Title 30B — Title 30B WASHINGTON TRUST INSTITUTIONS ACT
14 chapters · 156 sections in this title.
RCW 30B.10.170 Hearing—Order—Review or appeal.
0.8K chars
(1) The presiding officer shall have sixty days after the hearing to issue an order, including findings of fact and conclusions of law, consistent with RCW 34.05.461(3).(2) If the director has not delegated his or her authority to a presiding officer to issue a final order, a par…
RCW 30B.10.180 Emergency order—Judicial review.
3.2K chars
(1) When the director finds it necessary for one or more of the purposes set forth in subsection (2) of this section, the director may issue and serve an emergency order upon:(a) A state trust institution, its affiliate, a director, officer, manager, employee, or agent of such st…
RCW 30B.10.190 Order of prohibition against third-party service providers—Grounds—Notice.
1.3K chars
(1) The director may issue and serve a state trust institution, or its affiliate, with written notice of intent to prohibit it from permitting a third-party service provider of such state trust institution or affiliate from participating in the conduct of the affairs of the state…
RCW 30B.10.200 Notice of intention to remove or prohibit participation in conduct of affairs—Hearing—Order.
1.6K chars
(1) A notice pursuant to RCW 30B.10.080 or 30B.10.190 shall:(a) Contain a statement of the facts that constitute grounds for removal or prohibition; and(b) Set a time and place at which a hearing will be held.(2) The hearing shall be set not earlier than ten days or later than th…
RCW 30B.10.210 Authority of director to seek removal by the board of a state trust company.
2.9K chars
(1) In addition to any other remedy set forth in this chapter, the director may notify, in writing, the board of directors of any state trust company that the director has information that any member of the board of directors, officer, manager, employee, or agent of the state tru…
RCW 30B.10.220 Jurisdiction of courts as to the department's enforcement orders—Venue.
0.9K chars
(1) The director may apply to a superior court of Washington for the enforcement of any effective and outstanding final order issued pursuant to this chapter, and the superior court shall have jurisdiction to order compliance with such final order.(2) No court shall have jurisdic…
RCW 30B.10.230 General penalty—Effect of conviction.
0.6K chars
(1) A person who shall knowingly violate or knowingly aid or abet the violation of any provision of RCW 30B.10.050 shall be guilty of a misdemeanor.(2) A director, officer, manager, employee, or agent of a state trust institution or affiliate who has had imposed upon him or her a…
RCW 30B.10.240 Statute of limitations.
1.0K chars
(1) An action seeking any remedy under RCW 30B.10.070, 30B.10.080, or 30B.10.190 shall commence no later than five years after the cause of action accrued.(2) A cause of action under this section is deemed to have accrued at the later of the following events:(a) The occurrence of…
RCW 30B.12.005 Voting securities held by state trust company.
1.2K chars
(1) Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered in its own name or in the name of its nominee, may not be voted in the election of directors or managers or on a matter affecting the c…
RCW 30B.12.010 Bylaws.
0.8K chars
(1) A state trust company shall adopt bylaws and may amend its bylaws from time to time for the purposes and in accordance with the procedures set forth in the Washington business corporation act.(2) A limited liability trust company in which management is retained by the partici…
RCW 30B.12.020 Board of directors, managers, or managing participants.
4.5K chars
(1) The board of a state trust company must consist of not fewer than five directors, managers, or managing participants, at least two of whom shall not be officers, managers, employees, or agents of the state trust company, or otherwise in control of the state trust company, eit…
RCW 30B.12.030 Required board meetings.
0.5K chars
The board of a state trust company shall hold at least one regular meeting each quarter. At each regular meeting the board shall review and approve the minutes of the prior meeting and review the operations, activities, and financial condition of the state trust company. The boar…
RCW 30B.12.040 Officers.
1.6K chars
(1) The board shall annually appoint the officers of the state trust company, who serve at the pleasure of the board. The state trust company must have a principal executive officer primarily responsible for the execution of board policies and operation of the state trust company…
RCW 30B.12.050 Certain criminal offenses.
0.9K chars
(1) An officer, director, manager, managing participant, employee, shareholder, or participant of a state trust company commits an offense if the person knowingly:(a) Conceals information or a fact, or removes, destroys, or conceals a book or record of the state trust company for…
RCW 30B.12.060 Board's responsibility.
0.8K chars
The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent to the exercise of fiduciary powers, including:(1) The determination of policies;(2) The investment and disposition of property held …
RCW 30B.12.070 Bonding requirements.
0.4K chars
The board of a state trust company shall require protection and indemnity for clients in reasonable amounts consistent with the bonding requirements for a state bank under RCW 30A.12.030 and as may further be established by rule adopted under this chapter, against dishonesty, fra…
RCW 30B.12.080 Reports of apparent crime.
0.8K chars
A trust company that is the victim of a robbery, has a shortage of corporate or fiduciary funds in excess of five thousand dollars, or is the victim of an apparent or suspected misapplication of its corporate or fiduciary funds or property in any amount by a director, manager, ma…
RCW 30B.12.090 Administration of fiduciary powers.
