Effective Date of Rule: Thirty-one days after filing.

     Purpose: Requires licensed vessel dealers to maintain the required deposit trust account in an in-state bank. Allows for subpoena authority in the protection of consumers.

     Citation of Existing Rules Affected by this Order: Amending WAC 308-90-120.

     Statutory Authority for Adoption: RCW 88.02.100.

      Adopted under notice filed as WSR 06-17-043 on August 8, 2006.

     Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 0, Amended 0, Repealed 0.

     Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.

     Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 1, Repealed 0.

     Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 1, Repealed 0.

     Number of Sections Adopted Using Negotiated Rule Making: New 0, Amended 1, Repealed 0;      Pilot Rule Making: New 0, Amended 0, Repealed 0; or Other Alternative Rule Making: New 0, Amended 0, Repealed 0.

     Date Adopted: January 22, 2007.

Mykel D. Gable

Assistant Director

OTS-9081.1

AMENDATORY SECTION(Amending Order DLR-162, filed 1/19/88)

WAC 308-90-120   Trust account.   (1) The deposit trust account required by RCW 88.02.220 must be established and maintained within Washington state.

     (2) The dealer's separate trust account cannot accrue interest.

     (((2))) (3) Any fees assessed by the depository against the trust account shall not be paid from purchasers trust funds.

[Statutory Authority: 1987 c 149 § 1. 88-03-038 (Order DLR-162), § 308-90-120, filed 1/19/88.]

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