The department of financial institutions recently adopted
amendments to the "accredited investor" definition set forth
in chapter 460-80A WAC to align the definition with that
adopted by the Securities and Exchange Commission. The
amendments address the treatment of indebtedness secured by a
prospective franchisee's primary residence, which was
previously addressed in Franchise Act Interpretive Statement
No. 7. In light of the recent adoption of amendments to the
"accredited investor" definition, the department of financial
institutions hereby repeals the following interpretive
statement under the Franchise Investment Protection Act,
chapter 19.100 RCW:
Further information about the recent rule making is
available on our web site at
http://dfi.wa.gov/sd/rulemaking.htm. Please contact Michelle
Webster at (360) 902-8736 or michelle.webster@dfi.wa.gov with
any questions.