Title 32, Title 32 WASHINGTON SAVINGS BANK ACT
14 chapters · 295 sections in this title.
RCW 32.04.002 Short title.
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This title may be known and cited as the Washington savings bank act.[ 2014 c 37 s 501.]Notes:Legislative declarations—Effective date—2014 c 37: See RCW 30A.04.005 and 30A.04.902.
RCW 32.04.010 Scope of title.
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This title shall not be construed as amending or repealing any other law of the state authorizing the incorporation of banks or regulating the same, but shall be deemed to be additional legislation for the sole purpose of authorizing the incorporation and operation of mutual savi…
RCW 32.04.012 Limits on loans and extensions of credit.
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Notwithstanding any other provisions of this title, a savings bank 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 23.]Notes:*Reviser's note: RCW 30.04.111 was recodified as RCW 30A.04.111 pursu…
RCW 32.04.015 Duty to comply—Violations—Penalty.
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(1) Each savings bank and its directors, officers, employees, and agents, shall comply with:(a) This title and chapter 11.100 RCW as applicable to each of them;(b) The rules adopted by the department with respect to savings banks;(c) Any lawful direction or order of the director;…
RCW 32.04.020 Definitions.
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this title.(1) "Adequately capitalized," "critically undercapitalized," "significantly undercapitalized," "undercapitalized," and "well-capitalized," respectively, have meanings consis…
RCW 32.04.022 "Mortgage" includes deed of trust.
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The word "mortgage" as used in this title includes deed of trust.[ 1969 c 55 s 13.]
RCW 32.04.025 Powers as to horizontal property regimes or condominiums.
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The words "real estate" and "real property" as used in this title shall include apartments or other portions, however designated, of horizontal property regimes, or a condominium interest in property, as may be created under any laws now in existence or hereafter enacted. A mutua…
RCW 32.04.030 Branches—Director's approval—Conditions—Definition.
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(1) A savings bank may not, without the written approval of the director, establish and operate branches in any place.(2) A savings bank headquartered in this state desiring to establish a branch shall file a written application with the director, who shall approve or disapprove …
RCW 32.04.035 Agency agreements—Written notice to director.
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On or before the date on which a mutual savings bank enters into any agency agreement authorizing another entity, as agent of the mutual savings bank, to receive deposits or renew time deposits, the mutual savings bank shall give written notice to the director of the existence of…
RCW 32.04.050 Reports.
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A savings bank shall render to the director, in such form as he or she shall prescribe, at least three regular reports each year exhibiting its resources and liabilities as of such dates as the director shall designate, which shall be the dates designated by the comptroller of th…
RCW 32.04.070 Certified copies of records as evidence.
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Copies from the records, books, and accounts of a savings bank and its holding company shall be competent evidence in all cases, equal with originals thereof, if there is annexed to such copies an affidavit taken before a notary public or clerk of a court under seal, stating that…
RCW 32.04.080 Employees' pension, retirement, or health insurance benefits—Payment.
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A mutual savings bank may provide for pensions or retirement benefits for its disabled or superannuated employees or health insurance benefits for its employees and may pay a part or all of the cost of providing such pensions or benefits in accordance with a plan adopted by its b…
RCW 32.04.082 Pension, retirement, or health insurance benefits—Waiver by bank of offsets attributable to social security.
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With respect to pension payments or retirement or health insurance benefits payable by a mutual savings bank to any employee heretofore or hereafter retired, such bank may waive all or any part of any offsets thereto attributable to social security benefits receivable by such emp…
RCW 32.04.085 Pension, retirement, or health insurance benefits—Supplementation.
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Any pension payment or retirement or health insurance benefits payable by a mutual savings bank to a former officer or employee, or to a person or persons entitled thereto by virtue of service performed by such officer or employee, in the discretion of a majority of all the trust…
RCW 32.04.100 Penalty for falsification.
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Every person who knowingly subscribes to or makes or causes to be made any false statement or false entry in the books of any savings bank or its holding company, or knowingly subscribes to or exhibits any false or fictitious security, document or paper, with the intent to deceiv…
RCW 32.04.110 Penalty for concealing or destroying evidence.
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Every board trustee or director, officer, employee, or agent of any savings bank or its holding company who for the purpose of concealing any fact suppresses any evidence against himself or herself, or against any other person, or who abstracts, removes, mutilates, destroys, or s…
RCW 32.04.120 Specific penalties invoked.
