The Following Sections are Proposed for Expedited Repeal: All sections of chapter 50-16 WAC, Consumer Finance Act rules.

Rules Proposed for Expedited Repeal Meet the Following Criteria: Statute on which the rule was based has been repealed and has not been replaced by another statute providing statutory authority for the rule.

Any person who objects to the repeal of the rule must file a written objection to the repeal within thirty days after publication of this preproposal statement of inquiry.

Address Your Objection to: Wayne Fralin, Director of Banks, Department of Financial Institutions, 210 11th Avenue S.W., Suite 300, P.O. Box 41200 (98504-1200), Olympia, WA 98504.

Reason the Expedited Repeal of the Rule is Appropriate: Chapter 50-16 WAC is based on RCW 31.04.150 and chapter 31.08 RCW, which were repealed during the 1991 legislative session. (Repeals of RCW 31.04.150 and chapter 31.08 RCW were effective as of January 1, 1992, and January 1, 1993, respectively.)

February 3 [2], 1999

John L. Bley

Director

OTS-2804.1

REPEALER
     The following chapter of the Washington Administrative Code is repealed:

WAC 50-16-020	Recordkeeping--General.
WAC 50-16-025	Allocation of expenses to consumer finance business.
WAC 50-16-030	Books, files and accounting records required.
WAC 50-16-035	Forms.
WAC 50-16-040	Litigation record.
WAC 50-16-045	Loans.
WAC 50-16-050	Computation of charges.
WAC 50-16-055	Rebate of precomputed charges.
WAC 50-16-060	Splitting loans prohibited.
WAC 50-16-065	Statement to borrower--Receipt.
WAC 50-16-070	Advertising.
WAC 50-16-075	Restrictions on insurance.
WAC 50-16-080	Delivery of policy or evidence to borrower--Master policy required.
WAC 50-16-085	Rebate of credit life insurance charge.
WAC 50-16-090	File for official correspondence and reports.
WAC 50-16-095	Knowledge of the law and regulations.
WAC 50-16-100	Hours of business.
WAC 50-16-105	Insufficient funds charge.

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