title: RCW 30A.22.260

text:
(1) If approved by its board of directors, a financial institution may conduct a promotional contest of chance as permitted under RCW 9.46.0356(1)(b).
(2) A financial institution must not conduct a savings promotional contest of chance, if, in the opinion of the director:
(a) It is likely to or does adversely affect the financial institution's safety and soundness;
(b) It is administered in an unsafe and unsound or imprudent manner, or in a manner that is likely to or does result in actual or potential reputational harm to the financial institution; or
(c) It is likely to or has misled the financial institution's members, depositors, or the general public.
(3) The director may examine the conduct of a promotional contest of chance pursuant to his or her supervisory and examination powers under:
(a) *Title 30 RCW, in regard to a bank;
(b) Title 32 RCW, in regard to a mutual or stock savings bank; or
(c) Chapter 31.12 RCW, in regard to a state credit union.
(4) The director may exercise his or her full enforcement powers under the titles and chapter in subsection (3) of this section and may issue a cease and desist order for a violation of this section.
(5) A financial institution must maintain records sufficient to facilitate an audit of a promotional contest of chance, and must provide those records to the director upon request.
[ 2011 c 303 s 5. Formerly RCW 30.22.260.]
Notes:
*Reviser's note: Title 30 RCW was recodified and/or repealed pursuant to chapter 37, Laws of 2014, effective January 5, 2015.
Findings—Intent—2011 c 303: See note following RCW 9.46.0356.

catchline: Promotional contests of chance—Director's authority.


doc_type: statute

jurisdiction: wa

title: RCW 30A.22.900

text:
This act shall take effect on July 1, 1982.
[ 1981 c 192 s 34. Formerly RCW 30.22.900.]

license: public-domain-government-work

rule_set: Revised Code of Washington

catchline: Effective date—1981 c 192.

code: rcw

unit: section

court: Washington State Legislature


title: RCW 30A.22.902

text:
For the purposes of this chapter, the terms spouse, marriage, marital, husband, wife, widow, widower, next of kin, and family shall be interpreted as applying equally to state registered domestic partnerships or individuals in state registered domestic partnerships as well as to marital relationships and married persons, and references to dissolution of marriage shall apply equally to state registered domestic partnerships that have been terminated, dissolved, or invalidated, to the extent that such interpretation does not conflict with federal law. Where necessary to implement chapter 521, Laws of 2009, gender-specific terms such as husband and wife used in any statute, rule, or other law shall be construed to be gender neutral, and applicable to individuals in state registered domestic partnerships.
[ 2009 c 521 s 76. Formerly RCW 30.22.902.]

catchline: Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.


title: RCW 30A.26.005

text:
Chapter 23, Laws of 2024 may be known and cited as the uniform special deposits act.
[ 2024 c 23 s 1.]

catchline: Short title—2024 c 23.


title: RCW 30A.26.010

text:
The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
(1) "Account agreement" means an agreement that:
(a) Is in a record between a bank and one or more depositors;
(b) May have one or more beneficiaries as additional parties; and
(c) States the intention of the parties to establish a special deposit governed by this chapter.
(2) "Bank" has the same meaning as "financial institution" in RCW 30A.22.040. Each branch or separate office of a bank is a separate bank for the purpose of this chapter.
(3) "Beneficiary" means a person that:
(a) Is identified as a beneficiary in an account agreement; or
(b) If not identified as a beneficiary in an account agreement, may be entitled to payment from a special deposit:
(i) Under the account agreement; or
(ii) On termination of the special deposit.
(4) "Contingency" means an event or circumstance stated in an account agreement that is not certain to occur but must occur before the bank is obligated to pay a beneficiary.
(5) "Creditor process" means attachment, garnishment, levy, notice of lien, sequestration, or similar process issued by or on behalf of a creditor or other claimant.
(6) "Depositor" means a person that establishes or funds a special deposit.
(7) "Good faith" means honesty in fact and observance of reasonable commercial standards of fair dealing.
(8) "Knowledge" of a fact means:
(a) With respect to a beneficiary, actual knowledge of the fact; or
(b) With respect to a bank holding a special deposit:
(i) If the bank:
(A) Has established a reasonable routine for communicating material information to an individual to whom the bank has assigned responsibility for the special deposit; and
(B) Maintains reasonable compliance with the routine, actual knowledge of the fact by that individual; or
(ii) If the bank has not established and maintained reasonable compliance with a routine described in (b)(i) of this subsection (8) or otherwise exercised due diligence, implied knowledge of the fact that would have come to the attention of an individual to whom the bank has assigned responsibility for the special deposit.
(9)(a) "Obligated to pay a beneficiary" means a beneficiary is entitled under the account agreement to receive from the bank a payment when:
(i) A contingency has occurred; and
(ii) The bank has knowledge the contingency has occurred.
(b) "Obligation to pay a beneficiary" has a corresponding meaning.
(10) "Permissible purpose" means a governmental, regulatory, commercial, charitable, or testamentary objective of the parties stated in an account agreement. The term includes an objective to:
(a) Hold funds:
(i) In escrow, including for a purchase and sale, lease, buyback, or other transaction;
(ii) As a security deposit of a tenant;
(iii) That may be distributed to a person as remuneration, retirement or other benefit, or compensation under a judgment, consent decree, court order, or other decision of a tribunal; or
(iv) For distribution to a defined class of persons after identification of the class members and their interest in the funds;
(b) Provide assurance with respect to an obligation created by contract, such as earnest money to ensure a transaction closes;
(c) Settle an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure;
(d) Provide assurance with respect to an obligation that arises in the operation of a payment system, securities settlement system, or other financial market infrastructure; or
(e) Hold margin, other cash collateral, or funds that support the orderly functioning of financial market infrastructure or the performance of an obligation with respect to the infrastructure.
(11) "Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity. The term includes a protected series, however denominated, of an entity if the protected series is established under law that limits, or limits if conditions specified under law are satisfied, the ability of a creditor of the entity or of any other protected series of the entity to satisfy a claim from assets of the protected series.
(12) "Record" means information:
(a) Inscribed on a tangible medium; or
(b) Stored in an electronic or other medium and retrievable in perceivable form.
(13) "Special deposit" means a deposit that satisfies RCW 30A.26.040.
(14) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States. The term includes an agency or instrumentality of the state.
[ 2024 c 23 s 2.]

catchline: Definitions.


title: RCW 30A.26.020

text:
(1) This chapter applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this chapter, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to Washington state.
(2) The parties to an account agreement may choose a forum in this state for settling a dispute arising out of the special deposit, regardless of whether a party to the account agreement or a transaction related to the special deposit, or the special deposit itself, has a reasonable relation to this state, provided the parties have the approval of the presiding judicial officer.
(3) This chapter does not affect:
(a) A right or obligation relating to a deposit other than a special deposit under this chapter;
(b) Previously established common law or application of statutes regarding deposits other than special deposits under this chapter; or
(c) The voidability of a deposit or transfer that is fraudulent or voidable under other law.
[ 2024 c 23 s 3.]

catchline: Scope, choice of law, and forum.


title: RCW 30A.26.030

text:
(1) The effect of RCW 30A.26.010 through 30A.26.050, 30A.26.070 through 30A.26.100, and 30A.26.130 may not be varied by agreement, except as provided in those sections. Subject to subsection (2) of this section, the effect of RCW 30A.26.060, 30A.26.110, and 30A.26.120 may be varied by agreement.
(2) A provision in an account agreement or other record that substantially excuses liability or substantially limits remedies for failure to perform an obligation under this chapter is not sufficient to vary the effect of a provision of this chapter.
(3) If a beneficiary is a party to an account agreement, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the agreement expressly permits the amendment.
(4) If a beneficiary is not a party to an account agreement and the bank and the depositor know the beneficiary has knowledge of the agreement's terms, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the amendment does not adversely and materially affect a payment right of the beneficiary.
(5) If a beneficiary is not a party to an account agreement and the bank and the depositor do not know whether the beneficiary has knowledge of the agreement's terms, the bank and the depositor may amend the agreement without the consent of the beneficiary only if the amendment is made in good faith.
[ 2024 c 23 s 4.]

catchline: Variation by agreement or amendment.


title: RCW 30A.26.040

text:
A deposit is a special deposit if it is:
(1) A deposit of funds in a bank under an account agreement;
(2) For the benefit of at least two beneficiaries, one or more of which may be a depositor;
(3) Denominated in a medium of exchange that is currently authorized or adopted by a domestic or foreign government;
(4) For a permissible purpose stated in the account agreement; and
(5) Subject to a contingency.
[ 2024 c 23 s 5.]

catchline: Requirements for special deposit.


title: RCW 30A.26.050

text:
(1) A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit.
(2) If, before termination of the special deposit, the bank or a court determines the special deposit no longer satisfies subsection (1) of this section, RCW 30A.26.070 through 30A.26.100 cease to apply to any funds deposited in the special deposit after the special deposit ceases to satisfy subsection (1) of this section.
(3) If, before termination of a special deposit, the bank determines the special deposit no longer satisfies subsection (1) of this section, the bank may take action it believes is necessary under the circumstances, including terminating the special deposit.
[ 2024 c 23 s 6.]

catchline: Permissible purpose.


title: RCW 30A.26.060

text:
(1) Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit.
(2) Except as provided in subsection (3) of this section, the obligation to pay the beneficiary is excused if the funds available in the special deposit are insufficient to cover such payment.
(3) Unless the account agreement provides otherwise, if the funds available in the special deposit are insufficient to cover an obligation to pay a beneficiary, a beneficiary may elect to be paid the funds that are available or, if there is more than one beneficiary, a pro rata share of the funds available. Payment to the beneficiary making the election under this subsection discharges the bank's obligation to pay a beneficiary and does not constitute an accord and satisfaction with respect to another person obligated to the beneficiary.
(4) Unless the account agreement provides otherwise, the obligation of the bank obligated to pay a beneficiary is immediately due and payable.
(5) The bank may discharge its obligation under this section by:
(a) Crediting another transaction account of the beneficiary; or
(b) Taking other action that:
(i) Is permitted under the account agreement for the bank to obtain a discharge; or
(ii) Otherwise would constitute a discharge under law.
(6) If the bank obligated to pay a beneficiary has incurred an obligation to discharge the obligation of another person, the obligation of the other person is discharged if action by the bank under subsection (5) of this section would constitute a discharge of the obligation of the other person under law that determines whether an obligation is satisfied.
[ 2024 c 23 s 7.]

