WSR 00-16-008

AGENDA

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed July 20, 2000, 1:23 p.m. ]


Department of Financial Institutions

Semi-Annual Agenda for Rules Under Development

July 1, 2000 - December 31, 2000



DIVISION OF BANKS

1. Housekeeping changes to Titles 50 and 419 WAC and recodifying them as chapters of Title 208 WAC. CR-102XAs were filed on June 21, 2000, and July 3, 2000, and the changes are expected to be adopted on August 22, 2000, and September 6, 2000. 2. A CR-101 was filed to amend chapter 50-12 WAC (will be recodified as chapter 208-512 WAC, effective August 22, 2000) governing lending limits to eliminate renewals from the definition of "loans and extensions of credit" and liberalizing the provisions concerning WAC 50-12-290 (8)(h).

DIVISION OF CONSUMER SERVICES

1. Amendments to chapter 208-660 WAC implementing the Mortgage Broker Practices Act. These amendments will make the language in the rules and statute consistent, provide guidance to licensees on trust accounting issues, clarify disclosure requirements and fees, and allow for continuing education through the Washington Association of Mortgage Brokers.

2. Amendments to chapter 208-680 WAC implementing the Escrow Agent Registration Act. These amendments implement amendments to the statute made during the 1999 legislative session.

DIVISION OF CREDIT UNIONS

1. Review chapter 208-436 WAC, rules governing supervisory approval of credit union investment practices, for possible revision or repeal.

2. Amendments to WAC 208-440-010 regarding credit union financial interest in commercial enterprise.

3. Repeal WAC 208-440-020, 208-440-040, and 208-440050 regarding credit union participation in commercial business activities.

4. Review for possible revision miscellaneous credit union rules in chapter 208-444 WAC regarding audits, prohibited fees, nonpreferential loans, and definitions.

5. Adopt new rules regarding member business loans for credit unions.

DIVISION OF SECURITIES

1. Possible amendments to various sections of chapter 460-33A WAC, Mortgage paper securities, as part of a general update. 2. Propose amendments to chapter 460-24A WAC, Investment advisers, to mandate electronic filing by investment advisers. New sections may be added also.

3. Amendments may be proposed to WAC 460-16A-205 NASAA policy statements, to reflect updates made to various NASAA policy statements.

4. Amendments may be proposed to WAC 460-21B-050 Broker-dealer practices, books and records, to reflect changes in the SEC books and records requirements.

Washington State Code Reviser's Office