Title 31 — Title 31 MISCELLANEOUS LOAN AGENCIES
8 chapters · 280 sections in this title.
RCW 31.12.565 Examination reports and specified other information confidential—Exceptions—Penalty.
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(1) The following are confidential and privileged and not subject to public disclosure under chapter 42.56 RCW:(a) Examination reports and information obtained by the director in conducting examinations and investigations under this chapter and chapter 31.13 RCW;(b) Examination r…
RCW 31.12.567 Reports—Financial and statistical data—As required by director.
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A credit union shall file with the director any financial and statistical report that it is required to file with the national credit union administration. Each report must be certified by the principal operating officer of the credit union. In addition, a credit union shall file…
RCW 31.12.569 Generally accepted accounting principles.
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Credit unions will comply with the provisions of United States generally accepted accounting principles as required by federal law or rule of the director. In adopting rules to implement this section, the director shall consider, among other relevant factors, whether to transitio…
RCW 31.12.571 Notice of intent to establish branch—Another state or foreign jurisdiction.
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A credit union desiring to establish a branch in another state or a foreign jurisdiction shall submit to the director a notice of intent to establish the branch at least thirty days before conducting business at the branch.[ 2001 c 83 s 31; 1997 c 397 s 51; 1994 c 92 s 190; 1984 …
RCW 31.12.575 Removal or prohibition orders—Director's authority—Notice.
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The director may issue and serve a credit union director, supervisory committee member, officer, or employee with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the credit union…
RCW 31.12.580 Contents of notice under RCW 31.12.575—Hearing—Order.
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(1) A notice under RCW 31.12.575 must contain a statement of the facts that constitute grounds for removal or prohibition and must fix a time and place at which a hearing will be held. If the notice under RCW 31.12.575 is accompanied by a notice of suspension under RCW 31.12.372,…
RCW 31.12.585 Prohibited acts—Notice—Cease and desist order.
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(1) The director may issue and serve any person regulated by this chapter with a written notice of charges and intent to issue a cease and desist order if, in the opinion of the director, the person has committed or is about to commit:(a) A material violation of law; or(b) An uns…
RCW 31.12.595 Temporary cease and desist order—Notice—Principal place of business—Superior court.
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(1) If the director determines that the violation or practice specified in RCW 31.12.585 is likely to cause an unsafe or unsound condition at a credit union or a credit union service organization, or the public is likely to be substantially injured by delay in issuing a cease and…
RCW 31.12.625 Administrative hearing—Procedures.
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An administrative hearing on the notice provided for in RCW 31.12.575 and 31.12.585 must be conducted in accordance with chapter 34.05 RCW, and may be conducted by the director or the director's designee. To the extent the requirements of this chapter are inconsistent with chapte…
RCW 31.12.630 Authority of director to call special meeting of board.
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The director may request a special meeting of the board of a credit union if the director believes that a special meeting is necessary for the welfare of the credit union or the purposes of this chapter. The director's request for a special board meeting must be made in writing t…
RCW 31.12.633 Authority of director to attend meetings of the board.
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The director may attend a meeting of the board of a credit union if the director believes that attendance at the meeting is necessary for the welfare of the credit union, or the purposes of this chapter, or if the board has requested the director's attendance. The director shall …
RCW 31.12.637 Intervention by director—Conditions.
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The director may place a credit union under supervisory direction in accordance with RCW 31.12.641 through 31.12.647, appoint a conservator for a credit union in accordance with RCW 31.12.651 through 31.12.661, appoint a liquidating agent for a credit union in accordance with RCW…
RCW 31.12.641 Supervision by director—Notice—Compliance—Costs.
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(1) As authorized by RCW 31.12.637, the director may determine to place a credit union under supervisory direction. Upon such a determination, the director shall notify the credit union in writing of:(a) The director's determination; and(b) Any requirements that must be satisfied…
RCW 31.12.644 Supervision by director—Certain acts prohibited.
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During the period of supervisory direction, the director may prohibit the credit union from engaging in any of the following acts without prior approval:(1) Disposing of, conveying, or encumbering any of its assets;(2) Withdrawing any of its accounts at other financial institutio…
RCW 31.12.647 Supervision by director—Credit union request for review.
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During the period of supervisory direction, the credit union may request the director to review an action taken or proposed to be taken by the representative, specifying how the action is not in the best interests of the credit union. The request stays the action, pending the dir…
RCW 31.12.651 Conservator—Authorized actions—Costs.
