RCW 31.45.082 — Washington Code / Title 31 / Chapter 45 / Section 082
RCW 31.45.082: Delinquent small loan—Restrictions on collection by licensee or third party—Definitions.
Status: in_force

(1) A licensee shall comply with all applicable state and federal laws when collecting a delinquent small loan. A licensee may charge a one-time fee as determined in rule by the director to any borrower in default on any loan or loans where the borrower's check has been returned unpaid by the financial institution upon which it was drawn. A licensee may take civil action under Title 62A RCW to collect upon a check that has been dishonored. If the licensee takes civil action, a licensee may charge the borrower the cost of collection as allowed under RCW 62A.3-515 , but may not collect attorneys' fees or any other interest or damages as allowed under RCW 62A.3-515 . A licensee may not threaten criminal prosecution as a method of collecting a delinquent small loan or threaten to take any legal action against the borrower which the licensee may not legally take. (2) Unless invited by the borrower, a licensee may not visit a borrower's residence or place of employment for the purpose of collecting a delinquent small loan. A licensee may not impersonate a law enforcement official, or make any statements which might be construed as indicating an official connection with any federal, state, county, or city law enforcement agency, or any other governmental agency, while engaged in collecting a small loan. (3) A licensee may not communicate with a borrower in such a manner as to harass, intimidate, abuse, or embarrass a borrower, including but not limited to communication at an unreasonable hour, with unreasonable frequency, by threats of force or violence, or by use of offensive language. A communication shall be presumed to have been made for the purposes of harassment if it is initiated by the licensee for the purposes of collection and: (a) It is made with a borrower or spouse in any form, manner, or place, more than three times in a single week; (b) It is made with a borrower at his or her place of employment more than one time in a single week or made to a borrower after the licensee has been informed that the borrower's employer prohibits such communications; (c) It is made with the borrower or spouse at his or her place of residence between the hours of 9:00 p.m. and 7:30 a.m.; or (d) It is made to a party other than the borrower, the borrower's attorney, the licensee's attorney, or a consumer reporting agency if otherwise permitted by law except for purposes of acquiring location or contact information about the borrower. (4) A licensee is required to maintain a communication log of all telephone and written communications with a borrower initiated by the licensee regarding any collection efforts including date, time, and the nature of each communication. (5) If a dishonored check is assigned to any third party for collection, this section applies to the third party for the collection of the dishonored check. (6) For the purposes of this section, "communication" includes any contact with a borrower, initiated by the licensee, in person, by telephone, or in writing (including emails, text messages, and other electronic writing) regarding the collection of a delinquent small loan, but does not include any of the following: (a) Communication while a borrower is physically present in the licensee's place of business; (b) An unanswered telephone call in which no message (other than a caller ID) is left, unless the telephone call violates subsection (3)(c) of this section; and (c) An initial letter to the borrower that includes disclosures intended to comply with the federal fair debt collection practices act. (7) For the purposes of this section, (a) a communication occurs at the time it is initiated by a licensee regardless of the time it is received or accessed by the borrower, and (b) a call to a number that the licensee reasonably believes is the borrower's cell phone will not constitute a communication with a borrower at the borrower's place of employment. (8) For the purposes of this section, "week" means a series of seven consecutive days beginning on a Sunday.
RCW 31.04.045 — Washington Code / Title 31 / Chapter 04 / Section 045
RCW 31.04.045: License—Application—Background checks—Fee—Surety bond.
Status: in_force

(1) Application for a license under this chapter must be made to the nationwide mortgage licensing system and registry or in the form prescribed by the director. The application must contain at least the following information: (a) The name and the business addresses of the applicant; (b) If the applicant is a partnership, limited liability company, or association, the name of every member; (c) If the applicant is a corporation, the name, residence address, and telephone number of each officer and director; (d) The street address, county, and municipality from which business is to be conducted; and (e) Such other information as the director may require by rule. (2) As part of or in connection with an application for any license under this section, or periodically upon license renewal, each officer, director, and owner applicant must furnish information concerning his or her identity, including fingerprints for submission to the Washington state patrol, the federal bureau of investigation, or any governmental agency or entity authorized to receive this information for a state and national criminal history background check; personal history; experience; business record; purposes; and other pertinent facts, as the director may reasonably require. As part of or in connection with an application for a license under this chapter, or periodically upon license renewal, the director is authorized to receive criminal history record information that includes nonconviction data as defined in RCW 10.97.030 . The department may only disseminate nonconviction data obtained under this section to criminal justice agencies. This section does not apply to financial institutions regulated under chapters 31.12 and 31.13 RCW and Titles 30A , 32 , and 33 RCW. (3) At the time of filing an application for a license under this chapter, each applicant shall pay to the director or through the nationwide mortgage licensing system and registry an investigation fee and the license fee in an amount determined by rule of the director to be sufficient to cover the director's costs in administering this chapter. (4) Each applicant must file and maintain a surety bond, approved by the director, executed by the applicant as obligor and by a surety company authorized to do a surety business in this state as surety, whose liability as such surety must not exceed in the aggregate the penal sum of the bond. The penal sum of the bond must be a minimum of thirty thousand dollars and based on the annual dollar amount of loans originated or residential mortgage loans serviced. The bond must run to the state of Washington as obligee for the use and benefit of the state and of any person or persons who may have a cause of action against the obligor under this chapter. The bond must be conditioned that the obligor as licensee will faithfully conform to and abide by this chapter and all the rules adopted under this chapter. The bond will pay to the state and any person or persons having a cause of action against the obligor all moneys that may become due and owing to the state and those persons under and by virtue of this chapter. The bond must be continuous and may be canceled by the surety upon the surety giving written notice to the director of its intent to cancel the bond. The cancellation is effective forty-five days after the notice is received by the director. In lieu of a surety bond, if the applicant is a Washington business corporation, the applicant may maintain unimpaired capital, surplus, and long-term subordinated debt in an amount that at any time its outstanding promissory notes or other evidences of debt (other than long-term subordinated debt) in an aggregate sum do not exceed three times the aggregate amount of its unimpaired capital, surplus, and long-term subordinated debt. The director may define qualifying "long-term subordinated debt" for purposes of this section. (5) The director may waive one or more requirements of this section or permit an applicant to submit other information in lieu of the required information.
RCW 31.45.077 — Washington Code / Title 31 / Chapter 45 / Section 077
RCW 31.45.077: Small loan endorsement—Application—Form—Information—Exemption from disclosure—Fees.
Status: in_force