catchline: Payment to beneficiary by bank.


title: RCW 30A.26.070

text:
(1) Neither a depositor nor a beneficiary has a property interest in a special deposit.
(2) Any property interest with respect to a special deposit is only in the right to receive payment if the bank is obligated to pay a beneficiary and not in the special deposit itself. Any property interest under this subsection is determined under other law.
[ 2024 c 23 s 8.]

catchline: Property interest of depositor or beneficiary.


title: RCW 30A.26.080

text:
(1) Subject to subsection (2) of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit.
(2) Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is obligated to pay a beneficiary or a depositor if the process:
(a) Is served on the bank;
(b) Provides sufficient information to permit the bank to identify the depositor or the beneficiary from the bank's books and records; and
(c) Gives the bank a reasonable opportunity to act on the process.
(3) Creditor process served on a bank before it is enforceable against the bank under subsection (2) of this section does not create a right of the creditor against the bank, or a duty of the bank to the creditor. Other law determines whether creditor process creates a lien enforceable against the beneficiary on a contingent interest of a beneficiary, including a depositor as a beneficiary, even if not enforceable against the bank.
[ 2024 c 23 s 9.]

catchline: When creditor process enforceable against bank.


title: RCW 30A.26.090

text:
A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit.
[ 2024 c 23 s 10.]

catchline: Injunction or similar relief.


title: RCW 30A.26.100

text:
(1) Except as provided in subsection (2) or (3) of this section, a bank may not exercise a right of recoupment or set off against a special deposit.
(2) An account agreement may authorize the bank to debit the special deposit:
(a) When the bank becomes obligated to pay a beneficiary, in an amount that does not exceed the amount necessary to discharge the obligation;
(b) For a fee assessed by the bank that relates to an overdraft in the special deposit account;
(c) For costs incurred by the bank that relate directly to the special deposit; or
(d) To reverse an earlier credit posted by the bank to the balance of the special deposit account, if the reversal occurs under an event or circumstance warranted under other law of this state governing mistake and restitution.
(3) The bank holding a special deposit may exercise a right of recoupment or set off against an obligation to pay a beneficiary, even if the bank funds payment from the special deposit.
[ 2024 c 23 s 11.]

catchline: Recoupment or set off.


title: RCW 30A.26.110

text:
(1) A bank does not have a fiduciary duty to any person with respect to a special deposit.
(2) When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and beneficiary.
(3) The bank holding a special deposit has a duty to a beneficiary to comply with the account agreement and this chapter.
(4) If the bank holding a special deposit does not comply with the account agreement or this chapter, the bank is liable to a depositor or beneficiary only for damages proximately caused by the noncompliance. Except as provided by other law of this state, the bank is not liable for consequential, special, or punitive damages.
(5) The bank holding a special deposit may rely on records presented in compliance with the account agreement to determine whether the bank is obligated to pay a beneficiary.
(6) If the account agreement requires payment on presentation of a record, the bank shall determine within a reasonable time whether the record is sufficient to require payment. If the agreement requires action by the bank on presentation of a record, the bank is not liable for relying in good faith on the genuineness of the record if the record appears on its face to be genuine.
(7) Unless the account agreement provides otherwise, the bank is not required to determine whether a permissible purpose stated in the account agreement continues to exist.
[ 2024 c 23 s 12.]

catchline: Duties and liability of bank.


title: RCW 30A.26.120

text:
(1) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded.
(2) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment when the special deposit is terminated, and a balance remains in the special deposit, the bank shall pay the balance to the depositor or depositors as a beneficiary or beneficiaries.
(3) A bank that pays the remaining balance as provided under subsection (2) of this section has no further obligation with respect to the special deposit.
[ 2024 c 23 s 13.]

catchline: Term and termination.


title: RCW 30A.26.130

text:
Title 62A RCW, consumer protection law, law governing deposits generally, law related to escheat and abandoned or unclaimed property, and the principles of law and equity, including law related to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, and bankruptcy, supplement this chapter, except to the extent inconsistent with this chapter.
[ 2024 c 23 s 14.]

catchline: Principles of law and equity.


title: RCW 30A.26.140

text:
In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it.
[ 2024 c 23 s 15.]

catchline: Uniformity and application and construction.


title: RCW 30A.26.150

text:
This chapter applies to:
(1) A special deposit made under an account agreement executed on or after July 1, 2024; and
(2) A deposit made under an account agreement executed before July 1, 2024, if:
(a) All parties entitled to amend the account agreement agree to make the deposit a special deposit governed by this chapter; and
(b) The special deposit referenced in the amended account agreement satisfies RCW 30A.26.040.
[ 2024 c 23 s 16.]

catchline: Transitional provision.


title: RCW 30A.26.900

text:
This act takes effect July 1, 2024.
[ 2024 c 23 s 18.]

catchline: Effective date—2024 c 23.


title: RCW 30A.32.010

text:
Any bank or mutual savings bank may become a member of the federal reserve system of the United States and to that end may comply with all laws of the United States and all rules, regulations and requirements promulgated pursuant thereto, including the investment of its funds in the stock of a federal reserve bank; and any bank or mutual savings bank, whether a member of the federal reserve system or not, may invest its funds in the stock of the Federal Deposit Insurance Corporation created by the act of congress approved June 16, 1933, and may participate in the insurance of bank deposits and obligate itself for the cost of such participation by assessments or otherwise in accordance with the laws of the United States.
[ 2014 c 37 s 200; 1955 c 33 s 30.32.010. Prior: 1933 ex.s. c 9 s 1; RRS s 3235-1. Formerly RCW 30.32.010.]

catchline: Membership in federal reserve system—Investment in stock of Federal Deposit Insurance Corporation.


title: RCW 30A.32.020

text:
Any savings and loan association, building and loan association, bank, savings bank, or mutual savings bank may become a member of and invest its funds in the bonds and/or the capital stock of a federal home loan bank, and vote such stock in the manner prescribed by its board of directors.
[ 2014 c 37 s 201; 1955 c 33 s 30.32.020. Prior: 1933 c 105 s 1; RRS s 3294-1. Formerly RCW 30.32.020.]

catchline: Investment in federal home loan bank stock or bonds.


title: RCW 30A.32.030

text:
Any such bank, insurance company, or association, may borrow from any home loan bank and as security for borrowing may pledge therewith the notes, mortgages, trust deeds which it holds as shall be required by federal law, and under such rules and regulations as shall be adopted by a federal home loan bank.
[ 2014 c 37 s 202; 1955 c 33 s 30.32.030. Prior: 1933 c 105 s 2; RRS s 3294-2. Formerly RCW 30.32.030.]

catchline: May borrow from home loan bank.


title: RCW 30A.32.040

text:
Any such bank, insurance company, or association, may designate a federal home loan bank as a depositary for its funds.
[ 2014 c 37 s 203; 1955 c 33 s 30.32.040. Prior: 1933 c 105 s 3; RRS s 3294-3. Formerly RCW 30.32.040.]

catchline: Federal home loan bank as depositary.


title: RCW 30A.36.010

text:
Capital notes or debentures, where used in this chapter, shall mean notes or other obligations issued by a bank or mutual savings bank, for money obtained and used as additional capital or to replace impaired capital stock: PROVIDED, Such notes or other obligations are subordinate to the rights of depositors and other creditors.
The term "capital" where used in this chapter shall mean capital stock and/or capital notes.
[ 2014 c 37 s 204; 1955 c 33 s 30.36.010. Prior: 1935 c 42 s 1; RRS s 3295-1. Formerly RCW 30.36.010.]

catchline: Definitions.


title: RCW 30A.36.020

text:
With the approval of the director, any bank or mutual savings bank may at any time, through action of its board of directors or trustees, issue and sell its capital notes or debentures. Such capital notes or debentures shall be subordinate to the claims of depositors and other creditors. The holders of capital notes or debentures issued by a bank shall have such conversion rights as may be provided in the articles of incorporation with the approval of the director.
[ 2014 c 37 s 205; 1994 c 92 s 76; 1979 c 106 s 5; 1955 c 33 s 30.36.020. Prior: 1935 c 42 s 2; RRS 3295-2. Formerly RCW 30.36.020.]

catchline: Issuance and sale—Status—Conversion rights.


title: RCW 30A.36.030

text:
Where any bank or mutual savings bank has issued and has outstanding capital notes or debentures, it may carry its capital stock on its books at a sum less than par, and it shall not be considered impaired so long as the amount of such capital notes or debentures equals or exceeds the impairment as found by the director.
[ 2014 c 37 s 206; 1994 c 92 s 77; 1955 c 33 s 30.36.030. Prior: 1935 c 42 s 3; RRS s 3295-3. Formerly RCW 30.36.030.]

catchline: Stock at less than par—Impairment.


title: RCW 30A.36.040

text:
Before such capital notes or debentures are retired or paid by the bank or mutual savings bank, any existing impairment of its capital stock must be overcome or corrected to the satisfaction of the director.
[ 2014 c 37 s 207; 1994 c 92 s 78; 1955 c 33 s 30.36.040. Prior: 1935 c 42 s 4; RRS s 3295-4. Formerly RCW 30.36.040.]

catchline: Impairment to be corrected before retirement of notes or debentures.


title: RCW 30A.36.050

text:
Such capital notes or debentures shall in no case be subject to any assessment. The holders of such capital notes or debentures shall not be held individually responsible, as such holders, for any debts, contracts or engagements of such institution, and as such holders, shall not be held liable for assessments to restore impairments in the capital of such institution.
[ 1955 c 33 s 30.36.050. Prior: 1935 c 42 s 5; RRS s 3295-5. Formerly RCW 30.36.050.]

catchline: Not subject to assessments—Liability of holders.


