Semi-Annual Agenda for Rules Under Development
July 1, 2003 - December 31, 2003
1. Develop rules to implement the new Money Transmitters Act, chapter 287, Laws of 2003.
2. Amendments to chapter 208-630 WAC, to implement the amended check cashers and sellers statute (chapter 31.45 RCW), chapter 86, Laws of 2003.
3. Amendments to chapter 208-680 WAC, Escrow Agent Registration Act, to amend trust accounting requirements and collections activity.
DIVISION OF CREDIT UNIONS
1. Amendments to chapter 208-418 WAC, Fees charged to credit unions and other persons, to decrease the asset assessment fees for fiscal years 2004 and 2005 for credit unions under $22 million total assets. The flat fee rate will be reduced to a rate based on a multiplier of total assets.
2. Amendments to chapter 208-460 WAC, Member business loans, to modernize the rules for credit unions to make member business loans. Before beginning the rule-making process, the division will apply to the National Credit Union Administration (NCUA) board for approval of the proposed changes to chapter 208-460 WAC due to the requirement of the Credit Union Membership Access Act of 1998, which stipulates all state regulators obtain NCUA board approval on state rules for member business lending. DCU will be working with the credit union industry as part of the process.
3. The Divisions of Banks and Credit Unions are in the process of meeting with an industry debt cancellation contracts task force. The task force may suggest guidance for debt cancellation contracts. Subsequently, rule making may be initiated on debt cancellation.
DIVISION OF SECURITIES
1. The division may amend WAC 460-42A-081 to recognize the Toronto Stock Exchange for purposes of secondary trading.