WSR 15-16-026

PREPROPOSAL STATEMENT OF INQUIRY

[Filed July 27, 2015, 9:43 a.m.]

Subject of Possible Rule Making: Amending the rules (chapter 208-690 WAC) under the Uniform Money Services Act, chapter 19.230 RCW.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040, 19.230.310, proposed in compliance with OFM Guidance 3 e and f, dated October 12, 2011.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to benefit the regulated industries by having clear and consistent rules including taking into account innovations in the industry, informing the industry of obligations under state and federal law, and providing a tiered net worth structure based on volume and business type to better accommodate differently sized businesses and business models.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The Consumer Financial Protection Bureau implements a number of federal laws that industry must comply with. As Washington law allows and when federal regulations provide adequate consumer protection, the department of financial institutions (DFI) insures that state regulations are consistent with the federal regulations. This gives industry a consistent and equitable regulatory environment in which to operate.

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 Sara Rietcheck, Division of Consumer Services, P.O. Box 41200, Olympia, WA 98504-1200, phone (360) 902-8793, e-mail sara.rietcheck@dfi.wa.gov. Sign up for the GovDelivery e-mail subscription from the DFI web site (www.dfi.wa.gov). Access the rule-making page on the DFI web site.

July 27, 2015

Charles Clark, Director

Division of Consumer Services