Mortgage Broker Practices Act Rulemaking

Industry: 
Mortgage Brokers
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 Mortgage Broker Practices Act and Consumer Loan Act (chapter 208-620 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 trust accounts to reduce conflict with other state laws, and technical changes for clarity and consistency.

Upcoming Meetings and Hearings

September 24, 2019, teleconference, 10:30-12:00, Room 319, Department of Financial Institutions

Rulemaking Schedule

Please note these dates may change.

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

Documents

  • CR-101
    This filing with the code reviser puts the public on notice that a rulemaking has begun.

Audio from Rulemaking Hearings

  • None at this time.

Comments Received

  • None at this time.