PREPROPOSAL STATEMENT OF INQUIRY
FINANCIAL INSTITUTIONS
(Division of Consumer Services)
Subject of Possible Rule Making: Amending the rules in chapter 208-620 WAC under the Consumer Loan Act (CLA), chapter 31.04 RCW.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040, 31.04.165.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to implement chapter 35, Laws of 2010; to make permanent an emergency rule amending RCW 31.04.115; to achieve consistency with the federal rules implementing the SAFE Act (final rules are expected in the coming months; and amended generally for clarity and consistency.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The federal SAFE Act is regulated by HUD. If HUD promulgates the final rules implementing the SAFE Act in the coming months, the rules under the CLA will be amended for consistency.
Process for Developing New Rule: Negotiated rule making.
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, elizabeth.hampton@dfi.wa.gov, DFI web site www.dfi.wa.gov, listserv subscription.
March 19, 2010
Deborah Bortner, Director
Division of Consumer Services