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The provisions of RCW 9.24.050, 9.24.040 and 9.24.030 shall apply to the corporations authorized under this title.[ 1955 c 13 s 32.04.120. Prior: 1915 c 175 s 50; RRS s 3379.]
RCW 32.04.130 General penalty.
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Any person who does anything forbidden by chapter 32.04, 32.08, 32.12, 32.16 or 32.24 RCW of this title for which a penalty is not provided in this title, or in some other law of the state, shall be guilty of a gross misdemeanor and be punished accordingly.[ 1955 c 13 s 32.04.130…
RCW 32.04.150 Cost of examination.
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See RCW 30A.04.070.
RCW 32.04.170 Conversion to mutual savings bank of savings and loan association.
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See chapter 33.44 RCW.
RCW 32.04.190 Bank stabilization act.
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See chapter 30A.56 RCW.
RCW 32.04.200 Capital notes or debentures.
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See chapter 30A.36 RCW.
RCW 32.04.210 Saturday closing authorized.
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See RCW 30A.04.330.
RCW 32.04.211 Examinations directed—Cooperative agreements and actions.
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(1) The director, assistant director, or an examiner shall visit each savings bank at least once every eighteen months, and oftener if necessary, or as otherwise required by the rules and interpretations of applicable federal banking examination authorities, for the purpose of ma…
RCW 32.04.220 Examination reports and other information—Confidential—Privileged—Penalty.
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(1) All examination reports and all information obtained by the director and the director's staff in conducting examinations of savings banks, and information obtained by the director and the director's staff from other state or federal bank regulatory authorities with whom the d…
RCW 32.04.250 Notice of charges—Reasons for issuance—Grounds—Contents of notice—Hearing—Cease and desist orders.
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(1) The director may issue and serve a notice of charges upon a savings bank when, in the opinion of the director:(a) It has engaged in an unsafe and unsound practice in conducting or in relation to its business;(b) It has violated any provision of RCW 32.04.015; or(c) It is plan…
RCW 32.04.260 Temporary cease and desist orders—Reasons for issuance.
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(1) The director may also issue a temporary order requiring a savings bank or its holding company, or both, to cease and desist from any action or omission, as specified in RCW 32.04.250, or its continuation, which the director has determined:(a) Constitutes an unsafe and unsound…
RCW 32.04.270 Temporary cease and desist order—Injunction to set aside, limit, or suspend temporary order.
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(1) Within ten days after a savings bank or holding company has been served with a temporary cease and desist order, the savings bank or holding company may apply to the superior court in the county of its principal place of business for an injunction setting aside, limiting, or …
RCW 32.04.280 Violation of temporary cease and desist order—Injunction to enforce order.
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In the case of a violation or threatened violation of a temporary cease and desist order issued under RCW 32.04.260, the director may apply to the superior court of the county of the principal place of business of the mutual savings bank for an injunction to enforce the order. Th…
RCW 32.04.290 Administrative hearing provided for in RCW 32.04.250 or 32.16.093—Procedure—Order—Judicial review.
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(1) Any administrative hearing provided in RCW 32.04.250 or 32.16.093 must be conducted in accordance with chapter 34.05 RCW and held at the place designated by the director, and may be conducted by the department. The hearing shall be private unless the director determines that …
RCW 32.04.300 Jurisdiction of courts as to cease and desist orders, orders to remove trustee, officer, or employee, etc.
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The director may apply to the superior court of the county of the principal place of business of the mutual savings bank affected for the enforcement of any effective and outstanding order issued under RCW 32.04.250 or 32.16.093, and the court shall have jurisdiction to order com…
RCW 32.04.310 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 12.]Notes:Effective date—1993 c 324: See RCW 19.174.900.
RCW 32.04.320 Director—Powers under chapter 19.144 RCW.
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The director or the director's designee may take such action as provided for in this title to enforce, investigate, or examine persons covered by chapter 19.144 RCW.[ 2008 c 108 s 18.]Notes:Findings—2008 c 108: See RCW 19.144.005.
RCW 32.08.010 Authority to organize—Incorporators—Certificate.
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When authorized by the director, as hereinafter provided, not less than nine nor more than thirty persons may form a corporation to be known as a "mutual savings bank." Such persons must be citizens of the United States; at least four-fifths of them must be residents of this stat…
RCW 32.08.020 Notice of intention.
