Date of Adoption: March 24, 2004.
Purpose: To implement the Uniform Money Services Act, chapter 287, Laws of 2008 , chapter 19.230 RCW; specifically to facilitate licensing, monitoring, investigation and examination of money services businesses as required by the act. This is an extension of the emergency rule filed as WSR 03-24-035, on November 25, 2003. The agency has filed a notice of intent to adopt this, or a substantially similar rule as a permanent rule. The CR-101 was filed on July 11, 2003, WSR 03-115-044. The agency is actively undertaking the appropriate procedures to adopt the rule as a permanent rule.
Statutory Authority for Adoption: RCW 43.320.040, chapter 19.230 RCW.
Under RCW 34.05.350 the agency for good cause finds that state or federal law or federal rule or a federal deadline for state receipt of federal funds requires immediate adoption of a rule.
Reasons for this Finding: As of October 1, 2003, both new and existing money services businesses may not operate without a license issued by the Department of Financial Institutions. Periodic reporting to federal and state agencies is required, as well as procedures for investigations and examinations. To provide a framework for these various regulatory activities, an emergency rule is necessary.
Number of Sections Adopted in Order to Comply with Federal Statute: New 0, Amended 0, Repealed 0; Federal Rules or Standards: New 0, Amended 0, Repealed 0; or Recently Enacted State Statutes: New 23, Amended 0, Repealed 0.
Number of Sections Adopted at Request of a Nongovernmental Entity: New 0, Amended 0, Repealed 0.
Number of Sections Adopted on the Agency's Own Initiative: New 0, Amended 0, Repealed 0.
Number of Sections Adopted in Order to Clarify, Streamline, or Reform Agency Procedures: New 0, Amended 0, Repealed 0.
Number of Sections Adopted Using Negotiated Rule Making:
Pilot Rule Making:
or Other Alternative Rule Making:
Effective Date of Rule: Immediately.
March 22, 2004
Helen P. Howell
Reviser's note: The material contained in this filing exceeded the page-count limitations of WAC 1-21-040 for appearance in this issue of the Register. It will appear in the 04-08 issue of the Register.