Title 31 — Title 31 MISCELLANEOUS LOAN AGENCIES
8 chapters · 280 sections in this title.
RCW 31.40.010 Intent.
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The legislature finds and declares that small and moderate-size companies can enhance their access to working capital and to capital for acquiring and equipping commercial and industrial facilities by using the United States small business administration national small business l…
RCW 31.40.020 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.(1) "Licensee" means a Washington corporation licensed under the terms of this chapter.(2) "Director" means the director of financial institutions.[ 1994 c 92 s 262; 1989 …
RCW 31.40.030 Director—Powers and duties.
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(1) The director shall administer this chapter. The director may issue orders and adopt rules that, in the opinion of the director, are necessary to execute, enforce, and effectuate the purposes of this chapter. Rules to enforce the provisions of this chapter shall be adopted und…
RCW 31.40.040 Licensee—Powers and duties.
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(1) A licensee may participate in the 7(a) loan guaranty program of the small business administration pursuant to section 7(a) of the federal small business investment act of 1958, 15 U.S.C. Sec. 636(a), or any other government program for which the licensee is eligible and which…
RCW 31.40.050 License approval.
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After a review of information regarding the directors, officers, and controlling persons of the applicant for a license, a review of the applicant's business plan, including at least three years of detailed financial projections and other relevant information, and a review of suc…
RCW 31.40.060 Prohibited loans—Exception.
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(1) Either by itself or in concert with a director, officer, principal shareholder, or affiliate, or with another licensee, a licensee shall not hold control of a business firm to which it has made a loan under section 7(a) of the federal small business investment act of 1958, 15…
RCW 31.40.070 Fees.
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(1) The director is authorized to charge a fee for the estimated direct and indirect costs of the following:(a) An application for a license and the investigation thereof;(b) An application for approval to acquire control of a licensee and the investigation thereof;(c) An applica…
RCW 31.40.080 Records—Reports—Loan loss reserve.
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(1) A licensee shall keep books, accounts, and other records in such a form and manner as the director may require. These records shall be kept at such a place and shall be preserved for such a length of time as the director may specify.(2) Not more than ninety days after the clo…
RCW 31.40.090 Examination of licensees.
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(1) The director shall examine each licensee not less than once every twenty-four months.(2) The director may with or without notice and at any time during regular business hours examine a licensee or a subsidiary of a licensee.(3) A director, officer, or employee of a licensee o…
RCW 31.40.100 Application denial.
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If the director denies an application, the director shall provide the applicant with a written statement explaining the basis for the denial.[ 1994 c 92 s 269; 1989 c 212 s 10.]
RCW 31.40.110 Rules—Penalties.
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(1) The director shall adopt rules to enforce the intent and purposes of this chapter. Such rules shall include, but need not be limited to, the following:(a) Disclosure of conflicts of interest;(b) Prohibition of false statements made to the director on any form required by the …
RCW 31.40.120 Injunction.
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If, in the opinion of the director, a person violates or there is reasonable cause to believe that a person is about to violate any provision of this chapter or any rule adopted under this chapter, the director may bring an action in the appropriate court to enjoin the violation …
RCW 31.40.130 Penalty—License impairment.
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The director may deny, suspend, or revoke a license if the applicant or holder violates any provision of this chapter or any rules promulgated pursuant to this chapter.[ 1994 c 92 s 272; 1989 c 212 s 13.]
RCW 31.40.135 Application of RCW 31.24.230.
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RCW 31.24.230 (1), (3), and (4) supersede any contrary provision of this chapter.[ 2006 c 87 s 29.]
RCW 31.40.900 Severability—1989 c 212.
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If any provision of this act or its application to any person or circumstance is held invalid or, if in the written opinion of the small business administration, is contrary to the intent and purposes of the 7(a) loan guaranty program, the director shall not enforce such provisio…