PREPROPOSAL STATEMENT OF INQUIRY
Subject of Possible Rule Making: One page disclosure summary form and related rules for residential mortgage loans as described in chapter 108, Laws of 2008 (SHB 2770).
Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapter 108, Laws of 2008 (SHB 2770); chapter 43.320 RCW.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: To provide guidance to those affected by the law, including commercial and alien banks under Title 30 RCW, savings banks under Title 32 RCW, savings associations under Title 33 RCW, credit unions under chapter 31.12 RCW, consumer loan companies under chapter 31.04 RCW, and mortgage brokers under chapter 19.146 RCW.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Federal Reserve Board (FRB) implementing the Truth in Lending Act through Regulation Z. The department of financial institutions (DFI) will coordinate the proposed rules with the federal rules as much as practicable.
Process for Developing New Rule: Negotiated rule making.
Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by contacting Susan Putzier, Department of Financial Institutions, P.O. Box 41200, Olympia, WA 98504, (360) 902-8764, email@example.com. See also http://dfi.wa.gov/resources/2770_disclosure_rulemaking.htm. See also www.dfi.wa.gov, ListServ to sign up to receive all notices and rule-making filings under the agency ListServ subscription.
June 12, 2008
Linda Jekel, Director
Division of Credit Unions