Subject of Possible Rule Making: Guaranteed asset protection waiver registration and oversight program.

     Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapter 334, Laws of 2009, (ESSB [ESHB] 1530).

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The 2009 Washington legislature enacted the Guaranteed Asset Protection Waiver Model Act, requiring the commissioner to establish a registration program for businesses or individuals providing asset protection waivers associated with financed motor vehicles, as defined in the statute. The new law also sets out disclosure requirements and other operational requirements for these companies. The proposed rule making will explain to prospective registrants what is required to register, and the requirements for their interactions with consumers.

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

     Process for Developing New Rule: Collaborative rule making.

     Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Meg Jones, Policy and Rules Manager, P.O. Box 40258, Olympia, WA 98502, phone (360) 725-7170, fax (360) 586-3109, e-mail megj@oic.wa.gov. Comment period expires September 20, 2009.

August 19, 2009

Mike Kreidler

Insurance Commissioner

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