PREPROPOSAL STATEMENT OF INQUIRY
(Division of Consumer Services)
Subject of Possible Rule Making: Amending the rules (chapter 208-690 WAC) under the Uniform Money Services Act, chapter 19.230 RCW, to clarify which licensees must use the multistate licensing system (NMLS) as the licensing portal for their state-issued license under the act.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040, 19.230.310, 19.230.033.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: Rules are needed to clarify for the industry which industry participants will seek state licensure through the NMLS.
The rules are being amended under the authority of OFM Guideline 3(e), October 12, 2011.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Consumer Financial Protection Bureau (CFPB). The agency will amend the rules based on the CFPB's determination of "larger participant" within the industry.
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 Cindy Fazio, Division of Consumer Services, P.O. Box 41200, Olympia, WA 98504-1200, (360) 902-8800, email@example.com, DFI web site www.dfi.wa.gov, industry listserv e-mail subscription.
October 2 , 2012
Deborah Bortner, Director
Division of Consumer Services