(1) Each application for a small loan endorsement to a check casher or check seller license must be in writing and in a form prescribed by the director and shall contain the following information: (a) The legal name, residence, and business address of the applicant, and if the applicant is a partnership, corporation, or association, the name and address of every member, partner, officer, and director thereof; (b) The street and mailing address of each location where the licensee will engage in the business of making small loans; (c) A surety bond, or other security allowed under RCW 31.45.030 , in the amount required; and (d) Any other pertinent information, including financial statements, as the director may require with respect to the licensee and its directors, officers, trustees, members, or employees. (2) Any information in the application regarding the licensee's personal residential address or telephone number, and any trade secrets of the licensee as defined under RCW 19.108.010 including any financial statement that is a trade secret, is exempt from the public records disclosure requirements of chapter 42.56 RCW. (3) The application shall be filed together with an investigation and review fee established by rule by the director. Fees collected shall be deposited to the credit of the financial services regulation fund in accordance with RCW 43.320.110 .
RCW 31.20.030 — Washington Code / Title 31 / Chapter 20 / Section 030
RCW 31.20.030: Corporate powers.
Status: in_force

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 money on secured or unsecured notes from any bank, trust company, savings bank, mutual savings bank, savings and loan association, building and loan association, credit union, insurance company or union funds which shall be members of this corporation and to pledge bonds, notes and other securities as collateral therefor: PROVIDED, In no case shall the amount so loaned by any member exceed the limit as hereinafter defined; (2) To lend money upon secured or unsecured applications: PROVIDED, It shall not be the purpose hereof to take from other institutions within the state any such loans or commitments as may be desired by such institutions generally in the ordinary course of their business; (3) To establish and regulate the terms and conditions of any such loans and charges for interest or service connected therewith; (4) To purchase, hold, lease and otherwise acquire and to convey such real estate as may, from time to time, be acquired by it in satisfaction of debts or may be acquired by it in the foreclosure of mortgages thereon or upon judgments for debts or in settlements to secure debts.
RCW 31.12.418 — Washington Code / Title 31 / Chapter 12 / Section 418
RCW 31.12.418: Dividends.
Status: in_force

Dividends may be paid from current undivided earnings which remain after deduction of expenses and the amounts required for reserves, or from the undivided earnings that remain from preceding periods.
RCW 31.12.654 — Washington Code / Title 31 / Chapter 12 / Section 654
RCW 31.12.654: Actions by conservator—Review.
Status: in_force

During the period of conservatorship, the credit union may request the director to review an action taken or proposed to be taken by the conservator, specifying how the action is not in the best interest of the credit union. The request stays the action, pending the director's review of the request.
RCW 31.04.277 — Washington Code / Title 31 / Chapter 04 / Section 277
RCW 31.04.277: Consumer loan companies—When reports of condition are required.
Status: in_force

Each consumer loan company licensee must submit call reports through the nationwide mortgage licensing system in a form and containing the information prescribed by the director or as deemed necessary by the nationwide mortgage licensing system. The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.
RCW 31.24.130 — Washington Code / Title 31 / Chapter 24 / Section 130
RCW 31.24.130: First meeting—Notice—Duties of incorporators.
Status: in_force

(1) The first meeting of a business development company shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five days before the day appointed for the meeting. The first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. A copy of the notice or unanimous agreement of the incorporators shall be recorded in the minutes of the first meeting. (2) At the first meeting, the incorporators shall, consistent with Title 23B RCW: (a) Choose a temporary recording secretary; (b) Adopt bylaws; (c) Elect directors; and (d) Engage in other business within the powers of the business development company as the incorporators present may see fit. (3) Upon being sworn in at the first meeting, the temporary recording secretary shall make and attest a record of the proceedings. (4) At least five of the incorporators shall constitute a quorum for the transaction of business at a first meeting.
RCW 31.12.667 — Washington Code / Title 31 / Chapter 12 / Section 667
RCW 31.12.667: Order directing involuntary liquidation—Procedure.
Status: in_force

(1) On receipt of the order placing the credit union in involuntary liquidation, the officers and directors of the credit union shall deliver to the liquidating agent possession and control of all books, records, assets, and property of the credit union. (2) The liquidating agent shall proceed to convert the assets to cash, collect all debts due to the credit union and wind up its affairs in accordance with any instructions and procedures issued by the director. If a liquidating agent agrees to absorb and serve the membership of the credit union, the director may approve a pooling of assets and liabilities rather than a distribution of assets. (3) Each share account holder and depositor at the credit union is entitled to a proportionate allocation of the assets in liquidation after all shares, deposits, and debts have been paid. The proportionate allocation shall be based on account balances as of a date determined by the board. For the purposes of liquidation, shares and deposits are equivalent. (4) The liquidating agent shall cause a notice of liquidation to be published once a week for three consecutive weeks in a newspaper of general circulation in the county in which the principal place of business of the credit union is located. The notice of liquidation must inform creditors of the credit union on how to make a claim upon the liquidating agent, and that if a claim is not made upon the liquidating agent within thirty days of the last date of publication, the creditor's claim is barred. The liquidating agent shall provide personal notice of liquidation to the creditors of record, informing them that if they fail to make a claim upon the liquidating agent within thirty days of the service of the notice, the creditor's claim is barred. If a creditor fails to make a claim upon the liquidating agent within the times required to be specified in the notices of liquidation, the creditor's claim is barred. All contingent liabilities of the credit union are discharged upon the director's order to liquidate the credit union. The liquidating agent shall, upon completion, certify to the director that the distribution or pooling of assets of the credit union is complete.
RCW 31.24.230 — Washington Code / Title 31 / Chapter 24 / Section 230
RCW 31.24.230: Simultaneous applications—Business development company and nondepository lender of certain loans—Procedure—Fees.
Status: in_force