3.6K chars
(1)(a) The board of directors is responsible for the proper exercise of fiduciary powers by the trust company. All matters pertinent thereto, including the determination of policies, the investment and disposition of property held in a fiduciary capacity, and the direction and re…
RCW 30B.12.100 Audit—Fiduciary audit committee.
2.7K chars
(1) A state trust company shall have a fiduciary audit committee, which shall exercise fiduciary responsibilities, administer fiduciary powers, and report to the board of directors consistent with the requirements of this section, RCW 30B.24.030, and in conformity with the conten…
RCW 30B.12.110 Shareholders—Actions authorized without meetings—Written consent.
0.5K chars
(1) Any action required by this title to be taken at a meeting of the shareholders of a state trust company, or any action that may be taken at a meeting of such shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by …
RCW 30B.12.120 Directors, committees—Actions authorized without meetings—Written consent.
0.9K chars
(1) Unless otherwise provided by the articles of incorporation or bylaws, any action required by this title to be taken at a meeting of the directors of a state trust company, or any action which may be taken at any meeting of the directors or of a committee, may be taken without…
RCW 30B.12.130 Directors, committees—Meetings authorized by conference telephone or similar communications equipment.
0.5K chars
Except as may be otherwise restricted by the articles of incorporation or bylaws of a state trust company, members of its board of directors or any committee designated by its board of directors may participate in a meeting of the board or committee by means of a conference telep…
RCW 30B.12.140 Fidelity bonds—Liability insurance—Additional insurance—Authority of director.
2.3K chars
(1) Except as otherwise permitted by the director under specified terms and conditions, the board of directors of a state trust company shall direct and require good and sufficient fidelity bonds and liability insurance, issued by a company authorized to engage in the insurance b…
RCW 30B.20.005 General prohibition on deposit taking.
0.4K chars
Except as authorized by this chapter or other governing law, a trust company may not take or hold deposits of funds in this state unless:(1) It is authorized to do business in this state as a depository institution; and(2) Complies with all applicable federal and state laws and r…
RCW 30B.20.010 Trust deposits as a client investment—Security fund.
1.2K chars
(1) The director may establish by rule a plan for the safe and sound deposit of trust funds by a state trust company with itself as an investment, if:(a) The investment of the trust deposits is authorized in writing by the settlor or the beneficiary;(b) The state trust company ma…
RCW 30B.20.020 Common trust funds—Collective investment funds.
2.2K chars
(1) Consistent with RCW 11.102.010, a state trust company may establish common trust funds to provide investment to itself as a fiduciary.(2) The director may adopt rules to administer and carry out this section and RCW 11.102.010, including but not limited to rules to establish …
RCW 30B.24.005 Prudential fiduciary standards.
1.8K chars
(1) Except to the extent federal preemption of state law is applicable in relation to trusts governed under the federal employment retirement income security act, a state trust company shall comply with all applicable provisions of this title and with applicable provisions of Tit…
RCW 30B.24.010 Fee determination.
0.4K chars
(1) The compensation arrangement between a client and a trustee or any other fiduciary pursuant to this title shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.(2) This section does not ap…
RCW 30B.24.020 Conflicts of interest.
3.6K chars
(1) In addition to the provisions set out in RCW 11.98.078, if a conflict of interest may reasonably be expected to have a material adverse impact on the trustee's judgment in its provision of services to such client, the trustee must provide a reasonable disclosure of such confl…
RCW 30B.24.030 Compliance with fiduciary activities standards equivalent to that of national banks—Statement of principles of trust management—Management of third-party risk.
1.1K chars
(1) Unless the director shall otherwise set forth by rule, a state trust company and, to the extent applicable, its affiliates, and their respective directors, officers, managers, employees, and agents, shall comply with such federal regulations applicable to the fiduciary activi…
RCW 30B.24.040 Written statement of principles of trust management required—Contents.
5.5K chars
(1) The board of directors of a state trust company shall adopt a written statement of principles of trust management at its first organizational meeting or at a meeting of the board called for that purpose, which it must annually reaffirm by written vote, whether or not such sta…
RCW 30B.24.050 Call report.
0.5K chars
(1) A state trust company shall file no later than forty-five days after the end of each calendar quarter a statement of its financial condition and a summary of the condition of its fiduciary accounts, known as a call report, in a form and content as prescribed by the director b…
RCW 30B.24.060 Compliance with the bank secrecy act—Management of third-party risk—Cybersecurity—Examination.
1.5K chars
(1) A state trust institution and its affiliate or third-party service provider, if applicable, shall comply with the federal financial recordkeeping and reporting of currency and foreign transactions act, 31 U.S.C. Sec. 5311 et seq., also known as the bank secrecy act, and with …
RCW 30B.38.005 Trust business at a trust office.
