Consumer Loan Act Rulemaking

Industry: 
Consumer Loan Companies
Rulemaking Status: 
Open
Effective Date: 
11/24/2019
Rulemaking Subject/About: 

DFI has filed a CR-101 to implement amendments (Sec. 106 of S. 2155, Public Law No. 115-174) to the federal SAFE act (the federal law requiring the licensure of individual mortgage loan originators (MLOs).  In addition, the department will consolidate rules relating to MLOs, currently found in both the Consumer Loan Act and the Mortgage Broker Practices Act (chapter 208-660 WAC), into a new chapter to assist licensees in finding and understanding the rules that apply to their licenses. Other amendments may include changes to the rules regulating student education loan servicers to reduce conflict with federal law or rules, and technical changes for clarity and consistency. 

Rulemaking Schedule

Please note these dates may change.

PLEASE NOTE THE COMMENT PERIOD IS OPEN UNTIL OCTOBER 11, 2019

  • CR-101 - 7/3/19
  • CR-102 - 8/21/19
  • Hearing - 9/24/19
  • CR-103 - 10/22/19
  • Effective - 11/24/19

Documents

Audio from Rulemaking Hearings

Comments Received