WSR 15-16-064

PREPROPOSAL STATEMENT OF INQUIRY

[Filed July 30, 2015, 11:17 a.m.]

Subject of Possible Rule Making: Amending the rules (chapter 208-680 WAC) implementing the Escrow Agent Registration Act (chapter 18.44 RCW).

Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapter 43.320 RCW, RCW 18.44.410, proposed in compliance with OFM Guidance 3a and e, dated October 12, 2011.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to put licensees on notice of changes to a state law they must comply with, notice of a federal law they must comply with, to aid the regulated industry by having consistent rules, and to make technical changes for clarity and consistency.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The Consumer Financial Protection Bureau implements a number of federal laws that industry must comply with. As Washington law allows and when federal regulations provide adequate consumer protection, the department of financial institutions (DFI) insures that state regulations are consistent with the federal regulations. This gives industry a consistent and equitable regulatory environment in which to operate.

Process for Developing New Rule: Negotiated rule making.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Sara Rietcheck, Division of Consumer Services, P.O. Box 41200, Olympia, WA 98504-1200, phone (360) 902-8793, e-mail sara.rietcheck@dfi.wa.gov. Sign up for the GovDelivery e-mail subscription system from the DFI web site (www.dfi.wa.gov). Access the rule-making page on the DFI web site.

July 30, 2015

Charles Clark, Director

Division of Consumer Services