(1) An applicant may apply simultaneously for both a business development company charter, under this chapter, and for a license as a nondepository lender of federally guaranteed small business loans, under chapter 31.40 RCW. (2) An applicant may apply simultaneously for both a business development company charter, under this chapter, and for a license as a nondepository lender of guaranteed agricultural loans, under chapter 31.35 RCW. (3) Notwithstanding any provisions of this chapter or chapter 31.35 or 31.40 RCW, applications presented to the director as set forth in subsections (1) and (2) of this section shall be considered and evaluated by the director as one application, and an applicant: (a) If granted a business development company charter based on a joint application as provided in subsections (1) and (2) of this section, shall pay fees and charges only as required by this chapter and be subject to joint and simultaneous application review and periodic examination; and (b) If denied a business development company charter when having made a joint application as provided in subsections (1) and (2) of this section, shall pay fees and charges only as required by this chapter. (4) An existing business development company organized under this chapter may apply for either a license, under chapter 31.35 RCW, or a license, under chapter 31.40 RCW, or both; and, if granted, the business development company, as a dual licensee, shall then pay fees and charges only as required by this chapter and be subject to joint and simultaneous application review and periodic examination.
RCW 31.20.080 — Washington Code / Title 31 / Chapter 20 / Section 080
RCW 31.20.080: Members duty to loan funds to corporation—Maximum limits—Proration of calls.
Status: in_force

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: (1) For banks, trust companies, or insurance companies, three percent of capital and surplus; (2) For mutual savings banks, savings and loan associations, or credit unions, three percent of guaranty and reserve funds; and (3) Comparable limits for other institutions. All loan limits shall be established at the thousand dollars amount nearest to the amount computed on an actual basis. All calls when made by this corporation shall be prorated among the members on the same proportion that the maximum lending commitment of each bears to the aggregate maximum lending commitment of all members.
RCW 31.04.244 — Washington Code / Title 31 / Chapter 04 / Section 244
RCW 31.04.244: Mortgage loan originator application—Required information—Fees.
Status: in_force

(1) The application for a mortgage loan originator license must contain at least the following information: (a) The name, address, date of birth, and social security number of the mortgage loan originator applicant, and any other names, dates of birth, or social security numbers previously used by the mortgage loan originator applicant, unless waived by the director; and (b) Other information regarding the mortgage loan originator applicant's background, experience, character, and general fitness as the director may require by rule, or as deemed necessary by the nationwide mortgage licensing system *and registry. (2) At the time of filing an application for a license or a license renewal under this chapter, each mortgage loan originator applicant shall pay to the director through the nationwide mortgage licensing system *and registry the application or renewal fee of up to one hundred fifty dollars. The director shall deposit the moneys in the financial services regulation fund.
RCW 31.12.701 — Washington Code / Title 31 / Chapter 12 / Section 701
RCW 31.12.701: Personal property—Receiver's duties.
Status: in_force

(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 and officers, and the receiver, shall be relieved of responsibility and liability for the property held in safekeeping. The receiver shall promptly send to each person in whose name the property stood on the books of the credit union, at the person's last known address, a registered letter notifying the person that the property will be held in the person's name for a period of not less than two years. (2) After the expiration of two years from the date of mailing the notice, the receiver shall promptly send to each person in whose name the property stood on the books of the credit union, at the person's last known address, a registered letter providing notice of sale. The letter must indicate that the receiver will sell the property set out in the notice, at a public auction at a specified time and place, not less than thirty days after the date of mailing the letter. The receiver may sell the property unless the person, prior to the sale, presents satisfactory evidence of the person's right to the property. A notice of the time and place of the sale must be published once within ten days prior to the sale in a newspaper of general circulation in the county where the sale is to be held. (3) Any property, for which the address of the owner or owners is not known, may be sold at public auction after it has been held by the receiver for two years. A notice of the time and place of the sale must be published once within ten days prior to the sale in a newspaper of general circulation in the county where the sale is to be held. (4) Whenever the personal property left with the credit union consists either wholly or in part, of documents, letters, or other papers of a private nature, the documents, letters, or papers may not be sold, but must be retained by the receiver and may be destroyed after a period of five years.
RCW 31.24.140 — Washington Code / Title 31 / Chapter 24 / Section 140
RCW 31.24.140: Duration of business development company.
Status: in_force

Unless otherwise provided in the articles of incorporation, the period of duration of a business development company shall be perpetual, subject, however, to the right of the stockholders to dissolve the business development company as provided in RCW 31.24.150 .
RCW 31.13.010 — Washington Code / Title 31 / Chapter 13 / Section 010
RCW 31.13.010: Definition of corporate credit union or corporate.
Status: in_force

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.
RCW 31.04.221 — Washington Code / Title 31 / Chapter 04 / Section 221
RCW 31.04.221: Mortgage loan originator—License required—Unique identifier required.
Status: in_force

An individual defined as a mortgage loan originator must not engage in the business of a mortgage loan originator without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the nationwide mortgage licensing system.
RCW 31.24.073 — Washington Code / Title 31 / Chapter 24 / Section 073
RCW 31.24.073: Aggregate limit on loans and investments—Single borrower or business.
Status: in_force

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 business development company to a single borrower or business, in relation to a business development project, shall not exceed twenty-five percent of the combined capital, surplus, and undivided profits of the business development company.
RCW 31.12.075 — Washington Code / Title 31 / Chapter 12 / Section 075
RCW 31.12.075: Approval, denial of proposed credit union—Appeal.
Status: in_force

(1) When the proposed articles of incorporation and bylaws complying with the requirements of RCW 31.12.055 and 31.12.065 have been filed with the director, the director shall: (a) Determine whether the articles of incorporation and bylaws are consistent with this chapter; and (b) Determine the feasibility of the credit union, taking into account surrounding facts and circumstances influencing the successful operation of the credit union. (2) If the director is satisfied with the determinations made under subsection (1)(a) and (b) of this section, the director shall endorse each of the articles of incorporation "approved", indicate the date the approval was granted, and return two sets of articles and one set of bylaws to the applicants. (3) If the director is not satisfied with the determinations made under subsection (1)(a) and (b) of this section, the director shall endorse each of the articles of incorporation "denied," indicate the date of, and reasons for, the denial, and return two copies of the articles of incorporation with one copy of the bylaws to the person from whom they were received. The director shall at the time of returning the copies of the articles of incorporation and bylaws, also provide notice to the applicant of the applicant's right to appeal the denial under chapter 34.05 RCW. The denial is conclusive unless the applicant requests a hearing under chapter 34.05 RCW.
RCW 31.45.079 — Washington Code / Title 31 / Chapter 45 / Section 079
RCW 31.45.079: Making small loans—Agent for a licensee or exempt entity—Federal preemption.
Status: in_force

