PREPROPOSAL STATEMENT OF INQUIRY
(Division of Consumer Services)
Subject of Possible Rule Making: Amending the rules (chapter 208-620 WAC) under the Consumer Loan Act (chapter 31.04 RCW).
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040, 31.04.165.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to protect consumers from financial harm, to aid the regulated industries by having consistent rules within the mortgage marketplace, and to make technical changes for clarity and consistency.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The Consumer Financial Protection Bureau implements a number of federal laws that industry must comply with. As Washington law allows and when federal regulations provide adequate consumer protection, the department of financial institutions (DFI) insures that state regulations are consistent with the federal regulations. This gives industry a consistent and equitable regulatory environment in which to operate.
Process for Developing New Rule: Negotiated rule making.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Elizabeth Hampton, Division of Consumer Services, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-8786, firstname.lastname@example.org, web site www.dfi.wa.gov, industry listserv e-mail subscription.
November 14, 2011
Deborah Bortner, Director
Division of Consumer Services