title: RCW 30A.38.005

text:
As used in this chapter, unless a different meaning is required by the context, the following words and phrases have the following meanings:
(1) "Bank" means any national bank, state bank, and district bank, as those terms are defined in 12 U.S.C. Sec. 1813(a), and any savings association, as defined in 12 U.S.C. Sec. 1813(b).
(2) "Bank holding company" has the meaning set forth in 12 U.S.C. Sec. 1841(a)(1), and also means a savings and loan holding company, as defined in 12 U.S.C. Sec. 1467a.
(3) "Bank supervisory agency" means:
(a) Any agency of another state with primary responsibility for chartering and supervising banks; and
(b) The office of the comptroller of the currency, the federal deposit insurance corporation, the board of governors of the federal reserve system, and any successor to these agencies.
(4) "Control" shall be construed consistently with the provisions of 12 U.S.C. Sec. 1841(a)(2).
(5) "Home state" means with respect to a:
(a) State bank, the state by which the bank is chartered; or
(b) Federally chartered bank, the state in which the main office of the bank is located under federal law.
(6) "Home state regulator" means, with respect to an out-of-state state bank, the bank supervisory agency of the state in which the bank is chartered.
(7) "Host state" means a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain a branch.
(8) "Interstate combination" means the:
(a) Merger or consolidation of banks with different home states, and the conversion of branches of any bank involved in the merger or consolidation into branches of the resulting bank; or
(b) Purchase of all or substantially all of the assets, including all or substantially all of the branches, of a bank whose home state is different from the home state of the acquiring bank.
(9) "Out-of-state bank" means a bank whose home state is a state other than Washington.
(10) "Out-of-state state bank" means a bank chartered under the laws of any state other than Washington.
(11) "Resulting bank" means a bank that has resulted from an interstate combination under this chapter.
(12) "State" means any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands.
(13) "Washington bank" means a bank whose home state is Washington.
(14) "Washington state bank" means a bank organized under Washington banking law.
(15) "Branch" means an office of a bank through which it receives deposits, other than its principal office. Any of the functions or services authorized to be engaged in by a bank may be carried out in an authorized branch office.
(16) "De novo branch" means a branch of a bank located in a host state which:
(a) Is originally established by the bank as a branch; and
(b) Does not become a branch of the bank as a result of:
(i) The acquisition of another bank or a branch of another bank; or
(ii) A merger, consolidation, or conversion involving any such bank or branch.
[ 2005 c 348 s 1; 1996 c 2 s 10. Formerly RCW 30.38.005.]
Notes:
Effective date—2005 c 348: "This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and takes effect immediately [May 9, 2005]." [ 2005 c 348 s 7.]


title: RCW 30A.38.010

text:
(1) An out-of-state bank may engage in banking in this state without violating RCW 30A.04.280 only if the conditions and filing requirements of this chapter are met and the bank was lawfully engaged in banking in this state on July 22, 2010, or the bank's in-state banking activities:
(a) Resulted from an interstate combination pursuant to RCW 30A.49.125 or 32.32.500;
(b) Resulted from a relocation of a head office of a state bank pursuant to 12 U.S.C. Sec. 30 and RCW 30A.04.215(3);
(c) Resulted from a relocation of a main office of a national bank pursuant to 12 U.S.C. Sec. 30;
(d) Resulted from the establishment of a branch of a savings bank in compliance with RCW 32.04.030(6); or
(e) Resulted from interstate branching under RCW 30A.38.015.
Nothing in this section affects the authorities of alien banks as defined by RCW 30A.42.020 to engage in banking within this state.
(2) The director, consistent with 12 U.S.C. Sec. 1831u(b)(2)(D), may approve an interstate combination if the standard on which the approval is based does not discriminate against out-of-state banks, out-of-state bank holding companies, or subsidiaries of those banks or holding companies.
[ 2014 c 37 s 208; 2013 c 76 s 12; 2005 c 348 s 2; 1996 c 2 s 11. Formerly RCW 30.38.010.]
Notes:
Effective date—2005 c 348: See note following RCW 30A.38.005.

catchline: Out-of-state bank may engage in banking in this state—Conditions—Director's approval of interstate combination.


title: RCW 30A.38.015

text:
(1) An out-of-state bank that does not have a branch in Washington may, under this chapter, establish and maintain:
(a) A de novo branch in this state; or
(b) A branch in this state through the acquisition of a branch.
(2) An out-of-state bank desiring to establish and maintain a de novo branch or to acquire a branch in this state shall provide written application of the proposed transaction to the director, accompanied by the fee prescribed by the director, not later than three days after the date of filing with the responsible federal bank supervisory agency for approval to establish or acquire the branch.
(3) Subject to the conditions of this chapter, the director shall approve an application under subsection (2) of this section if the out-of-state bank would be permitted to establish or acquire a branch in Washington state if it were a bank chartered in Washington state.
[ 2013 c 76 s 13; 2005 c 348 s 3. Formerly RCW 30.38.015.]
Notes:
Effective date—2005 c 348: See note following RCW 30A.38.005.

catchline: Out-of-state bank without a branch in this state—Options—Director's approval required, conditions.


title: RCW 30A.38.020

text:
An out-of-state bank with host branches in this state may relocate its head office in Washington and reincorporate as a Washington state bank if the director finds that the bank meets the standards as to capital structures, operations, business experience, and character of officers and directors, and the bank follows the procedures specified in this section.
The bank shall file with the director on a form prescribed by the director, an application to relocate its head office to Washington. Within six months upon acceptance of a complete application, the director shall notify the bank to file, in triplicate, an executed and acknowledged certificate of reincorporation signed by a majority of the entire board of directors that at least two-thirds of each class of voting stock of the bank entitled to vote thereon has approved the: (1) Head office relocation; (2) change to a Washington state bank; and (3) new articles of incorporation.
Within thirty days after receipt of the certificate and articles, the director shall endorse upon each of the triplicate copies, over the director's official signature, the word "approved" or the word "refused," with the date of the endorsement. In case of refusal the director shall immediately return one of the triplicates, so endorsed, together with a statement explaining the reason for refusal to the bank from whom the certificate and articles were received. The refusal shall be conclusive, unless the bank, within ten days of the issuance of the notice of refusal, requests a hearing under chapter 34.05 RCW.
[ 1996 c 2 s 12. Formerly RCW 30.38.020.]

catchline: Out-of-state bank with host branches—Relocation of head office—Reincorporation—Application—Director's approval required.


title: RCW 30A.38.030

text:
(1) If authorized to engage in banking in this state under RCW 30A.38.010, an out-of-state bank may maintain and operate the branches in Washington of a Washington bank with which the out-of-state bank or its predecessors engaged in an interstate combination.
(2) The out-of-state bank may establish or acquire and operate additional branches in Washington to the same extent that any Washington bank may establish or acquire and operate a branch in Washington under applicable federal and state law.
(3) The out-of-state state bank may, at such branches, unless otherwise limited by the bank's home state law, exercise any powers and authorities that are authorized under the laws of this state for Washington state banks.
(4) The out-of-state state bank may, at these branches, exercise additional powers and authorities that are authorized under the laws of its home state, only if the director determines in writing that the exercise of the additional powers and authorities in this state will not threaten the safety and soundness of banks in this state and serves the convenience and needs of Washington consumers. Washington state banks also may exercise the powers and authorities under RCW * 30A.08.140(16) or ** 32.08.140(15).
[ 2014 c 37 s 209; 1996 c 2 s 13. Formerly RCW 30.38.030.]
Notes:
Reviser's note: *(1) RCW 30.08.140, which was subsequently recodified as RCW 30A.08.140 pursuant to 2014 c 37 s 4, was amended by 2013 c 76 ss 9 and 10, deleting subsection (16).
**(2) RCW 32.08.140 was amended by 2013 c 76 ss 24 and 25, deleting subsection (15).

catchline: Out-of-state bank may maintain and operate branches—Powers and authorities.


title: RCW 30A.38.040

text:
(1) The director may make examinations of any branch in this state of an out-of-state state bank as the director deems necessary to determine whether the branch is being operated in compliance with the laws of this state or is conducting its activities in accordance with safe and sound banking practices. The provisions applicable to examinations and sharing of information of Washington state banks shall apply to these examinations.
(2) The director may prescribe requirements for reports regarding any branches of an out-of-state bank that operates a branch in Washington pursuant to this chapter. The required reports shall be provided by the bank or by the bank supervisory agency having primary responsibility for the bank. Any reporting requirements prescribed by the director under this subsection shall be consistent with the reporting requirements applicable to Washington state banks and appropriate for the purpose of enabling the director to carry out his or her responsibilities under this chapter.
(3) The director may enter into supervisory agreements with any bank supervisory agency that has concurrent jurisdiction over a Washington state bank or an out-of-state state bank operating a branch in this state pursuant to this chapter to engage the services of that agency's examiners at a reasonable rate of compensation, or to provide the services of the director's examiners to that agency at a reasonable rate of compensation. These contracts are exempt from the requirements of *chapter 39.29 RCW. The director also may enter into supervisory agreements with other appropriate bank supervisory agencies and the bank to prescribe the applicable laws governing powers and authorities, including but not limited to corporate governance and operational matters, of Washington branches of an out-of-state bank chartered by another state or out-of-state branches of a Washington state bank. The supervisory agreement may resolve conflict of laws among home and host states and specify the manner in which the examination, supervision, and application processes shall be coordinated among the home and host states.
(4) The director may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch in Washington of an out-of-state state bank or any branch of a Washington state bank in any host state. The director also may at any time take action independently if the director deems it necessary or appropriate to carry out his or her responsibilities under this chapter or to ensure compliance with the laws of this state. However, in the case of an out-of-state state bank, the director shall recognize the exclusive authority of the home state regulator over corporate governance and operational matters and the primary responsibility of the home state regulator with respect to safety and soundness matters, unless otherwise specified in the supervisory agreement executed pursuant to this section.
(5) Each out-of-state state bank that maintains one or more branches in this state may be assessed and, if assessed, shall pay supervisory and examination fees in accordance with the laws of this state and rules of the director. The director is authorized to enter into agreements to share fees with other bank supervisory agencies or any organization affiliated with or representing one or more bank supervisory agencies.
[ 1996 c 2 s 14. Formerly RCW 30.38.040.]
Notes:
*Reviser's note: Chapter 39.29 RCW was repealed by 2012 c 224 s 29, effective January 1, 2013. See chapter 39.26 RCW.

