WSR 06-16-007

AGENDA

DEPARTMENT OF

FINANCIAL INSTITUTIONS

[ Filed July 20, 2006, 12:33 p.m. ]


Semi-annual Agenda for Rules under Development

July 1, 2006 - December 31, 2006



DIVISION OF CONSUMER SERVICES

The division has filed a CR-101 to implement legislation passed during the 2006 session (EHB 2340) regulating mortgage brokers and loan originators. The legislation significantly amended the Mortgage Broker Practices Act and provided for loan originator licensing. The rules are needed to make the existing rules (chapter 208-660 WAC) current with the new law and to implement the loan officer licensing provisions of the act.


DIVISION OF CREDIT UNIONS

The division has filed a CR-101 regarding a possible rule interpreting the definition of "equivalent share insurance program" under RCW 31.12.408. The rule would clarify the requirements for credit unions that want to insure under an equivalent share insurance program and would set forth the requirements for the private share insurer.


DIVISION OF SECURITIES

The division may propose amendments to chapter 460-24A WAC to conform to a 2004 Model Rule of the North American Securities Administrators Association (NASAA) concerning requirements imposed on investment advisors who take "custody" of client funds or securities.

The division may propose amendments to chapter 460-33A WAC concerning mortgage broker-dealers.

Washington State Code Reviser's Office