WSR 19-13-028
AGENDA
DEPARTMENT OF
FINANCIAL INSTITUTIONS
[Filed June 11, 2019, 3:26 p.m.]
Semi-Annual Agenda for Rules Under Development
July 1 – December 31, 2019
DIVISION OF CONSUMER SERVICES
•Consumer Loan Act. Begin, finalize, and adopt rules under chapter 208-620 WAC to, among other things, implement the temporary authority to conduct business process[es] for residential mortgage loan originators. Rules are necessary to efficiently implement this amendment to the federal SAFE Act.
The rule making will also amend, if necessary, any rules for student education loan services not accomplished last year. That rule making and any subsequent amendments in this rule making are made to implement chapter 62, Laws of 2018, the new regulatory program for student education loan servicers.
The rule making will also amend and recodify the rules for mortgage loan originators into their own chapter under Title 208 WAC. Loan originators are regulated under both the Consumer Loan Act, chapter 31.04 RCW, and the Mortgage Broker Practices Act, chapter 19.146 RCW, with rules in both chapters implementing the two acts. Moving the rules into one chapter of the WAC will simplify access to the rules.
•Mortgage Broker Practices Act. Begin, finalize, and adopt rules under chapter 208-660 WAC to implement the temporary authority to conduct business process[es] for residential mortgage loan originators. Rules are necessary to efficiently implement this amendment to the federal SAFE Act.
The rule making will also codify into rule the department's October 31, 2018, interim guidance for licensees under the act using a trust account.
The rule making will also amend and recodify the rules for mortgage loan originators into their own chapter under Title 208 [WAC]. Loan originators are regulated under both the Consumer Loan Act, chapter 31.04 RCW, and the Mortgage Broker Practices Act, chapter 19.146 RCW, with rules in both chapters implementing the two acts. Moving the rules into one chapter of the WAC will simplify access to the rules.
DIVISION OF CREDIT UNIONS
•Notice of powers rule. HB 1247 (chapter 19, Laws of 2019) allows a credit union to pick powers from another state credit union act, contingent on the approval of the division director. This would be a new rule, which would include the requirements for notice to the director citing the state power, any restrictions or limitations on that power, and how the credit union would use the power in a safe and sound matter [manner].
•Investment rules. Possibly amend rules in chapter 208-436 WAC, as HB 1247 (chapter 19, Laws of 2019) allows additional investment authority for credit unions.
•Semi-annual asset assessments. Possibly amend WAC 208-148-040 to revise the calculation.
DIVISION OF SECURITIES
•Exempt transactions. Amend WAC 460-44A-503 to mandate electronic filing of Rule 506 exempt offering notice filings through the North American Securities Administrations Association (NASAA) electronic filing depository system.
•Small company offering registrations (SCOR) rules. Amend chapter 460-17A WAC to implement updates as a result of the May 19, 2019, amendments to NASAA's SCOR statement of policy.