WSR 12-15-058

INTERPRETIVE STATEMENT

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed July 17, 2012, 10:47 a.m. ]


Notice of Repeal of Interpretive Statement No. 7

Under the Franchise Investment Protection Act



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:


Franchise Act Interpretive Statement No. 7 - Accredited Investor Definition - Indebtedness Secured By Primary Residence.

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.

Scott Jarvis

Director

Washington State Code Reviser's Office