Preproposal statement of inquiry was filed as WSR 06-13-072.
Title of Rule and Other Identifying Information: WAC 308-90-120.
Hearing Location(s): Dealer and Manufacturer Services, 2424 Bristol Court, 3rd Floor Conference Room, Olympia, WA 98502, on September 26, 2006, at 11:00 a.m.
Date of Intended Adoption: October 24, 2006.
Submit Written Comments to: Kim Johnson, Dealer Services, P.O. Box 9039, Olympia, WA 98507, e-mail email@example.com, fax (360) 586-6703, by September 12, 2006.
Assistance for Persons with Disabilities: Contact Nicole Cope by September 12, 2006, TTY (360) 664-8885 or (360) 664-6455.
Purpose of the Proposal and Its Anticipated Effects, Including Any Changes in Existing Rules: The proposed rule would provide that the required deposit trust account be maintained in an in-state bank. This aligns with comments by certain of our advising AGs, and in the interest of consumer protection.
Reasons Supporting Proposal: In the interest of providing further protection for the investments of the citizenry.
Statutory Authority for Adoption: Chapter 88.02 RCW.
Rule is not necessitated by federal law, federal or state court decision.
Name of Proponent: Department of licensing (DOL), governmental.
Name of Agency Personnel Responsible for Drafting: Cal Sanders, 2424 Bristol Court, Olympia, WA 98502, (360) 664-6459; Implementation: Chuck Coach, 2424 Bristol Court, Olympia, WA 98502, (360) 664-6453; and Enforcement: Daniel Devoe, 2424 Bristol Court, Olympia, WA 98502, (360) 664-6451.
No small business economic impact statement has been prepared under chapter 19.85 RCW. There is no small business impact.
A cost-benefit analysis is not required under RCW 34.05.328. There is no impact for DOL or small business.
AMENDATORY SECTION(Amending Order DLR-162, filed 1/19/88)
WAC 308-90-120 Trust account. (1) The deposit trust account required by RCW 88.02.220 must be established and maintained within Washington state.
(2) The dealer's separate trust account cannot accrue interest.
(2))) (3) Any fees assessed by the depository against
the trust account shall not be paid from purchasers trust
[Statutory Authority: 1987 c 149 § 1. 88-03-038 (Order DLR-162), § 308-90-120, filed 1/19/88.]