Title 33 — Title 33 WASHINGTON SAVINGS ASSOCIATION ACT

See RCW 30A.32.040.Notes:

Deposits made by individuals in an association are governed by *chapter 30.22 RCW.[ 1981 c 192 s 29.]Notes:*Reviser's note: Chapter 30.22 RCW was recodified as chapter 30A.22 RCW pursuant to 2014 c 37 s 4, effective January 5, 2015.Effective date—1981 c 192: See RCW 30A.22.900.

Each member having deposits in a mutual association shall have a proportionate proprietary interest in its assets or net earnings subordinate to the claims of its other creditors. At any meeting of the members of a mutual association, each member shall be entitled to at least one…

Subject to *chapter 30.22 RCW, minors may become depositors or members of an association and all contracts entered into between a minor and an association, with respect to his or her membership or his or her deposits therein, shall be valid and enforceable, and a minor may not di…

The state of Washington and the political subdivisions thereof, and trustees, administrators, executors, guardians, and other fiduciaries, either individual or corporate, in their fiduciary capacity, may be depositors in associations.[ 1982 c 3 s 39; 1945 c 235 s 44; Rem. Supp. 1…

An association shall maintain a record of all deposits received from its members. The issuance of a passbook, statement, or certificate may be omitted for any account if a record thereof is maintained in lieu of a passbook, statement, or certificate of deposit, on which shall be …

When any savings member shall have neither paid in nor withdrawn any funds from his or her savings account in the association for seven consecutive years, and his or her whereabouts is unknown to the association and he or she shall not respond to a letter from the association inq…

The deposits paid into an association, together with any interest credited thereon, shall be repaid to the depositors thereof respectively, or to their legal representatives, upon request.If, in the judgment of the board, circumstances warrant deferment of the payment of withdraw…

The director further is empowered, if in his or her judgment the circumstances warrant it, to issue in writing a declaration that an acute business depression, state of panic, or economic emergency exists, in which event the directors of any association, state or federal, within …

An association may classify its depositors according to the character, amount, frequency or duration of their dealings with the association and may regulate the earnings in such manner that each depositor receives the same rate of interest as all others of the depositor's class.[…

An association may, on instruction from a depositor, effect withdrawals from the depositor's account by the association's drafts payable to parties and on terms as so instructed. An association may allow a depositor to effect withdrawals or transfers from the depositor's account …

The word "mortgage" as used in this title includes deed of trust and real estate contract.[ 1982 c 3 s 44; 1973 c 130 s 28.]Notes:Severability—1982 c 3: See note following RCW 33.04.002.Severability—1973 c 130: See note following RCW 33.24.350.

Unless the context clearly requires otherwise, "real property" means improved or unimproved real estate and includes leasehold interests in improved or unimproved real estate and includes manufactured housing whether temporarily, semipermanently, or permanently attached to land a…

(1) An association may invest its funds only as provided in this chapter.(2) An association is subject to the same limits on loans and extensions of credit, and exceptions thereto, as set forth in *RCW 30.04.111.[ 2013 c 76 s 30; 1994 c 92 s 445; 1982 c 3 s 45; 1979 c 113 s 6; 19…

An association may invest not more than twenty percent of its assets in loans on such terms as it deems appropriate.[ 1982 c 3 s 51.]Notes:Severability—1982 c 3: See note following RCW 33.04.002.

An association may invest its funds in loans upon or purchases of the bonds or obligations of or bonds or obligations guaranteed by the United States of America, including bonds of the District of Columbia, of the Dominion of Canada, or those for which the faith of the United Sta…

Except as may be limited by the director by rule, an association may invest its funds in obligations of the United States, as authorized by RCW 33.24.020, either directly or in the form of securities of, or other interests in, an open-end or closed-end management type investment …

An association may invest its funds in the bonds or interest bearing obligations of this state or any agency thereof.[ 1955 c 126 s 1; 1945 c 235 s 60; Rem. Supp. 1945 s 3717-179. Prior: 1939 c 98 s 11; 1933 c 183 s 56.]

An association may invest its funds in the bonds or interest bearing obligations of any other state of the United States upon which there is no existing default and upon which there has been no default for more than ninety days within ten years immediately preceding the investmen…

An association may invest its funds in the valid warrants or bonds of any city, town, county, school district, port district, or other municipal corporation in the state of Washington which are issued pursuant to law and for the payment of which the faith and credit of such munic…

An association may invest its funds in the valid warrants or bonds of any city, county, school district, port district, or other municipal corporation in the United States having a population of not less than fifty thousand inhabitants as determined by the last federal census, wh…

An association may invest in obligations issued or guaranteed by any multilateral development bank in which the United States government formally participates. Such investment in any one multilateral development bank shall not exceed five percent of the association's assets.[ 198…

An association may invest its funds in the revenue bonds of any city, town, district, or political subdivision of this state for the payment of which revenue of the city, town, district or political subdivision utility or revenue producing facility is irrevocably pledged.It may i…

An association may invest its funds in the bonds of any local improvement district of any city of this state (except bonds issued for an improvement consisting of grading only), the ultimate payment of which is guaranteed by the municipality under the provisions of guaranty laws …

An association may invest its funds in stock or notes, bonds, debentures, or other such obligations of any federal home loan bank, the Home Owners' Loan Corporation, any federal land bank, the Federal Savings and Loan Insurance Corporation, the Federal Housing Administration, the…