catchline: Examinations of any branch of an out-of-state state bank—Reporting requirements for any branch of an out-of-state bank—Supervisory agreements—Joint examinations or enforcement actions—Assessments.


title: RCW 30A.38.050

text:
If the director determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of the laws of this state, or that the branch is being operated in an unsafe and unsound manner, the director has the authority to take all enforcement actions he or she would be empowered to take if the branch were a Washington state bank. However, the director shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
[ 1996 c 2 s 15. Formerly RCW 30.38.050.]

catchline: Branch of out-of-state state bank—Violations—Unsafe and unsound operations—Enforcement actions—Notice to home state regulator.


title: RCW 30A.38.060

text:
The director may adopt those rules necessary to implement chapter 2, Laws of 1996.
[ 1996 c 2 s 16. Formerly RCW 30.38.060.]

catchline: Rules.


title: RCW 30A.38.070

text:
(1) Any out-of-state state bank that will be the resulting bank pursuant to an interstate combination involving any bank with branches in Washington, if RCW 30A.49.125(5) does not apply, shall notify the director of the proposed combination not later than three days after the date of filing of an application for the combination with the responsible federal bank supervisory agency, and shall submit a copy of the application to the director and pay applicable application fees, if any, required by the director. In lieu of notice from the out-of-state state bank the director may accept notice from the bank's home state regulator. The director has the authority to waive any procedures required by Washington merger laws if the director finds that the provision is in conflict with the applicable federal law or in conflict with the applicable law of the state of the resulting bank.
(2) An out-of-state state bank that has established and maintains a branch in this state pursuant to this chapter shall give at least thirty days' prior written notice or, in the case of an emergency transaction, shorter notice as is consistent with the applicable state or federal law, to the director of any transaction that would cause a change of control with respect to the bank or any bank holding company that controls the bank, with the result that an application would be required to be filed pursuant to the federal change in bank control act of 1978, as amended, 12 U.S.C. Sec. 1817(j), or the federal bank holding company act of 1956, as amended, 12 U.S.C. Sec. 1841 et seq., or any successor statutes. In lieu of notice from the out-of-state state bank the director may accept notice from the bank's home state regulator.
[ 2014 c 37 s 210; 1996 c 2 s 17. Formerly RCW 30.38.070.]

catchline: Out-of-state state bank becomes resulting bank—Branches in this state—RCW 30A.49.125(5) does not apply—When established and maintained—Notice to director.


title: RCW 30A.38.080

text:
(1) The laws of Washington applicable to Washington state banks regarding community reinvestment, consumer protection, fair lending, and the establishment of intrastate branches apply to any branch in Washington of an out-of-state national bank or out-of-state state bank to the same extent as Washington laws apply to a Washington state bank. In lieu of taking action directly against an out-of-state state bank to enforce compliance with these Washington laws on host state branches, the director may refer action to the home state regulator, but the director retains enforcement powers to ensure that compliance is satisfactory to the director.
(2) Any host state branch of a Washington state bank shall comply with all applicable host state laws concerning community reinvestment, consumer protection, fair lending, and the establishment of intrastate branches.
(3) In the event that the responsible federal chartering authority, pursuant to applicable federal law, or in the event a court of competent jurisdiction declares that any Washington state law is invalid with respect to an out-of-state or national bank, that Washington state law is also invalid with respect to Washington state banks and to host branches of out-of-state state banks to that same extent. The director may, from time to time, publish by rule Washington state laws that have been found invalidated pursuant to federal law and procedures. This subsection does not impair, in any manner, the authority of the state attorney general to enforce antitrust laws applicable to banks, bank holding companies, or affiliates of those banks or bank holding companies.
[ 1996 c 2 s 18. Formerly RCW 30.38.080.]

catchline: Application of Washington laws—Declaration of invalidity.


title: RCW 30A.42.010

text:
The purpose of this chapter is to establish a legal and regulatory framework for operation by alien banks in the state of Washington that will:
(1) Create a financial climate which will benefit the economy of the state of Washington;
(2) Provide a well regulated and supervised financial system to assist the movement of foreign capital into Washington state for the support and diversification of the local industrial base;
(3) Assist the development of the economy of the state of Washington without disrupting business relationships of state and federal financial institutions.
[ 1973 1st ex.s. c 53 s 1. Formerly RCW 30.42.010.]

catchline: Purpose.


title: RCW 30A.42.020

text:
For the purposes of this chapter, the following terms shall be defined as follows:
(1) "Agency" means an office of an alien bank that is exercising the powers authorized by RCW 30A.42.180.
(2) "Alien bank" means a bank organized under the laws of a foreign country and having its principal place of business in that country, the majority of the beneficial ownership and control of which is vested in citizens of countries other than the United States of America.
(3) "Branch" means an office of an alien bank that is exercising the powers authorized by RCW 30A.42.105, 30A.42.115, and 30A.42.155.
(4) "Bureau" means an alien bank's operation in this state exercising the powers authorized by RCW 30A.42.230.
(5) "Office" means a branch or agency of an alien bank carrying on business in this state pursuant to this chapter.
[ 2014 c 37 s 211; 1994 c 92 s 80; 1983 c 3 s 48; 1973 1st ex.s. c 53 s 2. Formerly RCW 30.42.020.]
Notes:
Reviser's note: The definitions in this section have been alphabetized pursuant to RCW 1.08.015(2)(k).


title: RCW 30A.42.030

text:
An alien bank shall not establish and operate an office or bureau in this state unless it is authorized to do so by the director and unless it first complies with all of the provisions of this chapter and then only to the extent expressly permitted by this chapter.
[ 1994 c 92 s 81; 1973 1st ex.s. c 53 s 3. Formerly RCW 30.42.030.]

catchline: Authorization and compliance with chapter required.


title: RCW 30A.42.040

text:
An alien bank shall not be permitted to have more than one office in this state.
[ 1973 1st ex.s. c 53 s 4. Formerly RCW 30.42.040.]

catchline: More than one office prohibited.


title: RCW 30A.42.050

text:
An alien bank shall not take over or acquire an existing federal or state-chartered bank, trust company, mutual savings bank, savings and loan association, or credit union or any branch of any such bank, trust company, mutual savings bank, savings and loan association, or credit union in this state; nor shall any designee, officer, agent or employee of an alien bank serve on the board of directors of any federal or state bank, trust company, savings and loan association, or credit union, or the board of trustees of a mutual savings bank.
[ 1973 1st ex.s. c 53 s 5. Formerly RCW 30.42.050.]

catchline: Acquisition or serving on board of directors or trustees of other financial institutions prohibited.


title: RCW 30A.42.060

text:
An alien bank shall not hereafter open an office in this state until it has met the following conditions:
(1) It has filed with the director an application in such form and containing such information as shall be prescribed by the director.
(2) It has designated the director by a duly executed instrument in writing, its agent, upon whom process in any action or proceeding arising out of a transaction with the Washington office may be served. Such service shall have the same force and effect as if the alien bank were a Washington corporation and had been lawfully served with process within the state. The director shall forward by mail, postage prepaid, a copy of every process served upon him or her under the provisions of this subdivision, addressed to the manager or agent of such bank at its office in this state.
(3) It has allocated and assigned to its office within this state paid-in capital of not less than two hundred thousand dollars or such larger amounts as the director in his or her discretion may require.
(4) It has filed with the director a letter from its chief executive officer guaranteeing that the alien bank's entire capital and surplus is and shall be available for all liabilities and obligations of its office doing business in this state.
(5) It has paid the fees required by law and established by the director pursuant to RCW 30A.04.070.
(6) It has received from the director his or her certificate authorizing the transaction of business in conformity with this chapter.
[ 2014 c 37 s 212; 1994 c 92 s 82; 1973 1st ex.s. c 53 s 6. Formerly RCW 30.42.060.]

catchline: Conditions to be met before opening office in state.


title: RCW 30A.42.070

text:
The capital allocated as required in RCW 30A.42.060(3) shall be maintained within this state at all times in cash or in director approved interest bearing bonds, notes, debentures, or other obligations: (1) Of the United States or of any agency or instrumentality thereof, or guaranteed by the United States; or (2) of this state, or of a city, county, town, or other municipal corporation, or instrumentality of this state or guaranteed by this state, or such other assets as the director may approve. Such capital shall be deposited with a bank qualified to do business in and having its principal place of business within this state, or in a national bank qualified to engage in banking in this state. Such bank shall issue a written receipt addressed and delivered to the director reciting that such deposit is being held for the sole benefit of the United States domiciled creditors of such alien bank's Washington office and that the same is subject to his or her order without offset for the payment of such creditors. For the purposes of this section, the term "creditor" shall not include any other offices, branches, subsidiaries, or affiliates of such alien bank. Subject to the approval of the director, reasonable arrangements may be made for substitution of securities. So long as it shall continue business in this state in conformance with this chapter and shall remain solvent, such alien bank shall be permitted to collect all interest and/or income from the assets constituting such allocated capital.
Should any securities so depreciate in market value and/or quality as to reduce the deposit below the amount required, additional money or securities shall be deposited promptly in amounts sufficient to meet such requirements. The director may make an investigation of the market value and of the quality of any security deposited at the time such security is presented for deposit or at any time thereafter. The director may make such charge as may be reasonable and proper for such investigation.
[ 2014 c 37 s 213; 1994 c 92 s 83; 1982 c 95 s 1; 1979 c 106 s 6; 1973 1st ex.s. c 53 s 7. Formerly RCW 30.42.070.]
Notes:
Effective date—1982 c 95: "This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect July 1, 1982." [ 1982 c 95 s 9.]

catchline: Allocated paid-in capital—Requirements.


