Title 31 — Title 31 MISCELLANEOUS LOAN AGENCIES
8 chapters · 280 sections in this title.
RCW 31.24.005 Findings—Declarations—Intent.
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The legislature finds, declares, and intends that:(1) There exists substantial and growing need in Washington state to enhance the availability of financial assistance for small business and to improve the economy of the localities within this state;(2) The department, which is c…
RCW 31.24.010 Definitions.
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.(1) "Applicant" means a person who files with the director an application for organization as, or conversion to doing business as, a business development company under this…
RCW 31.24.020 Application—Contents—Articles of incorporation—Fees—Initial capital—Approval.
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(1) Five or more persons, a majority of whom are residents of this state and three of which are federally insured depository institutions, who desire to charter a business development company under this chapter, may incorporate as a business development company by filing with the…
RCW 31.24.023 Filing articles of incorporation—Receipt of certificate of authority.
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(1) The director shall present the articles of incorporation, after approval by the director, to the secretary of state for filing.(2) An applicant is not authorized to commence and maintain business as a business development company under this chapter until having received a cer…
RCW 31.24.025 Fees—Director's discretion.
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The director may, consistent with the requirements for banks under *Title 30 RCW, collect from an applicant or business development company, as applicable, application fees, application review fees, periodic examination fees, and similar fees and charges, as may be reasonable for…
RCW 31.24.030 Corporate powers.
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In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by Title 23B RCW and upon limited liability companies by chapter 25.15 RCW, as applicable, a business development company has, subject to the restrictions and limitati…
RCW 31.24.066 Plan of assessment—Purpose—Requirements—Approval.
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(1) As part of a business plan approved by the department, an applicant or business development company may seek to maintain capital for purposes of making qualified investments and qualified loans by periodically assessing its stockholders, or a class of stockholders, according …
RCW 31.24.070 Powers of stockholders—Voting rights—Proxy voting—Plan of assessment—Dividends—Rules.
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(1) The stockholders of the business development company have the following powers:(a) To determine the number of and elect directors as provided in RCW 31.24.090;(b) To make, amend, and repeal bylaws;(c) To amend the articles of incorporation as provided in RCW 31.24.080;(d) To …
RCW 31.24.073 Aggregate limit on loans and investments—Single borrower or business.
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Unless part of an initial or amended business plan approved by the director, or as may otherwise be provided by rule adopted pursuant to RCW 31.24.120(3), the aggregate limit of qualified loans, qualified investment, and partial funding of qualified participation loans by a busin…
RCW 31.24.075 Insider transactions.
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(1) A business development company may not be a party to, nor engage in, an insider transaction, unless such an insider transaction is approved or ratified by its board of directors, exclusive of the vote of any interested director.(2) Any insider transaction is subject to the ex…
RCW 31.24.080 Amendment of articles of incorporation—Director's approval—Filing.
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(1) The articles of incorporation of a business development company may be amended by the affirmative vote of two-thirds of the votes to which the stockholders are entitled, subject to the written approval of the director.(2) Within thirty days after an amendment of the articles …
RCW 31.24.090 Board of directors—Officers and agents—Powers—Election—Meetings.
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(1) The business and affairs of a business development company shall be managed and conducted by a board of directors, a president, a secretary, a treasurer, and such other officers and such agents as the company by its bylaws shall authorize. A single authorized individual may j…
RCW 31.24.100 Minimum capital, surplus, undivided profits, and net earnings.
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(1) A business development company shall maintain an amount of minimum capital, surplus, and undivided profits that, based upon the determination of the director, shall be deemed safe and sound for each business development company. However, the minimum ratio of paid-in capital t…
RCW 31.24.110 No receipt of money on deposit.
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A business development company shall not receive money on deposit.[ 2006 c 87 s 14; 1963 c 162 s 11.]
RCW 31.24.120 Examinations by director of financial institutions—Reports—Authority of director.
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(1) The director shall exercise the same power and authority over business development companies organized under this chapter as exercised over banks and trust companies under *Title 30 RCW, to the extent *Title 30 RCW does not conflict with this chapter.(2) A business developmen…
RCW 31.24.130 First meeting—Notice—Duties of incorporators.
