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Washington Statutes, Title 33

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Title 33, WASHINGTON SAVINGS ASSOCIATION ACT

15 chapters · 162 sections in this title.

All chapters in Title 33162 Ch 33.24, Loans and investments.27 Ch 33.48, Stock associations.26 Ch 33.04, General provisions.18 Ch 33.40, Insolvency, liquidation, merger.13 Ch 33.08, Organization—Articles—Bylaws.12 Ch 33.16, Directors, officers, and employees.12 Ch 33.46, Conversion of savings bank or commer…12 Ch 33.20, Members—Savings.10 Ch 33.12, Powers and restrictions.9 Ch 33.32, Foreign associations.6 Ch 33.36, Prohibited acts—Penalties.6 Ch 33.44, Conversion to mutual savings bank.5 Ch 33.28, Fees and taxes.3 Ch 33.43, Conversion to and from federal assoc…3

162 sections·Filtered byTitle 33✕

RCW 33.04.002 Legislative declaration, intent—Purpose.
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The legislature finds that the statutory law relating to savings and loan associations has not been generally updated or modernized since 1945; and, as a result, many changes to Title 33 RCW should now be made with respect to the powers and duties of the director; to the provisio…
RCW 33.04.004 Short title.
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This title may be known and cited as the Washington savings association act. [ 2014 c 37 s 601.] Notes: Legislative declarations—Effective date—2014 c 37: See RCW 30A.04.005 and 30A.04.902.
RCW 33.04.005 Definitions.
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Unless the context requires otherwise, the definitions in this section apply throughout this title. (1) "Branch" means an established manned place of business or a manned mobile facility or other manned facility of an association, other than the principal office, at which deposit…
RCW 33.04.011 "Mortgage" includes deed of trust and real estate contract.
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See RCW 33.24.005.

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RCW 33.04.020 Director—Powers and duties.

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The director: (1) Shall be charged with the administration and enforcement of this title and shall have and exercise all powers necessary or convenient thereunto; (2) Shall issue to each association doing business hereunder, when it shall have paid its annual license fee and be d…

RCW 33.04.022 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 19.] Notes: Findings—2008 c 108: See RCW 19.144.005.

RCW 33.04.025 Rules.

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The director shall adopt uniform rules in accordance with the administrative procedure act, chapter 34.05 RCW, to govern examinations and reports of associations and the form in which they shall report their assets, liabilities, and reserves, charge off bad debts and otherwise ke…

RCW 33.04.030 Compelling attendance of witnesses.

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In event any person shall refuse to appear in compliance with any subpoena issued by the director or shall refuse to testify thereunder, the superior court of the state of Washington for the county in which such witness was required by said subpoena to appear, upon application of…

RCW 33.04.042 Cease and desist order—Notice of charges—Grounds—Hearing on—Issuance of order, when—Contents—Effective, when.

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(1) The director may issue and serve upon an association a notice of charges if in the opinion of the director the association: (a) Is engaging or has engaged in an unsafe or unsound practice in conducting the business of the association; (b) Is violating or has violated a materi…

RCW 33.04.044 Temporary cease and desist order—Issued, when—Effective, when—Duration.

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Whenever the director determines that the acts specified in RCW 33.04.042 or their continuation is likely to cause insolvency or substantial dissipation of assets or earnings of the association or to otherwise seriously prejudice the interests of its depositors, the director may …

RCW 33.04.046 Temporary cease and desist order—Injunction against order on application of association—Jurisdiction.

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Within ten days after an association has been served with a temporary cease and desist order, the association may apply to the superior court in the county of its principal place of business for an injunction setting aside, limiting, or suspending the order pending the completion…

RCW 33.04.048 Temporary cease and desist order—Injunction to enforce—Jurisdiction.

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In the case of a violation or threatened violation of a temporary cease and desist order issued under RCW 33.04.044, the director may apply to the superior court of the county of the principal place of business of the association for an injunction to enforce the order, and the co…

RCW 33.04.052 Cease and desist order—Administrative hearing—Procedure—Modification, termination, or setting aside of order—Review of order, procedure—Manner of service of notice or order.

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(1) Any administrative hearing provided in RCW 33.04.042 may be held at such place as is designated by the director and shall be conducted in accordance with chapter 34.05 RCW. The hearing shall be private unless the director determines that a public hearing is necessary to prote…

RCW 33.04.054 Cease and desist order—Enforcement—Jurisdiction.

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The director may apply to the superior court of the county of the principal place of business of the association affected for the enforcement of any effective and outstanding order issued under RCW 33.04.042, 33.04.044, or 33.04.048, and the court shall have jurisdiction to order…

RCW 33.04.060 Appellate review.

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An association may petition the superior court of the state of Washington for Thurston county for the review of any decision, ruling, requirement or other action or determination of the director, by filing its complaint, duly verified, with the clerk of the court and serving a co…

RCW 33.04.090 Saturday closing authorized.

