WSR 97-16-027

PREPROPOSAL STATEMENT OF INQUIRY

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[Filed July 29, 1997, 3:55 p.m.]

Subject of Possible Rule Making: Amendments to reflect statutory changes to definitions, exemptions from licensing, branch office licensing requirements, records retention requirements, bonding requirements, and trust accounting requirements applying to mortgage brokers.

Statutes Authorizing the Agency to Adopt Rules on this Subject: SHB 1678 and chapter 19.146 RCW, specifically RCW 19.146.225.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: These amendments are required to implement SHB 1678, enacted by the 1997 legislature.

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

Process for Developing New Rule: The department will obtain industry and public input through public meeting of the Mortgage Brokerage Commission.

Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication. The Mortgage Brokerage Commission meets regularly, using Washington Interactive Television facilities throughout the state. A list of meeting dates and sites can be obtained from Mark Thomson, (360) 902-8787.

July 29, 1997

John L. Bley