title: RCW 30A.42.080

text:
Every alien bank maintaining an office in this state shall keep the assets of its Washington office entirely separate and apart from the assets of its other operations as though the Washington office was conducted as a separate and distinct entity. Every such alien bank shall keep separate books of account and records for its Washington office and shall observe with respect to such office the applicable requirements of this chapter and the applicable rules and regulations of the director. The United States domiciled creditors of such alien bank's Washington office shall be entitled to priority with respect to the assets of its Washington office before such assets may be used or applied for the benefit of its other creditors or transferred to its general business.
[ 1994 c 92 s 84; 1973 1st ex.s. c 53 s 8. Formerly RCW 30.42.080.]

catchline: Separate assets—Books and records—Priority as to assets.


title: RCW 30A.42.090

text:
The director may give or withhold his or her approval of an application by an alien bank to establish an office in this state at his or her discretion. The director's decision shall be based on the information submitted to his or her office in the application required by RCW 30A.42.060 and such additional investigation as the director deems necessary or appropriate. Prior to granting approval to said application, the director shall have ascertained to his or her satisfaction that all of the following are true:
(1) The proposed location offers a reasonable promise of adequate support for the proposed office;
(2) The proposed office is not being formed for other than legitimate objects;
(3) The proposed officers of the proposed office have sufficient banking experience and ability to afford reasonable promise of successful operation;
(4) The reputation and financial standing of the alien bank is such as to command the confidence and warrant belief that the business of the proposed office will be conducted honestly and efficiently in accordance with the intent and purpose of this chapter, as set forth in RCW 30A.42.010;
(5) The principal purpose of establishing such office shall be within the intent of this chapter.
The director shall not grant an application for an office of an alien bank unless the law of the foreign country under which laws the alien bank is organized permits a bank with its principal place of business in this state to establish in that foreign country a branch, agency or similar operation.
[ 2014 c 37 s 214; 1994 c 92 s 85; 1973 1st ex.s. c 53 s 9. Formerly RCW 30.42.090.]


title: RCW 30A.42.100

text:
If the director approves the application, he or she shall notify the alien bank of his or her approval and shall file certified copies of its charter, certificate or other authorization to do business with the secretary of state. Upon such filing, the director shall issue a certificate of authority stating that the alien bank is authorized to conduct business through a branch or agency in this state at the place designated in accordance with this chapter. Each such certificate shall be conspicuously displayed at all times in the place of business specified therein.
The office of the alien bank must commence business within six months after the issuance of the director's certificate: PROVIDED, That the director for good cause shown may extend such period for an additional time not to exceed three months.
[ 1994 c 92 s 86; 1985 c 305 s 7; 1973 1st ex.s. c 53 s 10. Formerly RCW 30.42.100.]

catchline: Notice of approval—Filing—Time period for commencing business.


title: RCW 30A.42.105

text:
An approved branch of an alien bank shall have the same power to make loans and guarantee obligations as a state bank chartered pursuant to this title: PROVIDED, HOWEVER, That the base for computing the applicable loan limitation shall be the entire capital and surplus of the alien bank. The director may adopt rules limiting the amount of loans to full-time employees of the branch.
[ 2014 c 37 s 215; 1994 c 92 s 87; 1982 c 95 s 4. Formerly RCW 30.42.105.]
Notes:
Effective date—1982 c 95: See note following RCW 30A.42.070.

catchline: Power to make loans and to guarantee obligations.


title: RCW 30A.42.115

text:
(1) Any branch of an alien bank that received approval of its branch application pursuant to RCW 30A.42.090, or that had filed its branch application pursuant to RCW 30A.42.060, on or before July 27, 1978, and any approved branch of an alien bank that has designated Washington as its home state pursuant to section 5 of the International Banking Act of 1978, shall have the same power to solicit and accept deposits as a state bank chartered pursuant to this title, except that acceptance of initial deposits of less than one hundred thousand dollars shall be limited to deposits of the following:
(a) Any business entity, including any corporation, partnership, association, or trust, that engages in commercial activity for profit: PROVIDED, That there shall be excluded from this category any such business entity that is organized under the laws of any state or the United States, is majority-owned by United States citizens or residents, and has total assets, including assets of majority-owned subsidiaries, of less than one million five hundred thousand dollars as of the date of the initial deposit;
(b) Any governmental unit, including the United States government, any state government, any foreign government and any political subdivision or agency of the foregoing;
(c) Any international organization which is composed of two or more nations;
(d) Any draft, check, or similar instrument for the transmission of funds issued by the branch;
(e) Any depositor who is not a citizen of the United States and who is not a resident of the United States at the time of the initial deposit;
(f) Any depositor who established a deposit account on or before July 1, 1982, and who has continuously maintained the deposit account since that date: PROVIDED, That this subparagraph (f) of this subsection shall be effective only until July 1, 1985;
(g) Any other person: PROVIDED, That the amount of deposits under this subparagraph (g) of this subsection may not exceed four percent of the average of the branch's deposits for the last thirty days of the most recent calendar quarter, excluding deposits in the branch of other offices, branches, agencies, or wholly owned subsidiaries of the alien bank.
(2) As used in subsection (1) of this section, "initial deposit" means the first deposit transaction between a depositor and the branch. Different deposit accounts that are held by a depositor in the same right and capacity may be added together for purposes of determining the dollar amount of that depositor's initial deposit.
(3) Approved branches of alien banks, other than those described in subsection (1) of this section, may solicit and accept deposits only from foreign governments and their agencies and instrumentalities, persons, or entities conducting business principally at their offices or establishments abroad, and such other deposits that:
(a) Are to be transmitted abroad;
(b) Consist of collateral or funds to be used for payment of obligations to the branch;
(c) Consist of the proceeds of collections abroad that are to be used to pay for exported or imported goods or for other costs of exporting or importing or that are to be periodically transferred to the depositor's account at another financial institution;
(d) Consist of the proceeds of extensions of credit by the branch; or
(e) Represent compensation to the branch for extensions of credit or services to the customer.
(4) A branch may accept deposits, subject to the limitations set forth in subsections (1) and (3) of this section, only upon the same terms and conditions (including nature and extent of such deposits, withdrawal, and the payment of interest thereon) that banks organized under the laws of this state which are members of the Federal Reserve System may accept such deposits. Any branch that is not subject to reserve requirements under regulations of the Federal Reserve Board shall maintain deposit reserves in this state, pursuant to rules adopted by the director, to the same extent they must be maintained by banks organized under the laws of this state which are members of the Federal Reserve System.
[ 2014 c 37 s 216; 1994 c 92 s 88; 1985 c 305 s 8; 1982 c 95 s 6. Formerly RCW 30.42.115.]
Notes:
Effective date—1982 c 95: See note following RCW 30A.42.070.

catchline: Solicitation and acceptance of deposits.


title: RCW 30A.42.120

text:
A branch shall not commence to transact in this state the business of accepting deposits or transact such business thereafter unless it has met the following requirements:
(1) It has obtained federal deposit insurance corporation insurance covering its eligible deposit liabilities within this state, or in lieu thereof, made arrangements satisfactory to the director for maintenance within this state of additional capital equal to not less than five percent of its deposit liabilities, computed on the basis of the average daily net deposit balances covering semimonthly periods as prescribed by the director. Such additional capital shall be deposited in the manner provided in RCW 30A.42.070.
(2) It holds in this state currency, bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness or other obligations payable in the United States or in United States funds or, with the approval of the director, in funds freely convertible into United States funds or such other assets as are approved by the director, in an amount not less than one hundred percent of the aggregate amount of liabilities of such alien bank payable at or through its office in this state. When calculating the value of the assets so held, credit shall be given for the amounts deposited pursuant to RCW 30A.42.060(3) and 30A.42.120(1), but there shall be excluded all amounts due from the head office and any other branch, agency, or other office or wholly-owned subsidiary of the bank, except those amounts due from such offices or subsidiaries located within the United States and payable in United States dollars.
(3) If deposits are not insured by the federal deposit insurance corporation, then that fact shall be disclosed to all depositors pursuant to rules of the director.
(4) If the branch conducts an international banking facility, the deposits of which are exempt from reserve requirements of the federal reserve banking system, the liabilities of that facility shall be excluded from the deposit and other liabilities of the branch for the purposes of subsection (1) of this section.
[ 2014 c 37 s 217; 1994 c 92 s 89; 1982 c 95 s 2; 1975 1st ex.s. c 285 s 2; 1973 1st ex.s. c 53 s 12. Formerly RCW 30.42.120.]
Notes:
Effective date—1982 c 95: See note following RCW 30A.42.070.

catchline: Requirements for accepting deposits or transacting business.


title: RCW 30A.42.130

text:
The director may take possession of the office of an alien bank for the reasons stated and in the manner provided in chapter 30A.44 RCW. Upon the director taking such possession of a branch, no deposit liabilities of which are insured by the federal deposit insurance corporation, the amounts deposited pursuant to RCW 30A.42.120(1) shall thereupon become the property of the director, free and clear of any and all liens and other claims, and shall be held by the director in trust for the United States domiciled depositors of the office in this state of such alien bank. Upon obtaining the approval of the superior court of Thurston county, the director shall reduce such deposited capital to cash and as soon as practicable distribute it to such depositors.
If sufficient cash is available, such distribution shall be in equal amounts to each such depositor: PROVIDED, That no such depositor receives more than the amount of his or her deposit or an amount equal to the maximum amount insured by the federal deposit insurance corporation, whichever is less. If sufficient cash is not available, such distribution shall be on a pro rata basis to each such depositor: PROVIDED, That no such depositor receives more than the maximum amount insured by the federal deposit insurance corporation. If any cash remains after such distribution, it shall be distributed pro rata to those depositors whose deposits have not been paid in full: PROVIDED, That no depositor receives more than the amount of his deposit. For purposes of this section, the term "depositor" shall not include any other offices, subsidiaries or affiliates of such alien bank.
The term "deposit" as used in this section shall mean the unpaid balance of money or its equivalent received or held by the branch in the usual course of its business and for which it has given or is obligated to give credit, either conditionally or unconditionally to a demand, time or savings account, or which is evidenced by its certificate of deposit, or a check or draft drawn against a deposit account and certified by the branch, or a letter of credit or traveler's checks on which the branch is primarily liable.
Claims of depositors and creditors shall be made and disposed of in the manner provided in chapter 30A.44 RCW in the event of insolvency or inability of the bank to pay its creditors in this state. The capital deposit of the bank shall be available for claims of depositors and creditors. The claims of depositors and creditors shall be paid from the capital deposit in the following order or priority:
(1) Claims of depositors not paid from the amounts deposited pursuant to RCW 30A.42.120(1);
(2) Claims of Washington domiciled creditors;
(3) Other creditors domiciled in the United States; and
(4) Creditors domiciled in foreign countries.
The director shall proceed in accordance with and have all the powers granted by chapter 30A.44 RCW.
[ 2014 c 37 s 218; 1994 c 92 s 90; 1973 1st ex.s. c 53 s 13. Formerly RCW 30.42.130.]

