AGENDA
FINANCIAL INSTITUTIONS
Semi-Annual Agenda for Rules Under Development
January 1, 2000 - June 30, 2000
1. Possible amendments to WAC 50-12-290 Exceptions to the lending limits.
DIVISION OF CONSUMER SERVICES
1. Amendments to chapter 208-660 WAC, Mortgage brokers, to adopt terms used in statute, clarify disclosure requirements, and clarify requirements for processing trust funds.
2. Amendments to chapter 208-680 WAC, Escrow, to be consistent with statutory changes.
DIVISION OF CREDIT UNIONS
1. Amendments to WAC 208-418-040 Quarterly asset assessments.
2. Amendments to WAC 208-440-010 Credit union financial interest in commercial enterprise.
3. Repeal of WAC 208-440-020 Endorsements of commercial products or services, 208-440-040 Use of credit union space to advertise commercial products and services, and 208-440-050 Commercial programs offered to credit union members.
4. Amendments to chapter 208-472 WAC, Credit union field of membership expansion.
5. Adopt rules to implement chapter 397, Laws of 1997, which was an extensive revision to the credit union statute.
6. Adopt rules regarding member business loans.
DIVISION OF SECURITIES
1. WAC 460-33A-075, relating to the filing of mortgage paper security advertising, contains references to the time period of "five days" in subsection (2). It is expected that the paragraph will be amended to clearly utilize a "business day" standard rather than a calendar day standard for both the filing and use of mortgage paper securities advertising.
2. Amendments to WAC 460-33A-090(3) to correct internal references pertaining to dishonest and unethical practice prohibitions contained in rules relating to securities broker-dealers and their salespersons to mortgage broker-dealers and mortgage salespersons.
3. Amend WAC 460-33A-105 to provide guidance as to when an appraiser is independent. The term "independent appraiser" is used in the rule but is not defined.
4. Amendments to WAC 460-16A-205 to reference updated versions of certain statements of policy promulgated by the North American Securities Administrators Association that are referenced in the rule and in some cases have since been updated.
5. A proposed rule making on form CR-102 was filed on January 4, 2000, to add a new WAC chapter (chapter 460-21C WAC, Broker-dealer services at financial institutions) to clarify and make uniform the rules relating to broker-dealers operating on the premises of financial institutions. The proposed rules are based upon the National Association of Securities Dealers Conduct Rule 2350 and the North American Securities Administrators Association Uniform Rule on Broker-dealer Services at Financial Institutions. Date of intended adoption is February 9, 2000.