WSR 99-04-073

EXPEDITED REPEAL

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed February 2, 1999, 9:03 a.m. ]

The Following Sections are Proposed for Expedited Repeal: All sections of chapter 50-16 WAC, Consumer Finance Act rules.

Rules Proposed for Expedited Repeal Meet the Following Criteria: Statute on which the rule was based has been repealed and has not been replaced by another statute providing statutory authority for the rule.

Any person who objects to the repeal of the rule must file a written objection to the repeal within thirty days after publication of this preproposal statement of inquiry.

Address Your Objection to: Wayne Fralin, Director of Banks, Department of Financial Institutions, 210 11th Avenue S.W., Suite 300, P.O. Box 41200 (98504-1200), Olympia, WA 98504.

Reason the Expedited Repeal of the Rule is Appropriate: Chapter 50-16 WAC is based on RCW 31.04.150 and chapter 31.08 RCW, which were repealed during the 1991 legislative session. (Repeals of RCW 31.04.150 and chapter 31.08 RCW were effective as of January 1, 1992, and January 1, 1993, respectively.)

February 3 [2], 1999

John L. Bley

Director

OTS-2804.1


REPEALER
     The following chapter of the Washington Administrative Code is repealed:
WAC 50-16-020Recordkeeping--General.
WAC 50-16-025Allocation of expenses to consumer finance business.
WAC 50-16-030Books, files and accounting records required.
WAC 50-16-035Forms.
WAC 50-16-040Litigation record.
WAC 50-16-045Loans.
WAC 50-16-050Computation of charges.
WAC 50-16-055Rebate of precomputed charges.
WAC 50-16-060Splitting loans prohibited.
WAC 50-16-065Statement to borrower--Receipt.
WAC 50-16-070Advertising.
WAC 50-16-075Restrictions on insurance.
WAC 50-16-080Delivery of policy or evidence to borrower--Master policy required.
WAC 50-16-085Rebate of credit life insurance charge.
WAC 50-16-090File for official correspondence and reports.
WAC 50-16-095Knowledge of the law and regulations.
WAC 50-16-100Hours of business.
WAC 50-16-105Insufficient funds charge.

Washington State Code Reviser's Office