules Under Development

January 1, 1999--June 30, 1999



DIVISION OF BANKS

1. Amending chapter 50-44 WAC, Schedule of costs of examinations.

2. Recodifying and housekeeping of Titles 50 and 419 WAC to move those sections under Title 208 WAC and amending references to "supervisor of banking," etc.

3. Repeal chapter 50-16 WAC, Consumer Finance Act rules.

DIVISION OF CONSUMER SERVICES

1. Amendments to chapter 208-660 WAC, relating to mortgage brokers and loan originators, to revise language to be consistent with terms in the statute, delete references to branch manager requirements that were repealed, insert priority for claims against the bond that exist in statute, correct record-keeping time period, correct trust account deposit time frames, and correct internal references.

2. Amendments to chapter 208-630 WAC, relating to check cashers and sellers, to correct internal references and clarify deposit requirements and record-keeping requirements for small loans.

DIVISION OF CREDIT UNIONS

1. Amendments to chapter 208-418 WAC, fees charged to credit unions and related parties.

2. Amendments to chapter 208-436 WAC, relating to investment practices.

3. Amendments to chapter 208-440 WAC, commercial business activities.

4. Amendments to chapter 208-444 WAC, miscellaneous rules.

5. Chapter 208-464 WAC, repeal and adopt new rule relating to member business loans.

6. Amendments to chapter 208-472 WAC, relating to field of membership.

7. Amendments to chapter 208-480 WAC, real estate appraisals.

DIVISION OF SECURITIES

1. Amending WAC 460-28A-015 Advertisements, to clarify the time period for filing of sales and advertising literature and promotional material relating to registered offerings of securities.

2. Adoption of WAC 460-24A-110 Agency cross transactions, to adopt NASAA Uniform Rule 102(f)-1 Agency Cross Transaction, which was adopted pursuant to the model amendments to the investment advisory sections. The proposed rule will foster uniformity among the states and conform regulation of investment advisers with federal statutes and regulations.

3. Amendments to WAC 460-24A-220 Unethical business practices--Investment advisers and federal covered advisers, to adopt NASAA Uniform Rule 102 (a)(4)-1 Unethical Business Practices of Investment Advisers and Federal Covered Advisers as amended. The proposed rule will foster uniformity among the states and conform regulation of investment advisers with federal statutes and regulations.

4. Adoption of WAC 460-24A-145 Investment adviser brochure rule, to adopt in substance the NASAA Investment Adviser Brochure Rule. This rule is needed to fill a gap created by changes in federal law and its adoption will foster uniformity with other jurisdictions.

5. In accordance with the division's rules review plan adopted in accordance with Executive Order 97-02, the following rules may be reviewed which may result in amendment, repeal, or adoption of rules in the following chapters: Chapter 460-24A WAC, Investment advisers, chapter 460-80 WAC, Franchise registration, and chapter 460-82 WAC, Franchise brokers.

6. Possible amendments to WAC 460-44A-504 Small offering exemption, and possible adoption in chapter 460-21B WAC, Broker-dealers, of the NASAA statement of policy concerning the sale of securities on the premises of financial institutions.

Washington State Code Reviser's Office