Rulemaking Update
Consumer Services has not filed any new rulemakings.
Visit DFI’s Rulemaking Webpage to view all rulemaking documents.
Legislative Update
The Legislative session wrapped up in early March. While the Division of Consumer Services did not run any bills this year, there were several introduced that would have impacted our area of regulation. The following did pass:
- SHB 1889 amends the Uniform Money Services Act (chapter 19.230 RCW) to clarify that the Responsible Individual must reside in the US. This bill is effective July 1, 2024.
- SSB 6025 amends the Consumer Loan Act (chapter 31.04 RCW) to make clear that it is a violation to engage in any device, subterfuge, or pretense to evade the requirements of the act. Additionally, persons making loans at an interest rate higher than what is permitted under the Consumer Loan Act are lenders subject to the act if they have the predominant economic interest in the loan, or the totality of the circumstances indicate that the person is the lender. This bill is effective June 6, 2024.
The Division expects to do rulemaking to implement the amendments to both these statues.