WSR 18-06-034
(Division of Consumer Services)
[Filed February 28, 2018, 2:56 p.m.]
Subject of Possible Rule Making: Amending chapter 208-620 WAC under the Consumer Loan Act, chapter 31.04 RCW.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040, 31.04.165. Proposed in compliance with OFM Guidance 3.a. dated October 12, 2011.
Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to clarify the roles of parties investing in, owning, and servicing residential mortgage loans. The rules will provide additional detail to industry to help them comply with the law. Additionally, technical changes are made. Amending the rules to clarify what residential mortgage loan servicing activities can be conducted outside the United States. Restructuring WAC 208-620-900 to make it easier to read. Amending the rules to detail the requirements of the compliance management system and provide resources to industry.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Currently, industry participants in federal housing programs must comply with those requirements. As Washington law allows and when federal regulations provide adequate consumer protection, the department of financial institutions (DFI) insures [ensures] that state regulations are consistent with the federal regulations.
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 Sara Rietcheck, P.O. Box 41200, Olympia, WA 98504-1200, phone 360-902-8793, email, web site Sign up for the GovDelivery email subscription system from the DFI web site. Access the rule-making page on the DFI web sit [site].
February 28, 2018
Charles Clark, Director
Division of Consumer Services