Title 31 — Title 31 MISCELLANEOUS LOAN AGENCIES
8 chapters · 280 sections in this title.
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.]
RCW 31.13.010 Definition of corporate credit union or corporate.
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As used in this chapter, unless the context in which it is used clearly indicates otherwise, the term "corporate credit union" or "corporate" means a credit union organized under this chapter.[ 2001 c 83 s 36; 1984 c 31 s 79; 1977 ex.s. c 207 s 5.]
RCW 31.13.020 Authority to organize and operate—Powers and authorities—Name—Federal or Kansas state corporate credit unions.
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(1) Corporate credit unions may be organized and operated under this chapter. A corporate credit union has all the powers and authorities granted in, and is subject to, all of the provisions of chapter 31.12 RCW which are not inconsistent with this chapter. A corporate must use t…
RCW 31.20.010 Creation under general corporation laws authorized.
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Organizations to provide development credit are authorized to be created under the general corporation laws of the state, with all of the powers, privileges and immunities conferred on corporations by such laws.[ 1959 c 213 s 1.]
RCW 31.20.020 Purposes specified.
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The purposes of development credit corporations as authorized herein shall be: (1) To promote, aid, and, through the united efforts of the institutions and corporations which shall from time to time become members thereof, develop and advance the industrial and business prosperit…
RCW 31.20.030 Corporate powers.
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In furtherance of the purposes set forth in RCW 31.20.020, and in addition to the powers conferred by the general laws relating to corporations, this corporation shall, subject to the restrictions and limitations set forth in this chapter, have the following powers:(1) To borrow …
RCW 31.20.040 Minimum capital stock.
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No development credit corporation shall be organized with a capital stock of less than twenty-five thousand dollars, which shall be paid into the treasury of the corporation in cash before the corporation shall be authorized to transact any business other than such as relates to …
RCW 31.20.050 Board of directors.
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All the corporate powers of a development credit corporation shall be exercised by a board of not less than nine directors who shall be residents of this state. The number of directors and their term of office shall be determined by the stockholders at the first meeting held by t…
RCW 31.20.060 Members power to loan funds to corporation.
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Any member, as set forth in RCW 31.20.070, shall have power and authority to loan any of their funds to any development credit corporation of which they are a member, subject to the restrictions as set forth in RCW 31.20.080, notwithstanding any laws to the contrary pertaining to…
RCW 31.20.070 Members of corporation enumerated.
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The members of a development credit corporation shall consist of such banks, trust companies, savings banks, mutual savings banks, savings and loan associations, building and loan associations, credit unions, insurance companies or union funds as may make accepted applications to…
RCW 31.20.080 Members duty to loan funds to corporation—Maximum limits—Proration of calls.
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Each member of a development credit corporation shall lend funds to the development credit corporation as and when called upon by it to do so to the extent of the member's commitment, but the total amount on loan by any member at any one time shall not exceed the following limit:…
RCW 31.20.090 Withdrawal from membership.
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Upon notice given one year in advance a member of the corporation may withdraw from membership in the corporation at the expiration date of such notice and from said expiration date shall be free from obligations hereunder except as to those accrued prior to said expiration date.…
RCW 31.20.100 Surplus reserve required.
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A development credit corporation shall set apart a surplus of not less than ten percent of its net earnings in each and every year until such surplus, with any unimpaired surplus paid in, shall amount to one-half of the capital stock. The said surplus shall be kept to secure agai…
RCW 31.20.110 Funds to be deposited in designated depository.
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A development credit corporation shall not deposit any of its funds in any institution unless such institution has been designated as a depository by a vote of a majority of the directors, exclusive of the vote of any director who is an officer or director of the depository so de…
RCW 31.20.120 Money deposits prohibited.
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A development credit corporation shall not receive money on deposit.[ 1959 c 213 s 12.]
RCW 31.20.130 Publication of annual statement of assets and liabilities.
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A development credit corporation, on or before February 15th of each year, shall publish in three consecutive issues of a newspaper of general circulation in the area or areas where the corporation is located a statement of assets and liabilities as of December 31st of the preced…
RCW 31.20.140 Participation in federal act authorized.
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Any development credit corporation desiring to qualify and participate in the federal Small Business Investment Act of 1958 and as hereafter amended may do so and to that end may comply with all the laws of the United States and all the rules, regulations and requirements promulg…
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…