Subject of Possible Rule Making: WAC 208-660, Mortgage brokers and loan originators--Licensing.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 19.146.223, 43.320.010, and 43.320.040.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The proposed amendments reflect changes made to the statute in 1997 and add additional clarifying language regarding redisclosure of mortgage broker fees and deposits of checks into trust accounts.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: None.

Process for Developing New Rule: Work with the industry and public through the Mortgage Broker Commission meetings.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Mark Thomson, Assistant Director, Department of Financial Institutions, General Administration Building, 3rd Floor West, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-8787.

August 2, 1999

John L. Bley

Director