Subject of Possible Rule Making: Implementing chapters 78 and 108, Laws of 2008, that affects the Consumer Loan Act, chapter 31.04 RCW, by amending the rules, chapter 208-620 WAC, and generally amending the rules for clarity and consistency.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapters 108 and 109, Laws of 2008; chapters 31.04, 43.320 RCW.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: New rules must be written and existing rules must be amended to implement the changes to chapter 31.04 RCW brought about by 2008 legislation.

     Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: If the new or amended rules parallel existing federal rules, the department of financial institutions (DFI) will coordinate the proposed rules with the federal rules as much as practicable.

     Process for Developing New Rule:       Negotiated rule making; and consultation with stakeholders.

     Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Elizabeth Stancil, Division of Consumer Services, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-8786, estancil@dfi.wa.gov, DFI web site, ListServ subscription.

June 12, 2008

Linda Jekel, Director

Division of Credit Unions

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