1.2K chars
(1) An out-of-state trust institution that meets the requirements of this chapter is not required to maintain a physical trust office in Washington state.(2) An out-of-state trust institution that does not operate a trust office in Washington state and that meets the requirements…
RCW 30B.38.010 Preexisting approved out-of-state trust institutions.
0.2K chars
Notwithstanding any other provision of this title, an out-of-state trust institution that complies with RCW 30B.38.020(1) and 30B.72.010 is exempt from the requirements of RCW 30B.38.030 and 30B.38.040.[ 2014 c 37 s 367.]
RCW 30B.38.020 Trust business of out-of-state trust institution—Prerequisite of reciprocity—Authority of director.
4.0K chars
(1) Except as authorized by federal law, by another law of Washington state, or by a written finding of the director waiving some or all of the requirements of this section in the interest of facilitating financial interstate commerce, an out-of-state trust institution shall not …
RCW 30B.38.030 Requirement of notice.
1.0K chars
An out-of-state trust institution desiring to engage in trust business in Washington state shall provide, or cause its home state regulator to provide, written notice to the director of its intent to engage in trust business in Washington state, accompanied by a written applicati…
RCW 30B.38.040 Notice of approval or denial by director.
0.8K chars
(1) The director must, within sixty days after receiving a complete written application under RCW 30B.38.030, including any waiver request, notify the home state regulator and the out-of-state trust institution of the director's approval or denial of the written application or wa…
RCW 30B.38.050 Additional trust offices.
0.3K chars
An out-of-state trust institution that maintains a trust office in this state under this chapter may establish or acquire additional trust offices in this state to the same extent that a state trust company may establish or acquire additional offices in this state.[ 2014 c 37 s 3…
RCW 30B.38.060 Examinations of out-of-state trust institutions—Periodic reports—Cooperative agreements—Assessment of fees.
3.4K chars
(1) To the extent consistent with subsections (3), (4), and (5) of this section, the director may make such examinations and investigations of an out-of-state trust institution engaged in trust business in this state as the director may deem necessary to determine whether the out…
RCW 30B.38.070 Enforcement.
1.8K chars
(1) Consistent with chapter 30B.10 RCW, the director may determine an out-of-state trust institution engaging in trust business in Washington state, or its affiliate, is in violation of any provision of this title or is operating in an unsafe and unsound manner.(2) The director s…
RCW 30B.38.080 Notice of subsequent merger, closing, etc.
0.9K chars
Each out-of-state trust institution that maintains an office in Washington state or otherwise conducts trust business in Washington state pursuant to this chapter, or the home state regulator of such trust institution, shall give at least thirty days' prior written notice, or in …
RCW 30B.38.090 Functionally unregulated out-of-state trust institutions.
0.5K chars
Notwithstanding any other provision of this chapter, an out-of-state trust institution engaging in trust business in Washington state, which is not an exempt person under RCW 30B.04.040 and which by reason of the laws of its home state is not, in the opinion of the director, subj…
RCW 30B.38.100 State trust company operating in another state—Approval of director.
0.8K chars
(1) Upon written approval of the director, a state trust company may conduct the business of a trust company in a host state, subject to the authority, requirements, and restrictions of the host state, or as otherwise directed by a cooperative agreement between the department and…
RCW 30B.44A.005 Required vote of shareholders.
0.3K chars
A state trust company may go into voluntary liquidation and be closed, and may surrender its certificate of authority and franchise as a corporation or limited liability company of Washington state by the affirmative votes of its shareholders owning two-thirds of its shares.[ 201…
RCW 30B.44A.010 Corporate procedure.
0.6K chars
(1) Shareholder action to liquidate a state trust company shall be taken at a meeting of the shareholders duly called and noticed as provided for in Title 23B RCW, if the state trust company is a corporation, and as provided in chapter 25.15 RCW, if the state trust company is a l…
RCW 30B.44A.020 Authority to liquidate—Notice.
1.2K chars
(1) If the director approves the liquidation, the director shall issue to the state trust company written notice of approval for such purpose.(2) Such approval shall be deemed granted unless the director issues a written determination, no later than sixty days from notice by the …
RCW 30B.44A.030 Examination and reports.
0.3K chars
While a state trust company is in process of voluntary liquidation under this chapter, it is subject to examination by the director and shall continue to furnish to the director such reports as required of a state trust company.[ 2019 c 389 s 58; 2014 c 37 s 379.]
RCW 30B.44A.040 Unclaimed property and moneys.
1.3K chars
(1) All unclaimed property remaining in the possession of a state trust company that has been voluntarily liquidated according to this chapter is subject to the provisions of chapter 11.08 RCW, except to the extent set forth in this section.(2) Any funds, less outstanding fees an…
RCW 30B.44A.050 Sale and transfer of property—Conditions for sale without shareholder approval.
1.7K chars
(1) Any state trust company may sell and transfer to any other trust institution all of its assets of every kind upon such terms as may be agreed upon and approved by the director and by two-thirds vote of its shareholders.(2) A copy of the minutes of any meeting at which such ac…