A person may not engage in the business of making small loans as an agent for a licensee or exempt entity without first obtaining a small loan endorsement to a check casher or check seller license under this chapter. An agent of a licensee or exempt entity engaged in the business of making small loans is subject to this chapter. To the extent that federal law preempts the applicability of any part of this chapter, all other parts of this chapter remain in effect.
RCW 31.24.030 — Washington Code / Title 31 / Chapter 24 / Section 030
RCW 31.24.030: Corporate powers.
Status: in_force

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 limitations in this section, the following powers: (1) To assess stockholders, or a class of stockholders, of the business development company, if authorized by the articles of incorporation and approved by the department pursuant to a plan of assessment as provided for in RCW 31.24.066 ; (2) To make qualified loans to borrowers in relation to business development projects; (3) To make qualified investments in businesses in relation to business development projects; (4) To facilitate and arrange qualified participation loans by qualified loan participants to borrowers in relation to business development projects; (5) To participate in the partial funding of qualified participation loans; (6) To elect, appoint, and employ officers, agents, and employees; (7) To make contracts and incur liabilities for any of the purposes of the business development company. However, a business development company shall not incur any secondary liability by way of guaranty or endorsement of the obligations of any person, firm, company, association, or trust, or in any other manner; (8) To the extent permitted by other applicable law, to borrow money from the federal small business administration and any other similar federal or state agency, for any of the purposes of a business development company; (9) To borrow money from a financial institution or other financial entity; (10) To issue bonds, debentures, notes, or other evidence of indebtedness, whether secured or unsecured, and to secure the same by mortgage, pledge, deed of trust, or other lien on its property, franchises, rights, and privileges of every kind and nature or any part or interest therein, without securing stockholder approval; (11) To purchase, receive, hold, lease, or otherwise acquire, and to sell, convey, transfer, lease, or otherwise dispose of real and personal property, together with such rights and privileges as may be incidental and appurtenant thereto and the use thereof, including, but not restricted to, any real or personal property acquired by the business development company in the satisfaction of debts or enforcement of obligations; (12) To acquire the good will, business, rights, real and personal property, and other assets, or any part thereof, or interest therein, of any persons, firms, corporations, limited liability companies, partnerships, limited partnerships, associations, or trusts, and to assume, undertake, or pay the obligations, debts, and liabilities of any such person, firm, corporation, limited liability company, partnership, limited partnership, association, or trust; (13) To acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate to others for the construction of industrial plants or other business establishments; and to acquire, construct or reconstruct, alter, repair, maintain, operate, sell, convey, transfer, lease, or otherwise dispose of industrial plants or business establishments; (14) To acquire, subscribe for, own, hold, sell, assign, transfer, mortgage, pledge, or otherwise dispose of the stock, shares, bonds, debentures, notes, or other securities and evidences of interest in, or indebtedness of, any person, firm, limited liability company, partnership, limited partnership, association, or trust, and while the owner or holder thereof to exercise all the rights, powers, and privileges of ownership, including the right to vote thereon; (15) To mortgage, pledge, or otherwise encumber any property, right or things of value, acquired pursuant to the powers contained in subsections (11), (12), and (14) of this section, as security for the payment of any part of the purchase price thereof; (16) To cooperate with and avail itself of the facilities and assistance programs of the United States department of commerce, the United States department of the treasury, the United States department of housing and urban development, the department of commerce, and any other similar state or federal governmental agencies; and to cooperate with and assist, and otherwise encourage organizations in the various communities of the state in the promotion, assistance, and development of the business prosperity and economic welfare of such communities or of this state or of any part thereof; and (17) To do all acts and things necessary or convenient to carry out the powers expressly granted in this chapter.
RCW 31.12.516 — Washington Code / Title 31 / Chapter 12 / Section 516
RCW 31.12.516: Powers of director.
Status: in_force

(1) The powers of supervision and examination of credit unions and other persons subject to this chapter and chapter 31.13 RCW are vested in the director. (2) The director shall require each credit union to conduct business in compliance with this chapter and may require each credit union to conduct business in compliance with other state and federal laws that apply to credit unions. (3) The director has the power to commence and prosecute actions and proceedings against and enjoin violations of this chapter and chapter 31.13 RCW by any person holding itself out to be a credit union, federal credit union, out-of-state credit union, foreign credit union, or corporate credit union. The director may, in connection with such enforcement of this chapter and chapter 31.13 RCW, collect sums, including fines, costs, and reasonable attorneys' fees for actions commenced or prosecuted on its behalf. (4) Upon a written finding, the director may temporarily suspend or restrict withdrawal of deposits in a credit union. (5) The director may adopt such rules as are reasonable or necessary to carry out the purposes of this chapter and chapter 31.13 RCW. (6) Chapter 34.05 RCW, whenever applicable, governs the rights, remedies, and procedures respecting the administration of this chapter. (7) The director may by rule provide appropriate relief for small credit unions from requirements under this chapter or rules of the director. However, small credit unions must still comply with RCW 31.12.408 . (8) The director shall have the power and broad administrative discretion to administer and interpret the provisions of this chapter and chapter 31.13 RCW, to facilitate the delivery of financial services to the members of a credit union. (9) Nonfederally insured credit unions, nonfederally insured out-of-state credit unions, and nonfederally insured foreign credit unions operating in this state as permitted by RCW 31.12.408 and 31.12.471 , as applicable, must comply with safety and soundness requirements established by the director. (10) The director may charge fees to credit unions and other persons subject to examination and investigation under this chapter and chapter 31.13 RCW, and to other parties where the division contracts out its services, in order to cover the costs of the operation of the division of credit unions, and to establish a reasonable reserve for the division. The director may waive all or a portion of the fees.
RCW 31.04.290 — Washington Code / Title 31 / Chapter 04 / Section 290
RCW 31.04.290: Residential mortgage loan servicer—Requirements—Written detailed information.
Status: in_force