catchline: Taking possession by director—Reasons—Disposition of deposits—Claims—Priorities.


title: RCW 30A.42.140

text:
The director, without previous notice, shall visit the office of an alien bank doing business in this state pursuant to this chapter at least once every eighteen months, and more often if necessary, for the purpose of making a full investigation into the condition of such office, and for that purpose they are hereby empowered to administer oaths and to examine under oath any director or member of its governing body, officer, employee, or agent of such alien bank or office. The director shall make such other full or partial examination as he or she deems necessary. The director shall collect, from each alien bank for each examination of the conditions of its office in this state, the estimated actual cost of such examination.
[ 2001 c 176 s 1; 1994 c 92 s 91; 1982 c 95 s 3; 1973 1st ex.s. c 53 s 14. Formerly RCW 30.42.140.]
Notes:
Effective date—1982 c 95: See note following RCW 30A.42.070.

catchline: Investigations—Examinations.


title: RCW 30A.42.150

text:
Loans made by an office shall be subject to the laws of the state of Washington relating to usury.
[ 1973 1st ex.s. c 53 s 15. Formerly RCW 30.42.150.]

catchline: Loans subject to usury laws.


title: RCW 30A.42.155

text:
(1) In addition to the taking of deposits and making of loans as provided in this chapter, a branch of an alien bank shall have the power only to carry out these other activities:
(a) Borrow funds from banks and other financial institutions;
(b) Make investments to the same extent as a state bank chartered pursuant to this title;
(c) Buy and sell foreign exchange;
(d) Receive checks, bills, drafts, acceptances, notes, bonds, coupons, and other securities for collection abroad and collect such instruments in the United States for customers abroad;
(e) Hold securities in safekeeping for, or buy and sell securities upon the order and for the risk of, customers abroad;
(f) Act as paying agent for securities issued by foreign governments or other organizations organized under foreign law and not qualified under the laws of the United States, or of any state or the District of Columbia, to do business in the United States;
(g) In order to prevent loss on debts previously contracted a branch may acquire shares in a corporation: PROVIDED, That the shares are disposed of as soon as practical but in no event later than two years from the date of acquisition;
(h) Issue letters of credit and create acceptances;
(i) Act as paying agent or trustee in connection with revenue bonds issued pursuant to chapter 39.84 RCW, in which the user is: (i) A corporation organized under the laws of a country other than the United States, or a subsidiary or affiliate owned or controlled by such a corporation; or (ii) a corporation, partnership, or other business organization, the majority of the beneficial ownership of which is owned by persons who are citizens of a country other than the United States and who are not residents of the United States, and any subsidiary or affiliate owned or controlled by such an organization; or in which the bank purchases twenty-five percent or more of the bond issue. For the purposes of chapter 39.84 RCW, such an alien bank shall be deemed to possess trust powers.
(2) In addition to the powers and activities expressly authorized by this section, a branch shall have the power to carry on such additional activities which are necessarily incidental to the activities expressly authorized by this section.
[ 2014 c 37 s 219; 1982 c 95 s 5. Formerly RCW 30.42.155.]
Notes:
Effective date—1982 c 95: See note following RCW 30A.42.070.

catchline: Powers and activities.


title: RCW 30A.42.160

text:
An alien bank may purchase, hold and convey real estate for the following purposes and no other:
(1) Such as shall be necessary for the convenient transaction of its business, including with its banking offices other apartments in the same building to rent as a source of income: PROVIDED, That not to exceed thirty percent of its capital and surplus and undivided profits may be so invested without the approval of the director.
(2) Such as shall be purchased or conveyed to it in satisfaction, or on account of, debts previously contracted in the course of business.
(3) Such as it shall purchase at sale under judgments, decrees, liens or mortgage foreclosures, against securities held by it.
(4) Such as it may take title to or for the purpose of investing in real estate conditional sales contracts.
(5) Such as shall be convenient for the residences of its employees.
No real estate except that specified in subsections (1) and (5) of this section may be carried as an asset on the corporation's books for a longer period than five years from the date title is acquired thereto, unless an extension of time be granted by the director.
[ 1994 c 92 s 92; 1975 1st ex.s. c 285 s 3; 1973 1st ex.s. c 53 s 16. Formerly RCW 30.42.160.]

catchline: Powers as to real estate.


title: RCW 30A.42.170

text:
(1) An alien bank that advertises the services of its branch in the state of Washington shall indicate on all advertising materials whether or not deposits placed with its branch are insured by the federal deposit insurance corporation.
(2) A branch shall not make gifts to a new deposit customer of a greater value than five dollars in total. The value of the gifts shall be the cost to the branch of acquiring said gift.
[ 1973 1st ex.s. c 53 s 17. Formerly RCW 30.42.170.]

catchline: Advertising, status of federal insurance on deposits to be included—Gifts for new deposits.


title: RCW 30A.42.180

text:
An approved agency of an alien bank may engage in the business of making loans and guaranteeing obligations for the financing of the international movement of goods and services and for all operational needs including working capital and short-term operating needs and for the acquisition of fixed assets. Other than such activities, such agency may engage only in the following activities:
(1) Borrow funds from banks and other financial institutions;
(2) Buy and sell foreign exchange;
(3) Receive checks, bills, drafts, acceptances, notes, bonds, coupons, and other securities for collection abroad and collect such instruments in the United States for customers abroad;
(4) Hold securities in safekeeping for, or buy and sell securities upon the order and for the risk of, customers abroad;
(5) Act as paying agent for securities issued by foreign governments or other organizations organized under foreign law and not qualified under the laws of the United States, or any state or the District of Columbia to do business in the United States;
(6) In order to prevent loss on debts previously contracted, an agency may acquire shares in a corporation: PROVIDED, That the shares are disposed of as soon as practical, but in no event later than two years from the date of acquisition;
(7) Issue letters of credit and create acceptances;
(8) In addition to the powers and activities expressly authorized by this section, an agency shall have the power to carry on such additional activities which are necessarily incidental to the activities expressly authorized by this section.
[ 1973 1st ex.s. c 53 s 18. Formerly RCW 30.42.180.]

catchline: Approved agencies—Powers and activities.


title: RCW 30A.42.190

text:
All officers and employees of an office shall be subject to the same bonding requirements as are officers and employees of banks incorporated under the laws of this state.
[ 1973 1st ex.s. c 53 s 19. Formerly RCW 30.42.190.]

catchline: Bonding requirements for officers and employees.


title: RCW 30A.42.200

text:
The books and accounts of an office and a bureau shall be kept in words and figures of the English language.
[ 1973 1st ex.s. c 53 s 20. Formerly RCW 30.42.200.]

catchline: Books and accounts—English language.


title: RCW 30A.42.210

text:
(1) Application procedure. An alien bank shall not establish and operate a bureau in this state unless it is authorized to do so and unless it has met the following conditions:
(a) It has filed with the director an application in such form and containing such information as shall be prescribed by the director;
(b) It has paid the fee required by law and established by the director pursuant to *RCW 30.08.095;
(c) It has received from the director a certificate authorizing the applicant bank to establish and operate a bureau in conformity herewith.
(2) Upon receipt of the bank's application, and the conducting of such examination or investigation as the director deems necessary and appropriate and being satisfied that the opening of such bureau will be consistent with the purposes of this chapter, the director may grant approval for the bureau and issue a certificate authorizing the alien bank to establish and operate a bureau in the state of Washington.
[ 1994 c 92 s 93; 1973 1st ex.s. c 53 s 21. Formerly RCW 30.42.210.]
Notes:
*Reviser's note: RCW 30.08.095 was repealed by 2013 c 76 s 32.

catchline: Bureaus—Application procedure.


title: RCW 30A.42.220

text:
If the director approves the application, he or she shall notify the alien bank of his or her approval and shall file certified copies of its charter, certificate, or other authorization to do business with the secretary of state and with the recording officer of the county in which the bureau is to be located. Upon such filing, the director shall issue a certificate of authority stating that the alien bank is authorized to operate a bureau in this state at the place designated in accordance with this chapter. No such certificate shall be transferable or assignable. Such certificate shall be conspicuously displayed at all times in the place of business specified therein.
A bureau of an alien bank must commence business within six months after the issuance of the director's certificate: PROVIDED, That the director for good cause shown may extend such period for an additional time not to exceed three months.
[ 1994 c 92 s 94; 1973 1st ex.s. c 53 s 22. Formerly RCW 30.42.220.]

catchline: Bureaus—Approval—Certificate of authority—Time limit for commencing business.


title: RCW 30A.42.230

text:
An alien bank may have as many bureaus in this state as the director will authorize. A bureau in this state may provide information about services offered by the alien bank, its subsidiaries and affiliates and may gather and provide business and economic information. A bureau may not take deposits, make loans or transact other commercial or banking business in this state.
[ 1994 c 92 s 95; 1973 1st ex.s. c 53 s 23. Formerly RCW 30.42.230.]

catchline: Bureaus—Number—Powers.


title: RCW 30A.42.240

text:
The director is empowered to examine the bureau operations of an alien bank whenever he or she deems it necessary. The director shall collect from such alien bank the estimated actual cost of such examination.
[ 1994 c 92 s 96; 1973 1st ex.s. c 53 s 24. Formerly RCW 30.42.240.]

catchline: Bureaus—Examinations.


