WSR 20-01-131
AGENDA
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed December 17, 2019, 9:24 a.m.]
Semi-Annual Agenda for Rules under Development
January 1 – June 30, 2020
DIVISION OF CONSUMER SERVICES:
•Consumer Loan Act. Begin, finalize, and adopt rules under chapter 208-620 WAC to amend and recodify the rules for mortgage loan originators into their own chapter under Title 208 WAC. Loan originators are regulated under both the Consumer Loan Act, chapter 31.04 RCW, and the Mortgage Broker Practices Act, chapter 19.146 RCW, with rules in both chapters implementing the two acts. Moving the rules into one chapter of the WAC will simplify access to the rules. Each set of rules will be amended as needed for consistency.
•Escrow Agent Registration Act. Begin, finalize, and adopt rules under chapter 208-630 WAC to amend the rules for independent escrow companies and escrow officers to facilitate transition of the industry to the nationwide multistate licensing system (NMLS). Transitioning to NMLS will create efficiencies for the industry and the department.
•Mortgage Broker Practices Act. Begin, finalize, and adopt rules under chapter 208-660 WAC to amend and recodify the rules for mortgage loan originators into their own chapter under Title 208 WAC. Loan originators are regulated under both the Consumer Loan Act, chapter 31.04 RCW, and the Mortgage Broker Practices Act, chapter 19.146 RCW, with rules in both chapters implementing the two acts. Moving the rules into one chapter of the WAC will simplify access to the rules. Each set of rules will be amended as needed for consistency.
•Uniform Money Services Act. Begin, finalize, and adopt rules under chapter 208-690 WAC to amend the rules for money services businesses to conform with the model law developed in part by the Conference of State Bank Supervisors, Non-Depository Supervisory Committee.
DIVISION OF CREDIT UNIONS:
•Investment rules. Possibly amend rules in chapter 208-436 WAC, as HB 1247 (chapter 19, Laws of 2019) allowed additional investment authority for credit unions.
•Semi-annual asset assessments. Possibly amend WAC 208-148-040 to revise the calculation.
•Member business loans (MBL). Possibly amend rules in chapter 208-460 WAC to clarify that loans secured by a 1-4 family dwelling is not considered a member business loan, as well as other possible MBL changes.
DIVISION OF SECURITIES:
•Small company offering registration's (SCOR) rules. Amend chapter 460-17A WAC to implement updates as a result of the May 19, 2019, amendments to North American Securities Administrators Association's SCOR statement of policy.
•State cover sheets for franchise disclosure documents. Amend WAC 460-80-315 to adopt new state cover sheets and state effective dates pages to be included in franchise disclosure documents.