An association may invest its funds in loans, mortgages, or other obligations secured by real property.[ 1982 c 3 s 46; 1979 c 113 s 7; 1969 c 107 s 5; 1949 c 20 s 6; 1945 c 235 s 67; Rem. Supp. 1949 s 3717-186. Prior: 1939 c 98 s 11; 1935 c 9 ss 1, 2, 3; 1933 c 183 ss 56, 58; 19…

An association, alone or in conjunction with other entities, may form, incorporate, or invest in corporations or other entities, whether or not such other corporation or entity is related to the association's business. The aggregate amount of funds invested or used in the formati…

An association may invest its funds in the acquisition of furniture, fixtures and office equipment convenient and necessary for the carrying on of its business.An association may invest its funds in real property or leasehold interests therein for use in the transaction of its bu…

Every director, officer, agent, or employee of an association who shall borrow or who shall knowingly permit any person to borrow any of its funds in violation of the provisions of this title shall be personally liable for any loss or damage which the association may sustain in c…

See RCW 54.24.120.

See RCW 30A.32.020.Notes:Home loan bank as depositary: RCW 30A.32.040.May borrow from home loan bank: RCW 30A.32.030.

A savings and loan association may purchase and hold for its own investment accounts stock in small business investment companies licensed and regulated by the United States as authorized by the small business act, Public Law 85-536, as amended and now in force, in an amount not …

An association may invest not to exceed twenty percent of its assets in loans for any nonbusiness family purposes.[ 1982 c 3 s 48; 1979 c 113 s 12; 1973 c 130 s 27.]Notes:Severability—1982 c 3: See note following RCW 33.04.002.Severability—1979 c 113: See note following RCW 33.04…

A person or other entity, including an association, organized under the laws of this state or authorized to transact business in this state, may acquire any or all of the assets or shares of stock of any association authorized to transact business under this title.[ 1982 c 3 s 52…

Unless the context requires otherwise, the definitions in this section apply throughout this chapter.(1) "Subsidiary" of a person or other entity means any person or other entity which is controlled by such person or other entity.(2) "Control" means directly or indirectly or acti…

(1) It is unlawful for any acquiring party to acquire control of an association until thirty days after the date of filing with the director an application containing substantially all of the following information and any additional information that the director may prescribe as …

The director may within thirty days after the date of filing of the application under RCW 33.24.360, file an action or proceeding in superior court to prevent the pending acquisition of control if the director finds any of the following:(1) The acquisition would substantially les…

RCW 33.24.345, 33.24.350, 33.24.360, and 33.24.370 do not apply to foreign associations doing business in this state, except when an acquiring party intends to acquire only one or more branches of a foreign association which are located in this state.[ 1982 c 3 s 56.]Notes:Severa…

The secretary of state shall collect fees of twenty dollars in advance for filing articles of incorporation. The secretary of state shall establish by rule, fees for amendments to articles of incorporation, other certificates required to be filed in his or her office, and for fur…

The director shall collect from each association a fee, the amount of which shall be set by rule, to cover the actual cost of examinations and supervision.[ 1994 c 92 s 449; 1982 c 3 s 57; 1974 ex.s. c 22 s 1; 1969 c 107 s 6; 1961 c 222 s 4; 1945 c 235 s 77; Rem. Supp. 1945 s 371…

The fees provided for in this title shall be in lieu of all other corporation fees, licenses, or excises for the privilege of doing business, except for business and occupation taxes imposed pursuant to chapter 82.04 RCW, and except for license fees or taxes imposed by a city or …

Unless prohibited by the laws of the state in which it is incorporated, a foreign association or like corporation authorized to do business in this state which, by the laws of the state in which it is incorporated, is required to be examined or to make reports to officers of such…

Except as to those matters relating strictly to its internal management which are governed by provisions of the law of the state of its incorporation inconsistent with this title, a foreign association or like corporation authorized to transact business in this state shall conduc…

No foreign savings and loan association or like corporation shall do business in this state until it shall file with the director a written irrevocable power of attorney providing that service upon the director of any process issued against it by any court in this state shall con…

Subject to other provisions of this chapter, an out-of-state savings and loan association shall be permitted to establish a branch or acquire branches in this state if the out-of-state savings and loan association would be permitted to establish or acquire a branch in Washington …

Any foreign savings and loan association or like corporation doing business in this state which fails to comply with any provision of this title as required shall not thereafter transact any business within this state.[ 1982 c 3 s 61; 1945 c 235 s 86; Rem. Supp. 1945 s 3717-205. …

See chapter 23B.18 RCW.

Any director, officer, agent, or employee of an association who, on behalf of such association, shall knowingly and wilfully make or participate in making or consent to any loan or investment contrary to the provisions of this title shall be guilty of a gross misdemeanor.[ 1945 c…

Any director, officer, agent, attorney, or employee of an association who, directly or indirectly, shall purchase at a discount any savings account in the association or any certificate or debenture of any segregation corporation holding assets formerly held by the association sh…

Every transfer of its property and assets by any association in this state, made in contemplation of insolvency, or after it becomes insolvent, with a view to the preference of one creditor or member over another, or to prevent the proper distribution of its property and assets a…