title: RCW 30A.42.250

text:
An alien bank may operate temporary facilities at trade fairs or other commercial events of short duration without first obtaining the approval of the director: PROVIDED, That the activities of such temporary facility are limited solely to the dissemination of information: AND PROVIDED FURTHER, If an alien bank engages in such activity, it shall notify the director in writing prior to opening of the nature and location of such facility. The director is empowered to investigate the operation of such temporary facility if he or she deems it necessary, and to collect from the alien bank the estimated actual cost thereof.
[ 1994 c 92 s 97; 1973 1st ex.s. c 53 s 25. Formerly RCW 30.42.250.]

catchline: Temporary facilities at trade fairs, etc.


title: RCW 30A.42.260

text:
(1) An office of an alien bank shall file the following reports with the director within such times and in such form as the director shall prescribe by rule:
(a) A statement of condition of the office;
(b) A capital position report of the office;
(c) A consolidated statement of condition of an alien bank.
(2) An office of an alien bank shall publish such reports as the director by rule may prescribe.
(3) An alien bank operating a bureau in this state shall file a copy of the alien bank's annual financial report with the director as soon as possible following the end of each fiscal year and shall file such other material as the director may prescribe by rule.
[ 1994 c 92 s 98; 1973 1st ex.s. c 53 s 26. Formerly RCW 30.42.260.]

catchline: Reports.


title: RCW 30A.42.270

text:
An office of an alien bank shall be taxed on the same basis as are banks incorporated under the laws of this state.
[ 1973 1st ex.s. c 53 s 27. Formerly RCW 30.42.270.]

catchline: Taxation.


title: RCW 30A.42.280

text:
The directors or other governing body of an alien bank and the officers and employees of its office in this state shall be subject to all of the duties, responsibilities and restrictions to which the directors, officers and employees of a bank organized under the laws of this state are subject insofar as such duties, responsibilities and restrictions are not inconsistent with the intent of this chapter. An officer or employee of the office of an alien bank doing business in this state pursuant to this chapter may be removed for the reasons stated and in the manner provided in RCW 30A.12.040.
[ 2014 c 37 s 220; 1973 1st ex.s. c 53 s 28. Formerly RCW 30.42.280.]

catchline: Directors, officers, and employees—Duties, responsibilities and restrictions—Removal.


title: RCW 30A.42.290

text:
(1) The director shall have the responsibility for assuring compliance with the provisions of this chapter. An alien bank that conducts business in this state in violation of any provisions of this chapter is guilty of a misdemeanor and in addition thereto shall be liable in the sum of one hundred dollars per day that each such offense continues, such sum to be recovered by the attorney general in a civil action in the name of the state.
(2) Every person who shall knowingly subscribe to or make or cause to be made any false entry in the books of any alien bank office or bureau doing business in this state pursuant to this chapter or shall knowingly subscribe to or exhibit any false or fictitious paper or security, instrument or paper, with the intent to deceive any person authorized to examine into the affairs of any such office or bureau or shall make, state or publish any false statement of the amount of the assets or liabilities of any such office or bureau is guilty of a class B felony punishable according to chapter 9A.20 RCW.
(3) Every director or member of the governing body, officer, employee or agent of such alien bank operating an office or bureau in this state who conceals or destroys any fact or otherwise suppresses any evidence relating to a violation of this chapter is guilty of a class B felony punishable according to chapter 9A.20 RCW.
(4) Any person who transacts business in this state on behalf of an alien bank which is subject to the provisions of this chapter, but which is not authorized to transact such business pursuant to this chapter is guilty of a misdemeanor and in addition thereto shall be liable in the sum of one hundred dollars per day for each day that such offense continues, such sum to be recovered by the attorney general in a civil action in the name of the state.
[ 2003 c 53 s 189; 1994 c 92 s 99; 1973 1st ex.s. c 53 s 29. Formerly RCW 30.42.290.]
Notes:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.

catchline: Compliance—Violations—Penalties.


title: RCW 30A.42.300

text:
If the director finds that any alien bank to which he or she has issued a certificate to operate an office or bureau in this state pursuant to this chapter has violated any law or rule, or has conducted its affairs in an unauthorized manner, or has been unresponsive to the director's lawful orders or directions, or is in an unsound or unsafe condition, or cannot with safety and expediency continue business, or if he or she finds that the alien bank's country is unjustifiably refusing to allow banks qualified to do business in and having their principal office within this state to operate offices or similar operations in such country, the director may suspend or revoke the certificate of such alien bank and notify it of such suspension or revocation.
[ 1994 c 92 s 100; 1973 1st ex.s. c 53 s 30. Formerly RCW 30.42.300.]

catchline: Suspension or revocation of certificate to operate—Grounds.


title: RCW 30A.42.310

text:
An alien bank licensed to maintain an office or bureau in this state pursuant to this chapter may apply to the director for leave to change the location of its office or bureau. Such applications shall be accompanied by an investigation fee as established in accordance with RCW 30A.42.330. Leave for a change of location shall be granted if the director finds that the proposed new location offers reasonable promise of adequate support for the office.
[ 2014 c 37 s 221; 1994 c 92 s 101; 1973 1st ex.s. c 53 s 31. Formerly RCW 30.42.310.]

catchline: Change of location.


title: RCW 30A.42.320

text:
The director shall have power to adopt uniform rules to govern examination and reports of alien bank offices and bureaus doing business in this state pursuant to this chapter and the form in which they shall report their assets, liabilities, and reserves, charge off bad debts and otherwise keep their records and accounts and otherwise to govern the administration of this chapter.
[ 1994 c 92 s 102; 1973 1st ex.s. c 53 s 32. Formerly RCW 30.42.320.]

catchline: Rules.


title: RCW 30A.42.330

text:
The director shall collect in advance from an alien bank for filing its application for an office or a bureau and the attendant investigation, and for such other applications, approvals or certificates provided herein, such fee as shall be established by rule adopted pursuant to the administrative procedure act, chapter 34.05 RCW, as now or hereafter amended. The alien bank shall also pay to the secretary of state and the county recording officer for filing instruments as required by this chapter the same fees as are charged general corporations for the filing of similar instruments and also the same license fees as are required of foreign corporations doing business in this state.
[ 1994 c 92 s 103; 1973 1st ex.s. c 53 s 33. Formerly RCW 30.42.330.]

catchline: Fees.


title: RCW 30A.42.340

text:
(1) Any branch of an alien bank that is conducting business in this state on July 16, 1973 pursuant to RCW 30A.04.300 shall not be subject to the provisions of this chapter, and shall continue to conduct its business pursuant to RCW 30A.04.300.
(2) Except as provided in subsection (1) of this section, any alien bank that is conducting business in this state on July 16, 1973 shall be subject to the provisions of this chapter: PROVIDED, That any such alien bank which has operated an agency or similar operation in this state for at least the five years immediately preceding such effective date shall not be denied a certificate to operate an agency.
[ 2014 c 37 s 222; 1973 1st ex.s. c 53 s 34. Formerly RCW 30.42.340.]

catchline: Alien banks or branches in business on or before effective date.


title: RCW 30A.43.005

text:
The legislature finds that the establishment and operation of off-premises electronic facilities, inside and outside the state of Washington, and the participation by financial institutions in arrangements for the sharing of such facilities, facilitates the delivery of financial services to the citizens of the state of Washington. The term "off-premises electronic facilities" includes, without limitation, automated teller machines, cash-dispensing machines, point-of-sale terminals, and merchant-operated terminals.
[ 1994 c 256 s 57. Formerly RCW 30.43.005.]
Notes:
Findings—Construction—1994 c 256: See RCW 43.320.007.

catchline: Finding—Definition of "off-premises electronic facilities."


title: RCW 30A.44.010

text:
(1) Under the circumstances set forth in subsection (2) of this section, the director may give to a bank a notice to correct an unsafe condition of the bank; and if such bank fails to comply with the terms of such notice within thirty days from the date of its issuance or within such further time as the director may allow, then the director may take possession of such bank as in the case of insolvency.
(2) The director is authorized to give notice and take possession of a bank, as described in subsection (1) of this section, under the following circumstances:
(a) The obligations to its creditors, depositors, members, trust beneficiaries, if applicable, and others exceed its assets;
(b) It has willfully violated a supervisory directive, cease and desist order, or other authorized directive or order of the director;
(c) It has concealed its books, papers, records, or assets, or refused to submit its books, records, or affairs to any examiner of the department or the federal deposit insurance corporation;
(d) It is likely to be unable to pay its obligations or meet its depositors' demands in the normal course of business;
(e) It ceases to have deposit insurance acceptable to the director;
(f) It fails to submit a capital restoration plan acceptable to the department within a time previously called for or materially fails to implement a capital restoration plan that was previously submitted and accepted by the department; or
(g) It is critically undercapitalized or otherwise has substantially insufficient capital.
[ 2014 c 37 s 223; 2010 c 88 s 30; 1994 c 92 s 107; 1955 c 33 s 30.44.010. Prior: 1917 c 80 s 59; 1915 c 98 s 1; RRS s 3266. Formerly RCW 30.44.010.]
Notes:
Effective date—2010 c 88: See RCW 32.50.900.

catchline: Notice to correct unsafe conditions—Possession may be taken under specified circumstances.


title: RCW 30A.44.020

text:
(1) Whenever it shall in any manner appear to the director that any offense or delinquency referred to in RCW 30A.44.010 has resulted in a bank being critically undercapitalized with no reasonably foreseeable prospect of recovery, or that it has suspended payment of its obligations or is insolvent, the director may notify such bank to levy an assessment on its stock or otherwise to make good such impairment or offense or other delinquency within such time and in such manner as the director may specify, or if the director deems necessary, the director may take possession thereof without notice.
(2) The board of directors of any such bank, with the consent of the holders of record of two-thirds of the capital stock expressed either in writing or by vote at a stockholders' meeting called for that purpose, shall have power and authority to levy such assessment upon the stockholders pro rata and to forfeit the stock upon which any such assessment is not paid, in the manner prescribed in RCW 30A.12.180.
[ 2014 c 37 s 224; 2010 c 88 s 31; 1994 c 92 s 108; 1955 c 33 s 30.44.020. Prior: 1923 c 115 s 9; 1917 c 80 s 60; RRS s 3267. Formerly RCW 30.44.020.]
Notes:
Effective date—2010 c 88: See RCW 32.50.900.
Levy of assessments: RCW 30A.12.180.