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See RCW 30A.04.330. Notes:

RCW 33.04.110 Examination reports and information—Confidential and privileged—Exceptions, limitations and procedure—Penalty.

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(1) Except as otherwise provided in this section, all examination reports and all information obtained by the director and the director's staff in conducting examinations of associations are confidential and privileged information and shall not be made public or otherwise disclos…

RCW 33.04.120 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 13.] Notes: Effective date—1993 c 324: See RCW 19.174.900.

RCW 33.08.010 Compliance required—Use of words in name or advertising—Penalty—Saving.

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No person, firm, company, association, fiduciary, co-partnership, or corporation, either foreign or domestic, shall organize as, carry on or conduct the business of an association except in conformity with the terms and provisions of this title or unless incorporated as a savings…

RCW 33.08.020 Who may form association.

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Any individuals desiring to transact a business of an association may, by complying with this chapter, become a body corporate for that purpose. [ 1982 c 3 s 13; 1945 c 235 s 3; Rem. Supp. 1945 s 3717-122. Prior: 1933 c 183 s 3; 1925 ex.s. c 144 s 1; 1913 c 110 s 1; 1903 c 116 s …

RCW 33.08.030 Domestic association as stock or mutual association—Articles of incorporation.

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A domestic association shall be incorporated either as a stock or a mutual association. The articles of incorporation shall specifically state: (1) The name of the association, which shall include the words: (a) "Savings association"; (b) "Savings and loan association"; or (c) "S…

RCW 33.08.040 Bylaws.

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The incorporators shall prepare bylaws for the government of the association, which shall include: (1) The offices of the association and the respective duties assigned to them; (2) Policies and procedures for the conduct of the business of the association; (3) Any other matters …

RCW 33.08.050 Articles and bylaws to director.

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The incorporators shall deliver to the director triplicate originals of the articles of incorporation and duplicate copies of its proposed bylaws. [ 1994 c 92 s 427; 1982 c 3 s 16; 1981 c 302 s 30; 1945 c 235 s 6; Rem. Supp. 1945 s 3717-125. Prior: 1933 c 183 s 6; 1890 p 56 s 3.]…

RCW 33.08.055 Certificate of incorporation—Application, contents—Filing fee.

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When the incorporators of a domestic association deliver the articles of incorporation and bylaws to the director, the incorporators shall submit an application for a certificate of incorporation, signed and verified by the incorporators, together with the filing fee. The applica…

RCW 33.08.060 Investigation—Fee.

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Upon receipt of the articles of incorporation and bylaws, the director shall proceed to determine, from all sources of information and by such investigation as he or she may deem necessary, whether: (1) The proposed articles and bylaws comply with all requirements of law; (2) The…

RCW 33.08.070 Approval or refusal—Appellate review.

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The director, not later than six months after receipt of the proposed articles and bylaws shall endorse upon each copy thereof the word "approved" or "refused" and the date thereof. In case of refusal, he or she shall forthwith return one copy of the articles and bylaws to the in…

RCW 33.08.080 Articles and bylaws filed—Certificate of incorporation issued—Revocation of right to engage in business, when.

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If the director approves the incorporation of the proposed association, the director shall forthwith return two copies of the articles of incorporation and one copy of the bylaws to the incorporators, retaining the others as a part of the files of the director's office. The incor…

RCW 33.08.090 Amendment of articles.

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The members, at any meeting called for the purpose, may amend the articles of incorporation of the association by a majority vote of the members present, in person or in proxy. The amended articles shall be filed with the director and be subject to the same procedure of approval,…

RCW 33.08.100 Amendment of bylaws.

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The bylaws adopted by the incorporators and approved by the director shall be the bylaws of the association. The members, at any meeting called for the purpose, may amend the bylaws of the association on a majority vote of the members present, in person or by proxy, or the direct…

RCW 33.08.110 Branch association—Authorized—Procedure—Limitations—Discontinuance of branch, procedure.

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An association with the written approval of the director, may establish and operate branches in any place within the state. An association desiring to establish a branch shall file a written application therefor with the director, who shall approve or disapprove the application w…

RCW 33.12.010 Powers in general.

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An association shall have the same capacity to act as possessed by natural persons. An association has authority to perform such acts as are necessary or proper to accomplish its purposes. In addition to any other power an association may have, an association has authority: (1) T…

RCW 33.12.012 Additional powers of an association—Powers conferred upon federal savings and loan association as of December 31, 1993, or a subsequent date not later than July 28, 2013—Powers of an out-of-state state savings association.

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(1) Notwithstanding any other provision of law, in addition to all powers and authorities, express or implied, that an association has under this title, an association may exercise any of the powers and authorities that a federal savings and loan association had on December 31, 1…

RCW 33.12.014 Powers conferred upon federal savings and loan association—Reserve or other requirements—Authority of director to adopt by rule—Conditions.