(1) A residential mortgage loan servicer must comply with the following requirements: (a) Any fee that is assessed by a servicer must be assessed within forty-five days of the date on which the fee was incurred and must be explained clearly and conspicuously in a statement mailed to the borrower at the borrower's last known address no more than thirty days after assessing the fee; (b) All amounts received by a servicer on a residential mortgage loan at the address where the borrower has been instructed to make payments must be accepted and credited, or treated as credited, within one business day of the date received, provided that the borrower has provided sufficient information to credit the account. If a servicer uses the scheduled method of accounting, any regularly scheduled payment made prior to the scheduled due date must be credited no later than the due date. If any payment is received and not credited, or treated as credited, the borrower must be notified of the disposition of the payment within ten business days by mail at the borrower's last known address. The notification must identify the reason the payment was not credited or treated as credited to the account, as well as any actions the borrower must take to make the residential mortgage loan current; (c) Any servicer that exercises the authority to collect escrow amounts on a residential mortgage loan held for the borrower for payment of insurance, taxes, and other charges with respect to the property must collect and make all such payments from the escrow account and ensure that no late penalties are assessed or other negative consequences result for the borrower; (d) The servicer must make reasonable attempts to comply with a borrower's request for information about the residential mortgage loan account and to respond to any dispute initiated by the borrower about the loan account. The servicer: (i) Must maintain written or electronic records of each written request for information regarding a dispute or error involving the borrower's account until the residential mortgage loan is paid in full, sold, or otherwise satisfied; and (ii) Must provide a written statement to the borrower within fifteen business days of receipt of a written request from the borrower. The borrower's request must include the name and account number, if any, of the borrower, a statement that the account is or may be in error, and sufficient detail regarding the information sought by the borrower to permit the servicer to comply. At a minimum, the servicer's response to the borrower's request must include the following information: (A) Whether the account is current or, if the account is not current, an explanation of the default and the date the account went into default; (B) The current balance due on the residential mortgage loan, including the principal due, the amount of funds, if any, held in a suspense account, the amount of the escrow balance known to the servicer, if any, and whether there are any escrow deficiencies or shortages known to the servicer; (C) The identity, address, and other relevant information about the current holder, owner, or assignee of the residential mortgage loan; and (D) The telephone number and mailing address of a servicer representative with the information and authority to answer questions and resolve disputes; and (e) Promptly correct any errors and refund any fees assessed to the borrower resulting from the servicer's error. (2) In addition to the statement in subsection (1)(d)(ii) of this section, a borrower may request more detailed information from a servicer, and the servicer must provide the information within fifteen business days of receipt of a written request from the borrower. The request must include the name and account number, if any, of the borrower, a statement that the account is or may be in error, and provide sufficient detail to the servicer regarding information sought by the borrower. If requested by the borrower this statement must include: (a) A copy of the original note, or if unavailable, an affidavit of lost note; and (b) A statement that identifies and itemizes all fees and charges assessed under the loan transaction and provides a full payment history identifying in a clear and conspicuous manner all of the debits, credits, application of and disbursement of all payments received from or for the benefit of the borrower, and other activity on the residential mortgage loan including escrow account activity and suspense account activity, if any. The period of the account history must cover at a minimum the two-year period prior to the date of the receipt of the request for information. If the servicer has not serviced the residential mortgage loan for the entire two-year time period the servicer must provide the information going back to the date on which the servicer began servicing the home loan, and identify the previous servicer, if known. If the servicer claims that any delinquent or outstanding sums are owed on the home loan prior to the two-year period or the period during which the servicer has serviced the residential mortgage loan, the servicer must provide an account history beginning with the month that the servicer claims any outstanding sums are owed on the residential mortgage loan up to the date of the request for the information. The borrower may request annually one statement free of charge.
RCW 31.20.140 — Washington Code / Title 31 / Chapter 20 / Section 140
RCW 31.20.140: Participation in federal act authorized.
Status: in_force

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 promulgated pursuant thereto.
RCW 31.12.065 — Washington Code / Title 31 / Chapter 12 / Section 065
RCW 31.12.065: Bylaws—Submission to director.
Status: in_force

(1) Persons applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include: (a) The name of the credit union; (b) The field of membership of the credit union; (c) Reasonable qualifications for admission as a member of the credit union, and the procedures for expelling a member; (d) The number of directors and supervisory committee members, and the length of terms they serve and the permissible term length of any interim director or supervisory committee member; (e) Any qualification for eligibility to serve on the credit union's board or supervisory committee; (f) The number of credit union employees that may serve on the board, if any; (g) The frequency of regular meetings of the board and the supervisory committee, and the manner in which members of the board or supervisory committee will be notified of meetings; (h) The timing of the annual membership meeting; (i) The manner in which members may call a special membership meeting; (j) The manner in which members will be notified of membership meetings; (k) The number of members constituting a quorum at a membership meeting; (l) Provisions, if any, for the indemnification of directors, supervisory committee members, officers, employees, and others by the credit union, if not included in the articles of incorporation; and (m) Any other provision which is not inconsistent with this chapter. (2) Applicants shall submit the bylaws in duplicate to the director.
RCW 31.04.271 — Washington Code / Title 31 / Chapter 04 / Section 271
RCW 31.04.271: Mortgage loan originators—System information may be challenged.
Status: in_force

The director shall establish a process whereby mortgage loan originators may challenge information entered into the nationwide mortgage licensing system *and registry by the director.
RCW 31.12.671 — Washington Code / Title 31 / Chapter 12 / Section 671
RCW 31.12.671: Receivership—Appointment of receiver by director—Notice—Act without bond.
Status: in_force

(1) As authorized by RCW 31.12.637 , the director may without prior notice appoint a receiver to take possession of a credit union. The director may appoint the national credit union administration or other qualified party as receiver. Upon appointment, the receiver is authorized to act without bond. Upon acceptance of the appointment, the receiver shall have and possess all the powers and privileges provided by the laws of this state with respect to the receivership of a credit union, and be subject to all the duties of and restrictions applicable to such a receiver, except insofar as such powers, privileges, duties, or restrictions are in conflict with any applicable provision of the federal credit union act. Upon taking possession of the credit union, the receiver shall give written notice to the directors of the credit union and to all persons having possession of any assets of the credit union. No person with knowledge of the taking of possession by the receiver shall have a lien or charge for any payment advanced, clearance made, or liability incurred against any of the assets of the credit union, after the receiver takes possession, unless approved by the receiver. (2) The director, the department and its employees, and any third-party receiver acting on behalf of the department are not subject to liability for actions taken pursuant to appointment of a receiver under this section. Funds of the department may not be required to be expended on behalf of the credit union or its members, directors, officers, employees, or any other person.
RCW 31.04.430 — Washington Code / Title 31 / Chapter 04 / Section 430
RCW 31.04.430: Dog or cat purchase contracts.
Status: in_force

A contract entered into on or after July 28, 2019, for the payment to repay a loan for the purchase of a live dog or cat, where a security interest is granted in the dog or cat, is void and unenforceable.
RCW 31.04.035 — Washington Code / Title 31 / Chapter 04 / Section 035
RCW 31.04.035: License required—When violation occurs.
Status: in_force

