Subject of Possible Rule Making: Licensing and regulating money transmission and currency exchange businesses.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: Sections 6, 7, 8, 11, 13, 15, 17, 18, 19 and 33, chapter 287, Laws of 2003.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Rules are needed to establish licensing procedures and applications; to establish and define reporting requirements; to establish enforcement and examination procedures; to establish a fee schedule; and to generally carry out the agency mandates under the law.

     Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Federal Agencies: Financial Crimes Enforcement Network and the Office of Foreign Assets Control, United States Department of the Treasury. The Department of Financial Institutions staff communicates regularly with established federal contacts to avoid duplication and facilitate joint program effectiveness.

     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 Department of Financial Institutions, P.O. Box 41200, Olympia, WA 98501-1200, (360) 902-8700, e-mail Chuck Cross, ccross@dfi.wa.gov; Whittier Johnson, wjohnson@dfi.wa.gov; Kwadwo Boateng, kboateng@dfi.wa.gov; or Kae McDonnell, kmcdonnell@dfi.wa.gov.

July 11, 2003

David D. Cheal

Rules Coordinator

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