Subject of Possible Rule Making: Amend chapter 208-620 WAC, Washington Consumer Loan Act.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040 and 31.04.165.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules governing the Consumer Loan Act need to be modernized and updated to reflect statutory changes and current industry practices.

     Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.

     Process for Developing New Rule: The division will seek input from stakeholders concerning these rules. The division may also discuss any proposed rules with other interested parties and regulatory agencies.

     Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Catherine Mele-Hetter, Department of Financial Institutions, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-0515, fax (360) 586-5068, cmele@dfi.wa.gov.

November 30, 2004

Catherine Mele-Hetter

Policy Director

© Washington State Code Reviser's Office