WSR 04-07-182

EMERGENCY RULES

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed March 24, 2004, 9:33 a.m. ]

Date of Adoption: March 24, 2004.

Purpose: To implement the Uniform Money Services Act, chapter 287, Laws of 2008 [2003], chapter 19.230 RCW; specifically to facilitate licensing, monitoring, investigation and examination of money services businesses as required by the act. This is an extension of the emergency rule filed as WSR 03-24-035, on November 25, 2003. The agency has filed a notice of intent to adopt this, or a substantially similar rule as a permanent rule. The CR-101 was filed on July 11, 2003, WSR 03-115-044. The agency is actively undertaking the appropriate procedures to adopt the rule as a permanent rule.

Statutory Authority for Adoption: RCW 43.320.040, chapter 19.230 RCW.

Under RCW 34.05.350 the agency for good cause finds that state or federal law or federal rule or a federal deadline for state receipt of federal funds requires immediate adoption of a rule.

Reasons for this Finding: As of October 1, 2003, both new and existing money services businesses may not operate without a license issued by the Department of Financial Institutions. Periodic reporting to federal and state agencies is required, as well as procedures for investigations and examinations. To provide a framework for these various regulatory activities, an emergency rule is necessary.

Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 23, Amended 0, Repealed 0.

Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.

Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.

Number of Sections Adopted Using Negotiated Rule Making: New 19, Amended 0, Repealed 0; Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.
Effective Date of Rule: Immediately.

March 22, 2004

Helen P. Howell

Director

Reviser's note: The material contained in this filing exceeded the page-count limitations of WAC 1-21-040 for appearance in this issue of the Register. It will appear in the 04-08 issue of the Register.

Legislature Code Reviser 

Register

Washington State Code Reviser's Office