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(1) As authorized by RCW 31.12.637, the director may, upon due notice and hearing conducted by the director or the director's designee, appoint a conservator for a credit union. The director may appoint himself or herself or another qualified party as conservator of the credit un…
RCW 31.12.654 Actions by conservator—Review.
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During the period of conservatorship, the credit union may request the director to review an action taken or proposed to be taken by the conservator, specifying how the action is not in the best interest of the credit union. The request stays the action, pending the director's re…
RCW 31.12.657 Lawsuits during period of conservatorship.
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Any suit filed against a credit union or its conservator, during the period of conservatorship, must be brought in the superior court of Thurston county. A conservator for a credit union may file suit in any superior court or other court of competent jurisdiction against any pers…
RCW 31.12.661 Conservator serves until purposes are accomplished.
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The conservator shall serve until the purposes of the conservatorship have been accomplished. If rehabilitated, the credit union must be returned to management or new management under such conditions as the director may determine.[ 1997 c 397 s 67.]
RCW 31.12.664 Liquidation—Suspension or revocation of articles—Placement in involuntary liquidation—Appointment of liquidating agent—Notice—Procedure—Effect.
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(1) As authorized by RCW 31.12.637, the director may appoint a liquidating agent for a credit union. Before appointing a liquidating agent, the director shall issue and serve notice on the credit union an order directing the credit union to show cause why its articles of incorpor…
RCW 31.12.667 Order directing involuntary liquidation—Procedure.
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(1) On receipt of the order placing the credit union in involuntary liquidation, the officers and directors of the credit union shall deliver to the liquidating agent possession and control of all books, records, assets, and property of the credit union.(2) The liquidating agent …
RCW 31.12.671 Receivership—Appointment of receiver by director—Notice—Act without bond.
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(1) As authorized by RCW 31.12.637, the director may without prior notice appoint a receiver to take possession of a credit union. The director may appoint the national credit union administration or other qualified party as receiver. Upon appointment, the receiver is authorized …
RCW 31.12.674 Director's orders—Notice to director of hearing—Hearing—Principal place of business—Superior court.
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(1) Within ten days after the director issues an order of involuntary liquidation of a credit union pursuant to RCW 31.12.664(2) or order appointing a receiver for a credit union pursuant to RCW 31.12.671, the credit union may serve a notice upon the director to appear at a heari…
RCW 31.12.677 Powers and duties of receiver.
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Upon taking possession of a credit union, the receiver shall proceed to collect the assets of the credit union and preserve, administer, and liquidate its business and assets.With the approval of the Thurston county superior court or the superior court of the county in which the …
RCW 31.12.681 Claims against credit union in receivership—Notice.
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The receiver shall publish once a week for four consecutive weeks in a newspaper of general circulation in the county where the credit union's principal place of business is located, a notice requiring all persons having claims against the credit union to file proof of claim not …
RCW 31.12.684 Receiver shall inventory assets—File lists of assets and claims—Objections to approved claims.
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Upon taking possession of the credit union, the receiver shall make an inventory of the assets and file the list in the office of the county clerk. Upon the expiration of the time fixed for the presentation of claims, the receiver shall make a list of claims presented, segregatin…
RCW 31.12.687 Expenses incurred by receiver.
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All expenses incurred by the receiver in relation to the receivership of a credit union, including, but not limited to, reasonable attorneys' fees, become a first charge upon the assets of the credit union. The charges shall be fixed and determined by the receiver, subject to the…
RCW 31.12.691 Liquidation dividends—Approval of court.
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At any time after the expiration of the date fixed for the presentation of claims, the receiver, subject to the approval of the court, may declare one or more liquidation dividends out of the funds remaining after the payment of expenses.[ 1997 c 397 s 76.]
RCW 31.12.694 Remaining assets—Distribution.
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When all expenses of the receivership have been paid, as well as all proper claims of share account holders, depositors, and other creditors, and proper provision has been made for unclaimed or unpaid debts and liquidation dividends, and assets of the credit union still remain, t…
RCW 31.12.697 Unclaimed liquidation dividends.
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Any liquidation dividends to share account holders, depositors, or other creditors of the credit union remaining uncalled for and unpaid in the hands of the receiver for six months after the order of final distribution, must be deposited in a financial institution to each share a…
RCW 31.12.701 Personal property—Receiver's duties.
