The Following Sections are Proposed for Expedited Repeal: Chapter 460-46A WAC, Corporate limited offering exemption (CLOE).

Rules Proposed for Expedited Repeal Meet the Following Criteria: Rule is no longer necessary because of changed circumstances.

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: William M. Beatty, Department of Financial Institutions, Securities Division, P.O. Box 9033, Olympia, WA 98507-9033, e-mail bbeatty@dfi.wa.gov, fax (360) 704-6923.

Reason the Expedited Repeal of the Rule is Appropriate: The Securities Division has received very few filings pursuant to this chapter since the 1988 adoption of the small company offering registration (SCOR) program of chapter 460-17A WAC. SCOR is superior in many ways to CLOE. The permitted offering amount is higher, there are no limitations on the number of investors, and the SCOR Form is a universal form accepted in approximately 47 states. Recent revisions to the SOCR Form incorporate several features from the CLOE Form that further increase the attractive and usefulness of the SCOR Form.

November 19, 1999

Deborah R. Bortner

Director of Securities

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