12-21-120

WSR 12-21-120

PREPROPOSAL STATEMENT OF INQUIRY

DEPARTMENT OF

FINANCIAL INSTITUTIONS
(Division of Consumer Services)

[ Filed October 23, 2012, 4:26 p.m. ]

     Subject of Possible Rule Making: Amending the rules (chapter 208-660 WAC) under the Mortgage Broker Practices Act (chapter 19.146 RCW).

     Statutes Authorizing the Agency to Adopt Rules on this Subject: Chapter 43.320 RCW, RCW 19.146.223.

     Reasons Why Rules on this Subject may be Needed and What They Might Accomplish: The rules must be amended to increase the number of prelicensing education hours specific to Washington law in order to ensure that Washington mortgage loan officer applicants are properly educated about Washington law prior to licensing.

     Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: The Consumer Financial Protection Bureau (CFPB) implements the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). The agency will coordinate the increase of hours with the CFPB if necessary.

     Process for Developing New Rule:       Negotiated rule making, this rule making is proposed under OFM Guideline 3.d.

     Interested parties can participate in the decision to adopt the new rule and formulation of the proposed rule before publication by sending comments to Cindy Fazio, Division of Consumer Services, P.O. Box 41200, Olympia, WA 98504-1200, [phone], [e-mail]. See also the department of financial institutions web site (www.dfi.wa.gov) and the industry listserv e-mail subscription.

October 23, 2012

Deborah Bortner, Director

Division of Consumer Services