WASHINGTON STATE REGISTER

WSR 13-02-061

AGENDA

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed December 27, 2012, 1:28 p.m. ]

Semi-Annual Agenda for Rules Under Development

January 1 - June 30, 2013

DIVISION OF BANKS

• Proposed chapter 208-512A WAC, repeal WAC 208-512-210 through 208-512-300, and replace with proposed new chapter 208-512A WAC. Amendments to bring state-chartered commercial banks and savings banks doing "derivatives transactions" into compliance with Section 611 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which takes effect January 21, 2013. The amendments also liberalize the definition of "capital and surplus" consistent with federal rules for national banks and makes exceptions to the general lending limit for nonconforming loans and exceptions for general decline in the capital markets and emergency circumstances, subject to agency approval. All other existing "lending limits" rules are rested in new chapter 208-512A WAC with no substantive changes.

DIVISION OF CONSUMER SERVICES

• Chapter 208-620 WAC, Consumer Loan Act, proposed rule to increase the number of Washington specific prelicensing education hours an individual must complete before being eligible for an MLO license.

• Chapter 208-660 WAC, Mortgage Broker Practices Act, proposed rule to increase the number of Washington specific prelicensing education hours an individual must complete before being eligible for an MLO license.

• Chapter 208-630 WAC, Check Cashers and Sellers Act, proposed rule will be consistent with the law and will provide greater clarity to licensees as to their requirements under the law. Provides greater consumer protections and benefits licensees.

• Chapter 208-690 WAC, Uniform Money Services Act, proposed rule will define which licensees must apply for a license using the nationwide licensing portal. Provides greater flexibility for licensees. Smaller licensees need not use the nationwide system. Larger licensees and licensees licensed in multiple states must use the nationwide system.

DIVISION OF SECURITIES

• Chapter 460-24A WAC, Investment adviser rules, the proposed rule making will update the investment adviser rules and will provide additional protections for the investing public.

• WAC 460-80-140, an amendment to correct a citation relating to financial statements in franchise offerings. The rule contains a typo in the C.F.R. citation; correcting it will eliminate confusion by those it regulates because they will know which C.F.R. is referenced.

• WAC 460-10A-160, amendments to remove references to the nationally recognized securities manual that is no longer in existence.

•	Chapter 208-620 WAC, Consumer Loan Act, proposed rule to increase the number of Washington specific prelicensing education hours an individual must complete before being eligible for an MLO license.
•	Chapter 208-660 WAC, Mortgage Broker Practices Act, proposed rule to increase the number of Washington specific prelicensing education hours an individual must complete before being eligible for an MLO license.
•	Chapter 208-630 WAC, Check Cashers and Sellers Act, proposed rule will be consistent with the law and will provide greater clarity to licensees as to their requirements under the law. Provides greater consumer protections and benefits licensees.
•	Chapter 208-690 WAC, Uniform Money Services Act, proposed rule will define which licensees must apply for a license using the nationwide licensing portal. Provides greater flexibility for licensees. Smaller licensees need not use the nationwide system. Larger licensees and licensees licensed in multiple states must use the nationwide system.

•	Chapter 460-24A WAC, Investment adviser rules, the proposed rule making will update the investment adviser rules and will provide additional protections for the investing public.
•	WAC 460-80-140, an amendment to correct a citation relating to financial statements in franchise offerings. The rule contains a typo in the C.F.R. citation; correcting it will eliminate confusion by those it regulates because they will know which C.F.R. is referenced.
•	WAC 460-10A-160, amendments to remove references to the nationally recognized securities manual that is no longer in existence.