(1) No person may engage in any activity subject to this chapter without first obtaining and maintaining a license in accordance with this chapter. (2) If a transaction violates subsection (1) of this section, any: (a) Nonthird-party fees charged in connection with the origination of the residential mortgage loan must be refunded to the borrower, excluding interest charges; and (b) Loan that is not a residential mortgage loan is null, void, uncollectable, and unenforceable. (3) The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.
RCW 31.24.205 — Washington Code / Title 31 / Chapter 24 / Section 205
RCW 31.24.205: Supervisory direction and conservatorship.
Status: in_force

The director has the same power and authority to exercise supervisory direction and conservatorship of, and to issue cease and desist orders upon, a business development company organized under this chapter, as the director has in regard to a bank under *Title 30 RCW.
RCW 31.04.901 — Washington Code / Title 31 / Chapter 04 / Section 901
RCW 31.04.901: Short title.
Status: in_force

This chapter shall be known as the consumer loan act.
RCW 31.40.110 — Washington Code / Title 31 / Chapter 40 / Section 110
RCW 31.40.110: Rules—Penalties.
Status: in_force

(1) The director shall adopt rules to enforce the intent and purposes of this chapter. Such rules shall include, but need not be limited to, the following: (a) Disclosure of conflicts of interest; (b) Prohibition of false statements made to the director on any form required by the director or during any examination requested by the director; or (c) Prevention of fraud and undue influence by a licensee. (2) A violation of any provision of this chapter or any rule of the director adopted under this chapter by an agent, employee, officer, or director of the licensee shall be punishable by a fine, established by the director, not to exceed one hundred dollars for each offense. Each day's continuance of the violation shall be a separate and distinct offense. Each such fine shall be credited to the financial services regulation fund.
RCW 31.12.707 — Washington Code / Title 31 / Chapter 12 / Section 707
RCW 31.12.707: Completion of receivership—Merger, purchase, or liquidation—Secretary of state.
Status: in_force

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 union shall cease to exist and the secretary of state shall note that fact upon his or her records.
RCW 31.12.641 — Washington Code / Title 31 / Chapter 12 / Section 641
RCW 31.12.641: Supervision by director—Notice—Compliance—Costs.
Status: in_force

(1) As authorized by RCW 31.12.637 , the director may determine to place a credit union under supervisory direction. Upon such a determination, the director shall notify the credit union in writing of: (a) The director's determination; and (b) Any requirements that must be satisfied before the director shall terminate the supervisory direction. (2) The credit union must comply with the requirements of the director as provided in the notice. If the credit union fails to comply with the requirements, the director may appoint a conservator, liquidating agent, or receiver for the credit union, in accordance with this chapter. The director may appoint a representative to supervise the credit union during the period of supervisory direction. (3) All costs incident to supervisory direction will be a charge against the assets of the credit union to be allowed and paid as the director may determine.
RCW 31.12.461 — Washington Code / Title 31 / Chapter 12 / Section 461
RCW 31.12.461: Mergers.
Status: in_force

(1) For purposes of this section, a "merging credit union" is a credit union whose charter ceases to exist upon merger with the continuing credit union, and a "continuing credit union" is a credit union whose charter continues upon merger with the merging credit union. (2) A credit union may be merged with another credit union with the approval by the director of a plan of merger or in accordance with requirements the director may otherwise prescribe. The merger must be approved by a majority vote of the board of each credit union and a majority vote of those members of the merging credit union voting on the merger at a membership meeting. The requirement of approval by the members of the merging credit union may be waived by the director if the merging credit union is in imminent danger of insolvency. (3) The property, rights, and interests of the merging credit union transfer to and vest in the continuing credit union without deed, endorsement, or instrument of transfer, although instruments of transfer may be used if their use is deemed appropriate. The debts and obligations of the merging credit union that are known or reasonably should be known are assumed by the continuing credit union. (4) The continuing credit union shall cause to be published notice of merger once a week for three consecutive weeks in a newspaper of general circulation in the county in which the principal place of business of the merging credit union is located. (5) The notice of merger must also inform creditors of the merging credit union how to make a claim on the continuing credit union, and that if a claim is not made upon the continuing credit union within thirty days of the last date of publication, creditors' claims that are not known by the continuing credit union are thereafter barred. (6) Except for claims filed as requested by the notice, or debts or obligations that are known or reasonably should be known by the continuing credit union, the debts and obligations of the merging credit union are discharged. (7) Upon merger, the charter of the merging credit union ceases to exist. (8) Mergers are effective after the thirty-day notice period to creditors and all regulatory waiting periods have expired, and upon filing of the credit union's articles of merger by the secretary of state, or a later date stated in the articles, which in no event may be later than ninety days after the articles are filed.
RCW 31.45.020 — Washington Code / Title 31 / Chapter 45 / Section 020
RCW 31.45.020: Application of chapter.
Status: in_force

(1) This chapter does not apply to: (a) Any financial institution or trust company authorized to do business in Washington; (b) The cashing of checks, drafts, or money orders by any person who cashes checks, drafts, or money orders as a convenience, as a minor part of its customary business, and not for profit; (c) The issuance or sale of checks, drafts, or money orders by any corporation, partnership, or association that has a net worth of not less than three million dollars as shown by audited financial statements; and (d) The issuance or sale of checks, drafts, money orders, or other commercial paper serving the same purpose by any agent of a corporation, partnership, or association described in (c) of this subsection. (2) Upon application to the director, the director may exempt a person from any or all provisions of this chapter upon a finding by the director that although not otherwise exempt under this section, the applicant is not primarily engaged in the business of cashing or selling checks and a total or partial exemption would not be detrimental to the public.
RCW 31.45.160 — Washington Code / Title 31 / Chapter 45 / Section 160
RCW 31.45.160: Director's possession of property and business—Appointment of receiver.
Status: in_force

Whenever the director has taken possession of the property and business of a licensee, the director may petition the superior court for the appointment of a receiver to liquidate the affairs of the licensee. During the time that the director retains possession of the property and business of a licensee, the director has the same powers and authority with reference to the licensee as is vested in the director under chapter 31.04 RCW, and the licensee has the same rights to hearings and judicial review as are granted under chapter 31.04 RCW.
RCW 31.45.901 — Washington Code / Title 31 / Chapter 45 / Section 901
RCW 31.45.901: Effective date—2009 c 510.
Status: in_force

