PREPROPOSAL STATEMENT OF INQUIRY
FINANCIAL INSTITUTIONS
(Division of Consumer Services)
Subject of Possible Rule Making: Amending the rules (chapter 208-660 WAC) under the Mortgage Broker Practices Act (chapter 19.146 RCW).
Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapter 43.320 RCW.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules for renewal must be amended to require that renewal candidates continue to meet the same standards for licensing as those required at the initial licensing. Without this amendment, a renewal candidate may renew without meeting the stricter initial licensing requirements. Renewing under lesser standards creates a public safety concern. OFM Guideline 3.d.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The federal SAFE Act regulated by HUD has the stricter renewal requirements; amending the state rules will create consistency between the state and federal rules.
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 Hampton, 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.
July 6, 2011
Deborah Bortner, Director
Division of Consumer Services