WSR 16-06-071
PREPROPOSAL STATEMENT OF INQUIRY
DEPARTMENT OF
FINANCIAL INSTITUTIONS
(Division of Consumer Services)
[Filed February 26, 2016, 9:13 a.m.]
Subject of Possible Rule Making: Amending the rules (chapter 208-620 WAC) under the Consumer Loan Act (chapter
31.04 RCW) concerning requirements for residential mortgage loan servicers such as bonding, liquidity and tangible net worth.
Statutes Authorizing the Agency to Adopt Rules on this Subject: RCW
43.320.040,
31.04.165. Proposed in compliance with OFM Guidance 3.a. 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 changes to the state law. The rules will provide additional detail to industry to help them comply with the law.
Other Federal and State Agencies that Regulate this Subject and the Process Coordinating the Rule with These Agencies: Currently, industry participants in federal housing programs must comply with those requirements. As Washington law allows and when federal regulations provide adequate consumer protection, the department of financial institutions (DFI) insures that state regulations are consistent with the federal regulations.
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, e-mail sara.rietcheck@dfi.wa.gov. Sign up for the GovDelivery e-mail subscription system from the DFI web site www.dfi.wa.gov. Access the rule-making page on the DFI web site.
February 26, 2016
Charles Clark, Director
Division of Consumer Services
