WSR 07-14-153




[ Filed July 5, 2007, 10:01 a.m. ]

Subject of Possible Rule Making: Establish rules for the implementation of the linked deposit program; including eligibility criteria, priority for consideration, and limits on number and size of loans.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.86A.060 (sections 1 and 2, chapter 500, Laws of 2007).

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: In section 1, chapter 500, Laws of 2007, the legislature provided additional funding and in section 2 provided new loan qualifying criteria for the linked deposit program. The legislation also gave the office of minority and women's business enterprises the authority to adopt rules regarding the new criteria. Prior to the 2007 legislation, firms seeking loans under this program have been placed on a waiting list pending funding availability. Proposed rules would increase the number of firms receiving loans by establishing a maximum amount for a single loan, providing priority for first-time borrowers, and setting a life-time ceiling on the total principal amount available to a business owner.

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

Process for Developing New Rule: Parties interested in this rule making may contact the individual listed below. The public may also participate by providing written comments throughout this rule making or giving oral testimony at the public meeting or public hearing.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by sending written comments and questions to Juan Huey-Ray, Rules Coordinator, P.O. Box 41160, Olympia, WA 98504-1160, e-mail, phone (360) 951-4916, fax (360) 586-7079.

July 5, 2007

Cynthia Cooper


Washington State Code Reviser's Office