WSR 19-01-044

AGENDA

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[Filed December 13, 2018, 10:29 a.m.]

Semi-Annual Agenda for Rules Under Development

January 1 - June 30, 2019

DIVISION OF CONSUMER SERVICES


•	Consumer Loan Act. Begin, finalize, and adopt rules under chapter 208-620 WAC to, among other things, implement the temporary authority process for residential mortgage loan originators. Rules are necessary to efficiently implement this amendment to the federal SAFE Act.
•	Mortgage Broker Practices Act. Begin, finalize, and adopt rules under chapter 208-660 WAC to implement the temporary authority process for residential mortgage loan originators. Rules are necessary to efficiently implement this amendment to the federal SAFE Act. The rule making will also put in rule the department's October 31, 2018, interim guidance for licensees under the act using a trust account.

DIVISION OF CREDIT UNIONS


•	Propose new rule to allow a grace period for low-income credit unions if they lose eligibility for low-income designation, patterned after the federal rule, 12 C.F.R. 701.23 (a)(4).
•	Propose new rule if legislation is passed to allow credit unions to pick powers from another state credit union act, contingent on the approval of the Washington director of credit unions. To determine approval the rule would have requirements for notice to the director citing the state power, any restrictions or limitations on that power, and how they would use the power in a safe and sound manner.

DIVISION OF SECURITIES


•	Adoption of North American Securities Administrators Association (NASAA) statements of policy. Amendment of WAC 460-16A-205, which sets forth the NASAA statements of policy adopted by the Washington securities administrator. Since the rule was last amended, NASAA has recently amended or promulgated statements of policy in connection with state-registered securities offerings. The division intends to amend its rules to reference the updated statements of policy and incorporate a reference to a new statement of policy relating to electronic offering documents and electronic signatures in connection with registered securities offerings.
•	Investment advisers. Amendments to investment adviser rules contained in chapter 460-24A WAC to adopt newly promulgated NASAA model rules applicable to investment advisers, make revisions to reflect changes in state and federal law, and make other clarifying and technical updates.
•	Exempt securities. Amend WAC 460-42A-030, which establishes an exemption from registration for municipal securities that are highly rated to make technical corrections.
•	Franchise registration. Amendment of chapter 460-80 WAC to mandate electronic filing of applications for franchise registration.
•	Exempt transactions. Amend WAC 460-44A-503 to mandate electronic filing of Rule 506 exempt offering notice filings through the NASAA electronic filing depository system.
•	Exempt transactions. Amend chapter 460-44A WAC to make certain ministerial updates to these exempt transaction rules in light of amendments to related federal rules.