WSR 25-07-018
PREPROPOSAL STATEMENT OF INQUIRY
DEPARTMENT OF
FINANCIAL INSTITUTIONS
(Division of Consumer Services)
[Filed March 10, 2025, 8:50 a.m.]
Subject of Possible Rule Making: The division of consumer services (division) is considering amending chapter 208-620 WAC in consideration of the Predatory Loan Prevention Act, which amended the Consumer Loan Act, chapter
31.04 RCW. The division is soliciting comments on potential rule amendments related to the Predatory Loan Prevention Act. The division is also considering technical amendments to chapter 208-620 WAC.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The Predatory Loan Prevention Act, which amended the Consumer Loan Act, chapter
31.04 RCW, became effective on June 6, 2024. The division is considering amendments to clarify the requirements set forth in the Predatory Loan Prevention Act.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Pursuant to Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 12 U.S.C. 5481, et seq., the Consumer Financial Protection Bureau has the statutory authority to implement a number of federal laws and regulations that industry must comply with.
Process for Developing New Rule: The division is soliciting comments from interested persons and will adopt rules after consideration of public comments.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Rochelle Henderson, P.O. Box 41200, Olympia, WA 98504-1200, phone 360-701-0581, email rochelle.henderson@dfi.wa.gov, website www.dfi.wa.gov.
March 10, 2025
Ali Higgs, Director
Division of Consumer Services