January 1, 2004 - June 30, 2004
1. Chapter 208-690 WAC, Regulation of money services providers. Emergency rules for licensing in place. Plan to add examination and enforcement sections.
2. Chapter 208-630 WAC, Regulation of check cashers and sellers. Currently drafting new rules for the amended statute.
3. Chapter 208-660 WAC, Mortgage brokers and loan originators -- Licensing. The rules were never amended after the last statutory amendment and are in need of updating. However, work will not begin in this area until the currently proposed statutory amendments are passed.
4. Chapter 208-620 WAC, Washington Consumer Loan Act. The rules are in need of updating and modification.
DIVISION OF CREDIT UNIONS
1. Chapter 208-418 WAC, Fees charged to credit unions and other persons. The division may increase the asset assessment fees up to the I-601 limitation for fiscal year 2005, except for credit unions under $22 million total assets.
2. Chapter 208-460 WAC, Member business loans. The division will 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 as required by the Credit Union Membership Access Act of 1998. The requirement stipulates all state regulators obtain NCUA board approval on state rules for member business lending.
3. Debt cancellation contracts - new rule. The division is 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. WAC 208-680G-050 Examination and investigation fees and expense. Amendments to clarify that both in-state and out-of-state licensees may be charged for examinations and investigations. This is necessary in order to make the escrow licensing program self-supporting.
2. Escrow - Trust account procedures. Adoption of a new rule, WAC 208-680E-025, concerning periodic reporting to help the division monitor compliance with chapter 18.44 RCW.
3. WAC 208-680F-020 Errors and omissions policy. Amendments are needed to clarify the types of securities that may be substituted for the errors and omissions policy required by RCW 18.44.201 for escrow agents and officers.
4. WAC 208-680G-060. A new rule would state that the failure to comply with an applicable provision of RESPA would constitute an unfair and deceptive practice under RCW 18.44.301. This will clarify the director's authority to enforce RESPA where appropriate.