Wash. Admin. Code § 208-12-030 - Description of organization of department
(1) The department is an administrative,
supervisory, licensing, regulatory, public outreach, educational, and
chartering agency.
(2) The
department is organized pursuant to chapter 43.320 RCW under a director,
appointed by the governor, and assistant directors (also known as "division
directors"), appointed by the director.
(3) The director has delegated authority to
each assistant director to act in a specific functional area. The functional
areas are the: Division of administration; division of banks; division of
consumer services; division of credit unions; and division of
securities.
(4) Four of these
divisions regulate various programs including, but not limited to:
(a) The chartering, licensing, and regulation
of state banks; nonbank trust companies and trust departments of banks; state
savings banks; holding companies of state banks and state savings banks;
bureaus and other offices; and agricultural credit corporations, federally
guaranteed small business loan companies, and business development companies,
by and through the division of banks;
(b) The licensing and regulation of consumer
loan companies, check cashers and sellers, small loan licensees, mortgage
brokers, mortgage loan officers, mortgage loan facilitators, mortgage loan
servicers, escrow agents, money transmitters, currency exchangers, and other
money services businesses, and tax refund anticipation lenders, by and through
the division of consumer services;
(c) The chartering and regulation of state
credit unions and credit union service organizations, which are administered by
and through the division of credit unions;
(d) The registering and regulation of
securities offerings and broker-dealers, commodities offerings and
broker-dealers, franchises and franchise brokers, business opportunities, and
investment advisers, by and through the division of securities; and
(e) The licensing and regulation of other
similar or incidental financial businesses or areas of financial regulation by
one or more of the divisions enumerated in this section.
(5) The division of administration acts as
support for the other divisions by providing administrative, fiscal, human
resources, information technology, and other services. Included within the
division of administration are also executive-level personnel, who report
directly to the director of the department, and who provide:
(a) Public policy, regulatory, and other
advice to the director and to the assistant directors of each of the divisions;
and
(b) Public and media relations
and communications services to the department and financial education outreach
to the general public.
(6) The mission of the department is to
regulate financial services to protect and educate the public and promote
economic vitality.
(7) The
department is charged with protecting the public interest, protecting the
safety and soundness of depository institutions and entities under the
jurisdiction of the department, ensuring access to the regulatory process for
all concerned parties, and protecting the interests of investors.
(8) The governor appoints the director, with
the consent of the senate. The director holds office at the pleasure of the
governor.
(a) The director has complete
charge of the department. The director may deputize one of the assistant
directors to exercise the powers and duties of the director in the event of his
or her absence. The director may delegate duties to assistant directors in
accordance with
RCW
43.320.060.
(b) By specific powers of legislation,
including the power to delegate, the director has the responsibility and
authority to act and direct in the following areas:
(i) Administer the laws pertaining to
chartering, licensing, registration, education, and regulation of the financial
institutions and businesses and areas of financial regulation set forth in
subsection (4) of this section; and
(ii) Adopt and enforce rules consistent with
and necessary to carry out the provisions of existing laws.
(9) Chapter 34.05 RCW,
the Administrative Procedure Act, and department-related statutes and rules
govern the formal and informal proceedings conducted by the
department.
Notes
Statutory Authority: RCW 43.320.040 and 42.17.250. 96-14-082, § 208-12-030, filed 7/1/96, effective 8/1/96.
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