Title 30A — Title 30A WASHINGTON COMMERCIAL BANK ACT
18 chapters · 298 sections in this title.
RCW 30A.42.010 Purpose.
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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 fina…
RCW 30A.42.020 Definitions.
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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 pr…
RCW 30A.42.030 Authorization and compliance with chapter required.
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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 8…
RCW 30A.42.040 More than one office prohibited.
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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.]
RCW 30A.42.050 Acquisition or serving on board of directors or trustees of other financial institutions prohibited.
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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 …
RCW 30A.42.060 Conditions to be met before opening office in state.
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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 d…
RCW 30A.42.070 Allocated paid-in capital—Requirements.
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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 guar…
RCW 30A.42.080 Separate assets—Books and records—Priority as to assets.
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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 kee…
RCW 30A.42.090 Approval of application—Criteria—Reciprocity.
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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.…
RCW 30A.42.100 Notice of approval—Filing—Time period for commencing business.
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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 certi…
RCW 30A.42.105 Power to make loans and to guarantee obligations.
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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 ali…
RCW 30A.42.115 Solicitation and acceptance of deposits.
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(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…
RCW 30A.42.120 Requirements for accepting deposits or transacting business.
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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…
RCW 30A.42.130 Taking possession by director—Reasons—Disposition of deposits—Claims—Priorities.
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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,…
RCW 30A.42.140 Investigations—Examinations.
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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,…
RCW 30A.42.145 Examination reports and information—Confidential—Privileged—Penalty.
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See RCW 30A.04.075.
RCW 30A.42.150 Loans subject to usury laws.
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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.]
RCW 30A.42.155 Powers and activities.
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(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 …
RCW 30A.42.160 Powers as to real estate.
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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: P…
RCW 30A.42.170 Advertising, status of federal insurance on deposits to be included—Gifts for new deposits.
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(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 d…
RCW 30A.42.180 Approved agencies—Powers and activities.
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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 acq…
RCW 30A.42.190 Bonding requirements for officers and employees.
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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.]
RCW 30A.42.200 Books and accounts—English language.
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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.]
RCW 30A.42.210 Bureaus—Application procedure.
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(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 …
RCW 30A.42.220 Bureaus—Approval—Certificate of authority—Time limit for commencing business.
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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 wh…
RCW 30A.42.230 Bureaus—Number—Powers.
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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…
RCW 30A.42.240 Bureaus—Examinations.
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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.]
RCW 30A.42.250 Temporary facilities at trade fairs, etc.
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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 PR…
RCW 30A.42.260 Reports.
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(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 cond…
RCW 30A.42.270 Taxation.
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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.]
RCW 30A.42.280 Directors, officers, and employees—Duties, responsibilities and restrictions—Removal.
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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 sta…
RCW 30A.42.290 Compliance—Violations—Penalties.
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(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 …
RCW 30A.42.300 Suspension or revocation of certificate to operate—Grounds.
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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 direct…
RCW 30A.42.310 Change of location.
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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 3…
RCW 30A.42.320 Rules.
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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…
RCW 30A.42.330 Fees.
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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 …
RCW 30A.42.340 Alien banks or branches in business on or before effective date.
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(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…