This act takes effect January 1, 2010.
RCW 31.12.630 — Washington Code / Title 31 / Chapter 12 / Section 630
RCW 31.12.630: Authority of director to call special meeting of board.
Status: in_force

The director may request a special meeting of the board of a credit union if the director believes that a special meeting is necessary for the welfare of the credit union or the purposes of this chapter. The director's request for a special board meeting must be made in writing to the secretary of the board. On receipt of such a request, the secretary shall designate a time and place for the special board meeting, which shall be held within thirty days after receipt of the request. The director may require the attendance of all of the directors at the special board meeting, and an absence unexcused by the director constitutes a violation of this chapter.
RCW 31.12.644 — Washington Code / Title 31 / Chapter 12 / Section 644
RCW 31.12.644: Supervision by director—Certain acts prohibited.
Status: in_force

During the period of supervisory direction, the director may prohibit the credit union from engaging in any of the following acts without prior approval: (1) Disposing of, conveying, or encumbering any of its assets; (2) Withdrawing any of its accounts at other financial institutions; (3) Lending any of its funds; (4) Investing any of its funds; (5) Transferring any of its property; or (6) Incurring any debt, obligation, or liability.
RCW 31.04.231 — Washington Code / Title 31 / Chapter 04 / Section 231
RCW 31.04.231: Individual loan processor—Licensing exemptions.
Status: in_force

An individual engaging solely in *loan processor activities, who does not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such an individual can or will perform any of the activities of a mortgage loan originator is not required to obtain and maintain a mortgage loan originator license under this chapter.
RCW 31.12.910 — Washington Code / Title 31 / Chapter 12 / Section 910
RCW 31.12.910: Effective date—2010 c 87.
Status: in_force

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].
RCW 31.04.257 — Washington Code / Title 31 / Chapter 04 / Section 257
RCW 31.04.257: Mortgage loan originator interim license.
Status: in_force

To prevent undue delay in the issuance of a mortgage loan originator license and to facilitate the business of a mortgage loan originator, an interim license with a fixed date of expiration may be issued when the director determines that the mortgage loan originator has substantially fulfilled the requirements for mortgage loan originator licensing. The director may adopt rules describing the information required before an interim license can be granted.
RCW 31.12.386 — Washington Code / Title 31 / Chapter 12 / Section 386
RCW 31.12.386: Voting rights—Methods—Proxy—Under eighteen years of age.
Status: in_force

(1) No member may have more than one vote. A natural person may not hold more than one membership in a credit union on behalf of himself or herself. An organization having membership in a credit union may cast one vote through a natural person agent duly authorized in writing. (2) Members may vote, as prescribed in the credit union's bylaws, by mail ballot, absentee ballot, or other method. However, no member may vote by proxy. (3) A member who is not at least eighteen years of age is not eligible to vote as a member unless otherwise provided in the credit union's bylaws.
RCW 31.12.367 — Washington Code / Title 31 / Chapter 12 / Section 367
RCW 31.12.367: Risk—Bond coverage—Notice to director—Timing.
Status: in_force

(1) Each credit union must be adequately insured against risk. In addition, each director, officer, committee member, and employee of a credit union must be adequately bonded. (2) When a credit union receives notice that its fidelity bond coverage will be suspended or terminated, the credit union shall notify the director in writing not less than thirty-five days prior to the effective date of the suspension or termination.
RCW 31.35.090 — Washington Code / Title 31 / Chapter 35 / Section 090
RCW 31.35.090: Enforcement—Court order.
Status: in_force

If, in the opinion of the director, an agricultural lender violates or there is reasonable cause to believe that an agricultural lender is about to violate any provision of this chapter or any rule adopted under this chapter, the director may bring an action in the appropriate court to enjoin the violation or to enforce compliance. Upon a proper showing, a restraining order, or preliminary or permanent injunction, shall be granted, and a receiver or a conservator may be appointed for the agricultural lender or the agricultural lender's assets.
RCW 31.35.010 — Washington Code / Title 31 / Chapter 35 / Section 010
RCW 31.35.010: Findings—Intent.
Status: in_force

The legislature finds and declares that nondepository agricultural lenders can enhance their access to working capital for the purpose of financing agricultural borrowers by using the United States farmers home administration loan guaranty program. The farmers home administration loan guaranty program provides financing to agricultural borrowers needing working capital and longer term financing for the purchase of real estate, agricultural production expenses, debt refinancing, equipment, and the purchase of other fixed assets. Loans can be made to agricultural borrowers by nondepository lenders and guaranteed by the farmers home administration only if the state provides an ongoing opportunity for examination of such entities to confirm good lending practices and solvency. It is the intent of the legislature to empower the director of financial institutions to examine nondepository agricultural lenders for the purpose of allowing such lenders to qualify for participation in the farmers home administration loan guaranty program.
RCW 31.45.086 — Washington Code / Title 31 / Chapter 45 / Section 086
RCW 31.45.086: Small loans—Right of rescission.
Status: in_force

A borrower may rescind a loan, on or before the close of business on the next day of business at the location where the loan was originated, by returning the principal in cash or the original check disbursed by the licensee to fund the small loan. The licensee may not charge the borrower for rescinding the loan and shall return to the borrower any postdated check taken as security for the loan or any electronic equivalent. The licensee shall conspicuously disclose to the borrower this right of rescission in writing in the small loan agreement or small loan note.
RCW 31.04.155 — Washington Code / Title 31 / Chapter 04 / Section 155
RCW 31.04.155: Licensee—Recordkeeping—Director's access—Report requirement—Failure to report.
Status: in_force

The licensee shall keep and use in the business such books, accounts, records, papers, documents, files, and other information as will enable the director to determine whether the licensee is complying with this chapter and with the rules adopted by the director under this chapter. The director shall have free access to such books, accounts, records, papers, documents, files, and other information wherever located. Every licensee shall preserve the books, accounts, records, papers, documents, files, and other information relevant to a loan for at least three years after making the final entry on any loan. No licensee or person subject to examination or investigation under this chapter shall withhold, abstract, remove, mutilate, destroy, or secrete any books, accounts, records, papers, documents, files, or other information. Each licensee shall, on or before the first day of March of each year, file a report with the director giving such relevant information as the director may reasonably require concerning the business and operations of each licensed place of business conducted during the preceding calendar year. The report must be made under oath and must be in the form prescribed by the director, who shall make and publish annually an analysis and recapitulation of the reports. Every licensee that fails to file a report that is required to be filed by this chapter within the time required under this chapter is subject to a penalty of fifty dollars per day for each day's delay. The attorney general may bring a civil action in the name of the state for recovery of any such penalty.
RCW 31.12.345 — Washington Code / Title 31 / Chapter 12 / Section 345
RCW 31.12.345: Suspension of members of a committee or members of the board by supervisory committee—For cause.
Status: in_force

