WSR 17-14-047

PREPROPOSAL STATEMENT OF INQUIRY

[Filed June 28, 2017, 12:23 p.m.]

Subject of Possible Rule Making: Amending the rules (chapter 208-690 WAC) under the Uniform Money Services Act, chapter 19.230 RCW.

Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW 43.320.040, 19.230.310. Proposed in compliance with OFM Guidance 3 e and f dated October 12, 2011.

Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to implement the statutory changes from SSB 5031 (chapter 30, Laws of 2017), to benefit the regulated industries by having clear and consistent rules including taking into account innovations in the industry, informing the industry of obligations under state and federal law, to change the definition of stored value to be consistent with federal law, and to otherwise make necessary technical changes.

Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: There are a number of federal laws that industry must comply with. 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. This gives industry a consistent and equitable regulatory environment in which to operate.

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, Division of Consumer Services, P.O. Box 41200, Olympia, WA 98504-1200, phone (360) 902-8793, email sara.rietcheck@dfi.wa.gov or sign up for the GovDelivery email subscription from the DFI web site (www.dfi.wa.gov) or access the rule-making page on the DFI web site.

June 28, 2017

Charles Clark

Agency Deputy Director

Director of Consumer Services