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(1) The first meeting of a business development company shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five days bef…
RCW 31.24.140 Duration of business development company.
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Unless otherwise provided in the articles of incorporation, the period of duration of a business development company shall be perpetual, subject, however, to the right of the stockholders to dissolve the business development company as provided in RCW 31.24.150.[ 2006 c 87 s 17; …
RCW 31.24.150 Dissolution—Method—Distribution of assets.
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A business development company, upon the affirmative vote of two-thirds of the votes of the stockholders entitled to vote their shares, shall dissolve the business development company as provided by Title 23B RCW, to the extent that Title 23B RCW is not in conflict with this chap…
RCW 31.24.160 Credit of state not pledged.
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Under no circumstances shall the credit of the state of Washington be pledged to any corporation organized under the provisions of this chapter.[ 1963 c 162 s 16.]
RCW 31.24.170 Business development companies designated state development companies.
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Any business development company organized under this chapter shall be a state development company, as authorized under Title V of the small business investment act of 1958, Public Law 85-699, 15 U.S.C. Sec. 695, as amended, or any other similar federal legislation.[ 2006 c 87 s …
RCW 31.24.190 Formation of historic business development company for purpose of preservation of historic buildings, areas, or neighborhoods.
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(1) In addition to the purposes specified in RCW 31.24.020 a historic business development company may be formed for one or more of the following purposes:(a) To encourage and stimulate the preservation of historic buildings or historic commercial areas or neighborhoods by return…
RCW 31.24.200 Insolvency and liquidation—Chapter 30.44 RCW.
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*Chapter 30.44 RCW applies to the insolvency and liquidation of a business development company organized under this chapter.[ 2006 c 87 s 21.]Notes:*Reviser's note: Chapter 30.44 RCW was recodified as chapter 30A.44 RCW pursuant to 2014 c 37 s 4, effective January 5, 2015.
RCW 31.24.205 Supervisory direction and conservatorship.
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The director has the same power and authority to exercise supervisory direction and conservatorship of, and to issue cease and desist orders upon, a business development company organized under this chapter, as the director has in regard to a bank under *Title 30 RCW.[ 2006 c 87 …
RCW 31.24.210 Mergers or consolidations—Application—Approval.
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(1) Subject to written approval of the director, one or more general business development companies may merge into or consolidate with each other consistent with *chapter 30.49 RCW.(2) Upon ninety days advance application to and written approval of the director, a historic busine…
RCW 31.24.215 Conversion of development credit corporation—Application—Approval—Filing of articles—Certificate of authority.
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(1) Notwithstanding any other provision of this chapter, a development credit corporation created under chapter 31.20 RCW, or any other company incorporated under Title 23B RCW, may convert to a business development company by filing an application with the department and receivi…
RCW 31.24.220 Confidentiality and disclosure—Examinations.
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The existing privileges, immunities, and requirements of confidentiality and disclosure with respect to examination records and information obtained by the director in conducting examinations, which are applicable to banks, as set forth in *RCW 30.04.075, apply to examination rec…
RCW 31.24.225 Business as a limited liability company.
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Notwithstanding any other provision of this chapter, a business development company organized under this chapter may be chartered as a limited liability company, or may convert to doing business as a limited liability company, to the same extent and subject to the same terms and …
RCW 31.24.230 Simultaneous applications—Business development company and nondepository lender of certain loans—Procedure—Fees.
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(1) An applicant may apply simultaneously for both a business development company charter, under this chapter, and for a license as a nondepository lender of federally guaranteed small business loans, under chapter 31.40 RCW.(2) An applicant may apply simultaneously for both a bu…
RCW 31.24.235 Rule making.
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The director has broad administrative authority and discretion to adopt rules to carry out the purposes of this chapter.[ 2006 c 87 s 31.]
RCW 31.24.901 Short title.
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This chapter shall be known and may be cited as the "business development company act."[ 2006 c 87 s 32.]