catchline: Director may order levy of assessment.


title: RCW 30A.44.030

text:
Within ten days after the director takes possession thereof, a bank may serve a notice upon the director to appear before the superior court of the county wherein such corporation is located and at a time to be fixed by the court, which shall not be less than five nor more than fifteen days from the date of the service of such notice, to show cause why the director's action taking possession of the bank should not be affirmed. Upon the return day of such notice, or such further day as the matter may be continued to, the court shall summarily hear said cause and shall dismiss the same, if it be found that possession was taken by the director in good faith and for cause, but if it find that no cause existed for the taking possession of such bank, it shall require the director to restore such bank to possession of its assets and enjoin the director from further interference therewith without cause.
[ 2014 c 37 s 225; 2010 c 88 s 32; 1994 c 92 s 109; 1955 c 33 s 30.44.030. Prior: 1917 c 80 s 68; RRS s 3275. Formerly RCW 30.44.030.]
Notes:
Effective date—2010 c 88: See RCW 32.50.900.

catchline: Director's right to take possession may be contested.


title: RCW 30A.44.040

text:
Upon taking possession of any bank, the director shall forthwith give written notice thereof to all persons having possession of any assets of such corporation. No person knowing of the taking of such possession by the director shall have a lien or charge for any payment thereafter advanced or clearance thereafter made or liability thereafter incurred against any of the assets of such corporation.
[ 2014 c 37 s 226; 1994 c 92 s 110; 1955 c 33 s 30.44.040. Prior: 1917 c 80 s 61; 1915 c 98 s 2; RRS s 3268. Formerly RCW 30.44.040.]

catchline: Notice of taking possession.


title: RCW 30A.44.050

text:
Upon taking possession of any bank, the director shall proceed to collect the assets thereof and to preserve, administer and liquidate the business and assets of such corporation. With the approval of the superior court of the county in which such corporation is located, he or she may sell, compound or compromise bad or doubtful debts, and upon such terms as the court shall direct borrow, mortgage, pledge or sell all or any part of the real estate and personal property of such corporation. He or she shall deliver to each purchaser or lender an appropriate deed, mortgage, agreement of pledge or other instrument of title or security. If real estate is situated outside of said county, a certified copy of the orders authorizing and confirming the sale or mortgage thereof shall be filed for record in the office of the auditor of the county in which such property is situated. He or she may appoint special assistants and other necessary agents to assist in the administration and liquidation of such corporation, a certificate of such appointment to be filed with the clerk of the county in which such corporation is located. He or she shall require each special assistant to give a surety company bond, conditioned as he or she shall provide, the premium of which shall be paid out of the assets of such corporation. He or she may also employ an attorney for legal assistance in such administration and liquidation.
[ 2014 c 37 s 227; 1994 c 92 s 111; 1955 c 33 s 30.44.050. Prior: 1933 c 42 s 25; 1917 c 80 s 62; 1915 c 98 s 3; RRS s 3269. Formerly RCW 30.44.050.]

catchline: Powers and duties of director.


title: RCW 30A.44.060

text:
The director shall publish once a week for four consecutive weeks in a newspaper which he or she shall select, a notice requiring all persons having claims against such corporation to make proof thereof at the place therein specified not later than ninety days from the date of the first publication of said notice, which date shall be therein stated. He or she shall mail similar notices to all persons whose names appear as creditors upon the books of the corporation. He or she may approve or reject any claims, but shall serve notice of rejection upon the claimant by mail or personally. An affidavit of service of such notice shall be prima facie evidence thereof. No action shall be brought on any claim after three months from the date of service of notice of rejection.
Claims of depositors may be presented after the expiration of the time fixed in the notice, and, if approved, shall be entitled to their proportion of prior dividends, if there be funds sufficient therefor, and shall share in the distribution of the remaining assets.
After the expiration of the time fixed in the notice the director shall have no power to accept any claim except the claim of a depositor, and all claims except the claims of depositors shall be barred.
[ 1994 c 92 s 112; 1955 c 33 s 30.44.060. Prior: 1923 c 115 s 10; 1917 c 80 s 63; 1915 c 98 s 4; RRS s 3270. Formerly RCW 30.44.060.]

catchline: Notice to creditors—Claims.


title: RCW 30A.44.070

text:
Upon taking possession of such corporation, the director shall make an inventory of the assets in duplicate and file one in his or her office and one in the office of the county clerk. Upon the expiration of the time fixed for the presentation of claims, he or she shall make a duplicate list of claims presented, segregating those approved and those rejected, to be filed as aforesaid. He or she shall also make and file a supplemental list of claims at least fifteen days before the declaration of any dividend, and in any event at least every six months.
[ 1994 c 92 s 113; 1955 c 33 s 30.44.070. Prior: 1917 c 80 s 65; 1915 c 98 s 6; RRS s 3272. Formerly RCW 30.44.070.]

catchline: Inventory—List of claims.


title: RCW 30A.44.080

text:
Objection may be made by any interested person to any claim approved by the director, which objection shall be determined by the court upon such notice to the claimant and objector as the court shall prescribe.
[ 1994 c 92 s 114; 1955 c 33 s 30.44.080. Prior: 1917 c 80 s 67; 1915 c 98 s 8; RRS s 3274. Formerly RCW 30.44.080.]

catchline: Objections to approved claims.


title: RCW 30A.44.090

text:
At any time after the expiration of the date fixed for the presentation of claims, the director, subject to the approval of the court, may declare one or more dividends out of the funds remaining in his or her hands after the payment of expenses.
[ 1994 c 92 s 115; 1955 c 33 s 30.44.090. Prior: 1917 c 80 s 66; 1915 c 98 s 7; RRS s 3273. Formerly RCW 30.44.090.]

catchline: Dividends.


title: RCW 30A.44.100

text:
No receiver shall be appointed by any court for any bank, nor shall any assignment of any bank for the benefit of creditors be valid, excepting only that a court otherwise having jurisdiction may in case of imminent necessity appoint a temporary receiver to take possession of and preserve the assets of such corporation. Immediately upon any such appointment, the clerk of such court shall notify the director in writing of such appointment and the director shall forthwith take possession of such bank, as in case of insolvency, and the temporary receiver shall upon demand of the director surrender up to him or her such possession and all assets which shall have come into the possession of such receiver. The director shall in due course pay such receiver out of the assets of such corporation such amount as the court shall allow.
[ 2014 c 37 s 228; 2010 c 88 s 33; 1994 c 92 s 116; 1955 c 33 s 30.44.100. Prior: 1917 c 80 s 69; 1915 c 98 s 9; RRS s 3276. Formerly RCW 30.44.100.]
Notes:
Effective date—2010 c 88: See RCW 32.50.900.

catchline: Receiver prohibited except in emergency.


title: RCW 30A.44.110

text:
(1) Every transfer of its property or assets by any bank, made (a) in contemplation of insolvency or after it shall have become insolvent, (b) within ninety days before the date the director takes possession of such bank under RCW 30A.44.010, 30A.44.020, 30A.44.100, or 30A.44.160, or the federal deposit insurance corporation is appointed as receiver or liquidator of such bank under RCW 30A.44.270, and (c) with a view to the preference of one creditor over another or to prevent the equal distribution of its property and assets among its creditors, shall be void.
(2) Every director, officer, or employee of a bank making any such transfer of assets is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2014 c 37 s 229; 2010 c 88 s 34; 2003 c 53 s 190; 1955 c 33 s 30.44.110. Prior: 1917 c 80 s 55; RRS s 3262. Formerly RCW 30.44.110.]
Notes:
Effective date—2010 c 88: See RCW 32.50.900.
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.

catchline: Preferences prohibited—Penalty.


title: RCW 30A.44.120

text:
An officer, director, or employee of any bank who shall fraudulently receive for it any deposit, knowing that such bank or trust company is insolvent, is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2014 c 37 s 230; 2003 c 53 s 191; 1955 c 33 s 30.44.120. Prior: 1933 c 42 s 26; 1917 c 80 s 81; RRS s 3288. Formerly RCW 30.44.120.]
Notes:
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
Receiving deposits after insolvency prohibited: State Constitution Art. 12 s 12.

catchline: Receiving deposits when insolvent—Penalty.


title: RCW 30A.44.130

text:
All expenses incurred by the director in taking possession, administering and winding up any such corporation, including the expenses of assistants and reasonable fees for any attorney who may be employed in connection therewith, and the reasonable compensation of any special assistant placed in charge of such corporation shall be a first charge upon the assets thereof. Such charges shall be fixed by the director, subject to the approval of the court.
[ 1994 c 92 s 117; 1955 c 33 s 30.44.130. Prior: 1917 c 80 s 64; 1915 c 98 s 5; RRS s 3271. Formerly RCW 30.44.130.]

catchline: Expense of liquidation.


title: RCW 30A.44.140

text:
When all proper claims of depositors and creditors (not including stockholders) have been paid, as well as all expenses of administration and liquidation and proper provision has been made for unclaimed or unpaid deposits and dividends, and assets still remain in his or her hands, the director shall call a meeting of the stockholders of such corporation, giving thirty days' notice thereof, by one publication in a newspaper published in the county where such corporation is located. At such meeting, each share shall entitle the holder thereof to a vote in person or by proxy. A vote by ballot shall be taken to determine whether the director shall wind up the affairs of such corporation or the stockholders appoint an agent to do so. The director, if so required, shall wind up such corporation and distribute its assets to those entitled thereto. If the appointment of an agent is determined upon, the stockholders shall forthwith select such agent by ballot. Such agent shall file a bond to the state of Washington in such amount and so conditioned as the director shall require. Thereupon the director shall transfer to such agent the assets of such corporation then remaining in his or her hands, and be relieved from further responsibility in reference to such corporation. Such agent shall convert the assets of such corporation into cash and distribute the same to the parties thereunto entitled, subject to the supervision of the court. In case of his or her death, removal or refusal to act, the stockholders may select a successor with like powers.
[ 1994 c 92 s 118; 1955 c 33 s 30.44.140. Prior: 1917 c 80 s 70; RRS s 3277. Formerly RCW 30.44.140.]

catchline: Liquidation after claims are paid.