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At the time of executing the incorporation certificate, the proposed incorporators shall sign a notice of intention to organize the mutual savings bank, which shall specify their names, the name of the proposed corporation, and its location as set forth in the incorporation certi…
RCW 32.08.025 Limited liability company—Organization or conversion—Approval of director—Conditions—Application of chapter 25.15 RCW—Definitions.
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(1) Notwithstanding any other provision of this title, if the conditions of this section are met, a savings bank, or a holding company of a savings bank, may be organized as, or convert to, a limited liability company under the Washington limited liability company act, chapter 25…
RCW 32.08.030 Submission of certificate—Proof of service of notice.
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After the lapse of at least twenty-eight days from the date of the first due publication of the notice of intention to incorporate, and within ten days after the date of the last publication thereof, the incorporation certificate executed in triplicate shall be submitted for exam…
RCW 32.08.040 Examination and action by director.
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When any such certificate has been filed for examination the director shall thereupon ascertain from the best source of information at his or her command, and by such investigation as he or she may deem necessary, whether the character, responsibility, and general fitness of the …
RCW 32.08.050 Appeal from adverse decision.
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From the director's refusal to issue a certificate of authorization, the applicants or a majority of them, may within thirty days from the date of the filing of the certificate of refusal with the secretary of state, appeal to a board of appeal composed of the governor or the gov…
RCW 32.08.060 Procedure upon approval.
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In case of approval, the director shall forthwith give notice thereof to the proposed incorporators, and file one of the duplicate certificates in his or her own office, and shall transmit the other to the secretary of state. Upon receipt from the proposed incorporators of the sa…
RCW 32.08.061 Extension of period of existence—Procedure.
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A mutual savings bank may amend its incorporation certificate to extend the period of its corporate existence for a further definite time or perpetually by a resolution adopted by a majority vote of its board of trustees. Duplicate copies of the resolution, subscribed and acknowl…
RCW 32.08.070 Authorization certificate.
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Before a mutual savings bank shall be authorized to do any business the director shall be satisfied that the corporation has in good faith complied with all the requirements of law and fulfilled all the conditions precedent to commencing business imposed by this title. If satisfi…
RCW 32.08.080 Conditions precedent to reception of deposits.
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Before such corporation shall be authorized to receive deposits or transact business other than the completion of its organization, the director shall be satisfied that:(1) The incorporators have made the deposit of the initial guaranty fund required by this title;(2) The incorpo…
RCW 32.08.090 Expense fund—Agreement to contribute further—Security.
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Before any mutual savings bank shall be authorized to do business, its incorporators shall create an expense fund from which the expense of organizing such bank and its operating expenses may be paid, until such time as its earnings are sufficient to pay its operating expenses in…
RCW 32.08.100 Guaranty fund.
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Before any mutual savings bank shall be authorized to do business, its incorporators shall create a guaranty fund for the protection of its depositors against loss on its investments, whether arising from depreciation in the market value of its securities or otherwise:(1) Such gu…
RCW 32.08.110 Guaranty fund—Purpose.
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The contributions of the incorporators, or trustees of any such savings bank under the provisions of RCW 32.08.100, and the sums credited thereto from its net earnings under the provisions of RCW 32.08.120, shall constitute a guaranty fund for the security of its depositors, and …
RCW 32.08.115 Guaranty fund—Payment of interest and dividends—Legislative declaration.
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It is hereby recognized that the savings banks of the state of Washington are affected adversely by the uncertainties and ambiguities in the law relating to guaranty funds. It is the express purpose of the legislature in enacting RCW 32.08.116 to clarify that the law permits paym…
RCW 32.08.116 Guaranty fund—Payment of interest and dividends—When authorized.
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A savings bank not having net earnings or undivided profits or other surplus may pay interest and dividends from its guaranty fund upon prior written approval of the director, which approval shall not be withheld unless the director has determined that such payments would place t…
RCW 32.08.120 Guaranty fund—Replenishment—Dividends.
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(1) If at the close of any dividend period the guaranty fund of a savings bank is less than ten percent of the amount due to depositors, there shall be deducted from its net earnings and credited to its guaranty fund not less than five percent of its net earnings for such period.…
RCW 32.08.130 Reimbursement fund.
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When the portion of the guaranty fund created from earnings amounts to not less than five thousand dollars (including in the case of a savings bank converted from a building and loan or savings and loan association or society the amount of the initial guaranty fund), the board of…