WSR 18-07-095
(Division of Consumer Services)
[Filed March 20, 2018, 1:49 p.m.]
Subject of Possible Rule Making: Amending the rules (chapter 208-620 WAC) under the Consumer Loan Act (chapter 31.04 RCW).
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040, 31.04.165, sections 6(7) and 7, chapter 62, Laws of 2018. Proposed in compliance with OFM Guidance 3.a. dated October 12, 2011.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to implement chapter 62, Laws of 2018, to add student education loan servicing and student education loan servicers to those activities and persons regulated under the Consumer Loan Act. Student education loan servicing will have a number of consumer protections and the agency will be able to monitor servicers' activities.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: United States Department of Education. As Washington law allows and when federal regulations provide adequate consumer protection and guidance to the industry, the department of financial institutions (DFI) insures that state regulations are consistent with the federal regulations.
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, P.O. Box 41200, Olympia, WA 98504-1200, phone 360-902-8793, email, web site Sign up for the GovDelivery email subscription system from the DFI web site. Access the rule-making page on the DFI web site.
March 20, 2018
Charles Clark, Director
Division of Consumer Services