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Notwithstanding any other provision of law, in addition to all powers and authorities, express or implied, that an association has under this title, the director may make reasonable rules authorizing an association to exercise any of the powers and authorities conferred at the ti…

RCW 33.12.015 Safe deposit companies.

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See chapter 22.28 RCW.

RCW 33.12.060 Dealings with directors, officers, agents, employees prohibited—Exception.

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An association shall make no loan to or sell to or purchase any real property or securities from any director, officer, agent, or employee of an association except to the extent permitted to or from a director, officer, agent, or employee of a federal savings association. [ 1994 …

RCW 33.12.140 Expense and contingent funds.

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Before any association is authorized to receive deposits or transact any business, its incorporators shall create an expense fund, in such amount as the director may determine, from which the expense of organizing the association and its operating expenses may be paid until such …

RCW 33.12.150 Contingent fund as reserve—Members' rights to fund limited.

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The contingent fund shall constitute a reserve for the absorption of losses of a mutual association. Members do not have, individually or collectively, any right or claim to the contingent fund except upon dissolution of the association. [ 1982 c 3 s 27; 1981 c 84 s 3; 1963 c 246…

RCW 33.12.170 May borrow from home loan bank.

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See RCW 30A.32.030. Notes: Home loan bank as depositary: RCW 30A.32.040. Investment in federal home loan bank stock or bonds authorized: RCW 30A.32.020.

RCW 33.12.180 Trustee of retirement plan established under federal act entitled "Self-Employed Individuals Tax Retirement Act of 1962."

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A savings and loan association shall have the power to act as trustee under: A retirement plan established pursuant to the provisions of the act of congress entitled "Self-Employed Individuals Tax Retirement Act of 1962" (76 Stat. 809, 26 U.S.C. Sec. 37), as now constituted or he…

RCW 33.16.010 Directors—Number—Vacancies.

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The business and affairs of every association shall be managed and controlled by a board of not less than seven nor more than fifteen directors, a majority of which shall not be officers or employees of the association. The persons designated in the articles of incorporation shal…

RCW 33.16.020 Directors—Qualifications—Eligibility.

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The board of directors shall be elected at the annual meeting, unless the bylaws of the association otherwise provide. A person shall not be a director of an association if the person has been adjudicated bankrupt or has taken the benefit of any assignment for the benefit of cred…

RCW 33.16.030 Directors—Prohibited acts.

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A director of a savings and loan association shall not, except to the extent permitted for a director of a federal savings and loan association: (1) Have any interest, direct or indirect, in the gains or profits of the association, except to receive dividends, or interest upon hi…

RCW 33.16.040 Removal of director, officer or employee on objection of director of financial institutions—Procedure.

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If the director shall notify the board of directors of any association in writing, that he or she has information that any director, officer, or employee of such association is dishonest, reckless, or incompetent or is failing to perform any duty of his or her office, the board s…

RCW 33.16.050 Removal of director for cause—When—Procedure.

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If a director becomes ineligible or if the director's conduct or habits are such as to reflect discredit upon the association or if other good cause exists, the director may be removed from office by an affirmative vote of two-thirds of the members of the board of directors at an…

RCW 33.16.060 Fiduciary relationship of directors and officers.

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Directors and officers of an association shall be deemed to stand in a fiduciary relation to the association and shall discharge the duties of their respective positions in good faith and with that diligence, care, and skill which ordinary, prudent persons would exercise under si…

RCW 33.16.080 Officers—Election—Service.

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The board of directors of the association shall elect the officers named in the bylaws of the association, which officers shall serve at the pleasure of the board. [ 1982 c 3 s 33; 1945 c 235 s 22; Rem. Supp. 1945 s 3717-141. Prior: 1939 c 98 s 2; 1933 c 183 ss 19, 20.] Notes: Se…

RCW 33.16.090 Board meetings—Notice—Quorum.

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The board of directors of each association shall hold a regular meeting at least once each quarter and whenever required by the director, at a time to be designated by it. Special meetings of the board of directors may be held upon notice to each director sufficient to permit his…

RCW 33.16.120 Statement of assets and liabilities—Reports.

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The board of directors shall cause to be prepared, from the books of the association, a statement of assets and of liabilities, at the end of the association's fiscal year. The board shall also cause to be prepared, certified, and filed with the director, upon blanks to be furnis…

RCW 33.16.130 Bonds of officers and employees.

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The board of directors of every association shall procure a bond or bonds, covering all of its active officers, agents, and employees, whether or not they draw salary or compensation, with duly qualified corporate surety authorized to do business in the state of Washington, condi…

RCW 33.16.150 Pensions, retirement plans and other benefits.

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An association may provide for pensions, retirement plans and other benefits for its officers and employees, and may contribute to the cost thereof in accordance with the plan adopted by its board of directors. Any officer or employee of the association who is also a director or …