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(1) The receiver shall inventory, package, and seal uncalled for and unclaimed personal property left with the credit union, including, but not limited to, property held in safe deposit boxes, and arrange for the packages to be held in safekeeping. The credit union, its directors…
RCW 31.12.704 Proceeds of sale—Deposit or payment by receiver.
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The proceeds of the sale less any amounts for costs and charges incurred in safekeeping and sale must be deposited by the receiver in a financial institution, in trust for the benefit of the person entitled to the property. The sale proceeds must be paid by the receiver to the pe…
RCW 31.12.707 Completion of receivership—Merger, purchase, or liquidation—Secretary of state.
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Upon the completion of a receivership through merger, purchase of assets and assumption of liabilities, or liquidation, the director shall terminate the credit union's authority to conduct business and certify that fact to the secretary of state. Upon certification, the credit un…
RCW 31.12.711 Director may terminate receivership—Expenses.
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If at any time after a receiver is appointed, the director determines that all material deficiencies at the credit union have been corrected, and that the credit union is in a safe and sound condition to resume conducting business, the director may terminate the receivership and …
RCW 31.12.714 Receivership files.
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The receiver or director, as appropriate, may at any time after the expiration of one year from the order of final distribution, or from the date when the receivership has been completed, destroy any of the remaining files, records, documents, books of account, or other papers of…
RCW 31.12.717 Pendency of proceedings for review of appointment of receiver—Liabilities of credit union—Availability of relevant data.
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The pendency of any proceedings for judicial review of the appointment of a receiver may not operate to prevent the payment or acquisition of the share and deposit liabilities of the credit union by the national credit union administration or other insurer or guarantor of the sha…
RCW 31.12.721 Appointment by court of temporary receiver—Notice to director.
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No receiver may be appointed by any court for any credit union, except 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 the credit union. Immediately upon appointment, the cl…
RCW 31.12.724 Actions that are void—Felonious conduct—Penalties.
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(1) Every transfer of a credit union's property or assets, and every assignment by a credit union for the benefit of creditors, made in contemplation of insolvency, or after it has become insolvent, to intentionally prefer one creditor over another, or to intentionally prevent th…
RCW 31.12.726 Conservator or receiver may terminate or adopt executory contracts—Timing—Binding terms—Liability.
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After the taking of possession of the property and business of a credit union, through conservatorship or receivership, the conservator or receiver may terminate or adopt any executory contract to which the credit union may be a party, including leases of real or personal propert…
RCW 31.12.728 Applicability of general receivership law.
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Except in cases in which a receiver is appointed by a court on a temporary basis under RCW 31.12.721, the provisions of Title 7 RCW generally applicable to receivers and receiverships do not apply to receivers elected or appointed under this chapter.[ 2004 c 165 s 42.]Notes:Purpo…
RCW 31.12.850 Prohibited acts—Criminal penalties.
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(1)(a) It is unlawful for a director, supervisory committee member, officer, employee, or agent of a credit union to knowingly violate or consent to a violation of this chapter.(b) It is unlawful for any person to knowingly make or disseminate a false report or other misrepresent…
RCW 31.12.853 Prohibited acts—Civil penalties—Rules.
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(1) The department is authorized to assess civil fines to the credit union for violation of any of the following:(a) Any material provision of this chapter or related rules;(b) Any final or temporary order, including a cease and desist, suspension, removal, or prohibition order;(…
RCW 31.12.860 Taxation of credit unions.
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Neither a credit union nor its members may be taxed upon its shares and deposits as property. A credit union shall be taxable upon its real property and tangible personal property, and every credit union shall be termed a mutual institution for savings and neither it nor its prop…
RCW 31.12.890 Satellite facilities.
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See chapter 30A.43 RCW.Notes:
RCW 31.12.891 Automated teller machines and night depositories security.
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Chapter 19.174 RCW applies to automated teller machines and night depositories regulated under this title.[ 1993 c 324 s 11. Formerly RCW 31.12.740.]Notes:Effective date—1993 c 324: See RCW 19.174.900.
RCW 31.12.902 Short title.
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This chapter may be known and cited as the "Washington State Credit Union Act."[ 1984 c 31 s 76.]
RCW 31.12.906 Effective date—1997 c 397.
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Except for sections 35 and 50 of this act, this act takes effect January 1, 1998.[ 1997 c 397 s 92.]
RCW 31.12.909 Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
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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 …
RCW 31.12.910 Effective date—2010 c 87.
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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 [March 17, 2010].[ 2010 c 87 s 21.]