PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: Distribution and use of funds from the mortgage lending fraud prosecution fund.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040 and _____ (chapter 289, Laws of 2003).
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Standards and procedures need to be developed to guide prosecutorial agencies in making application for grants from the mortgage lending prosecution account, as directed by the legislature, and to guide the Department of Financial Institutions in processing the applications.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.
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. Meetings of local prosecutors, the Office of the Attorney General, the Department of Revenue staff and the Department of Financial Institutions staff are being held to devise appropriate procedures and draft the rule. Interested parties should contact Chuck Cross, Assistant Director (acting), Consumer Services, Department of Financial Institutions, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-8733.
August 15, 2003
David D. Cheal