(1) The supervisory committee may, by unanimous vote, for cause, suspend a member of the board, until a special membership meeting called for that purpose is held in accordance with the requirements of RCW 31.12.195 . The membership meeting must be held within ninety days after the suspension. The members participating in that meeting shall vote whether to remove the suspended person or persons. (2) For purposes of this section, "cause" includes demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the supervisory committee, threaten the safety and soundness of the credit union.
RCW 31.45.084 — Washington Code / Title 31 / Chapter 45 / Section 084
RCW 31.45.084: Small loan installment plan—Terms—Restrictions.
Status: in_force

(1) If a borrower notifies a licensee that the borrower will be or is unable to repay a loan when it is due, the licensee must inform the borrower that the borrower may convert their small loan to an installment plan. The licensee must convert the small loan to an installment plan at the borrower's request. Each agreement for a loan installment plan must be in writing and acknowledged by both the borrower and the licensee. The licensee may not assess any other fee, interest charge, or other charge on the borrower as a result of converting the small loan into an installment plan. This installment plan must provide for the payment of the total of payments due on the small loan over a period not less than ninety days for a loan amount of up to and including four hundred dollars. For a loaned amount over four hundred dollars, the installment plan must be a period not less than one hundred eighty days. The borrower may pay the total of installments at any time. The licensee may not charge any penalty, fee, or charge to the borrower for prepayment of the loan installment plan by the borrower. Each licensee shall conspicuously disclose to each borrower in the small loan agreement or small loan note that the borrower has access to such an installment plan. A licensee's violation of such an installment plan constitutes a violation of this chapter. (2) The licensee must return any postdated checks that the borrower has given to the licensee for the original small loan at the initiation of the installment plan. (3) A licensee may take postdated checks for installment plan payments at the time the installment plan is originated. If any check accepted as payment under the installment plan is dishonored, the licensee may not charge the borrower any fee for the dishonored check. If a borrower defaults on the installment plan, the licensee may charge the borrower a one-time installment plan default fee of twenty-five dollars. (4) If the licensee enters into an installment plan with the borrower through an accredited third party, with certified credit counselors, that is representing the borrower, the licensee's failure to comply with the terms of that installment plan constitutes a violation of this chapter.
RCW 31.04.267 — Washington Code / Title 31 / Chapter 04 / Section 267
RCW 31.04.267: Mortgage loan originator—Continuing education requirements.
Status: in_force

(1) A licensed mortgage loan originator must complete a minimum of eight hours of continuing education approved by the nationwide mortgage licensing system *and registry which must include at least three hours of federal law and regulations; two hours of ethics, which must include instruction on fraud, consumer protection, and fair lending issues; and two hours of training related to lending standards for the nontraditional mortgage product marketplace. Additionally, the director may require at least one hour of continuing education on Washington law provided by and administered through an approved provider. (2) The nationwide mortgage licensing system *and registry must review and approve continuing education courses. Review and approval of a continuing education course must include review and approval of the course provider. (3) A licensed mortgage loan originator may only receive credit for a continuing education course in the year in which the course is taken, and may not take the same approved course in the same or successive years to meet the annual requirements for continuing education. (4) A licensed mortgage loan originator who is an instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two hours credit for every one hour taught. (5) A person having successfully completed the education requirements approved by the nationwide mortgage licensing system *and registry for any state must have their credits accepted as credit towards completion of continuing education requirements in this state. (6) This section does not preclude any education course, as approved by the nationwide mortgage licensing system *and registry, that is provided by the employer of the mortgage loan originator or an entity which is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or entity. Continuing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system *and registry.
RCW 31.45.150 — Washington Code / Title 31 / Chapter 45 / Section 150
RCW 31.45.150: Licensee's failure to perform obligations—Director's duty.
Status: in_force

Whenever as a result of an examination or report it appears to the director that: (1) The capital of any licensee is impaired; (2) Any licensee is conducting its business in such an unsafe or unsound manner as to render its further operations hazardous to the public; (3) Any licensee has suspended payment of its trust obligations; (4) Any licensee has refused to submit its books, papers, and affairs to the inspection of the director or the director's examiner; (5) Any officer of any licensee refuses to be examined under oath regarding the business of the licensee; (6) Any licensee neglects or refuses to comply with any order of the director made pursuant to this chapter unless the enforcement of such order is restrained in a proceeding brought by such licensee; the director may immediately take possession of the property and business of the licensee and retain possession until the licensee resumes business or its affairs are finally liquidated as provided in RCW 31.45.160 . The licensee may resume business upon such terms as the director may prescribe.
RCW 31.20.010 — Washington Code / Title 31 / Chapter 20 / Section 010
RCW 31.20.010: Creation under general corporation laws authorized.
Status: in_force

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.
RCW 31.12.697 — Washington Code / Title 31 / Chapter 12 / Section 697
RCW 31.12.697: Unclaimed liquidation dividends.
Status: in_force

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 account holder's, depositor's, or creditor's credit. The funds must be held in trust for the benefit of the persons entitled to the funds and, subject to the supervision of the court, must be paid by the receiver to them upon presentation of satisfactory evidence of their right to the funds.
RCW 31.04.535 — Washington Code / Title 31 / Chapter 04 / Section 535
RCW 31.04.535: Lender default—Treble damages—Civil remedies.
Status: in_force

(1) In addition to any other remedies, if a lender defaults on any of the reverse mortgage loan terms and fails to cure an actual default after notice as specified in the loan documents, the borrower, or the borrower's estate, is entitled to treble damages. (2) An arrangement, transfer, or lien subject to this chapter is not invalidated solely because of the failure of a lender to comply with any provision of this chapter. However, this section does not preclude the application of any other existing civil remedies provided by law. (3) A violation of federal legal requirements for an FHA-approved reverse mortgage as defined in RCW 31.04.505 (1) constitutes a violation of this chapter.
RCW 31.04.055 — Washington Code / Title 31 / Chapter 04 / Section 055
RCW 31.04.055: License—Director's duties.
Status: in_force

(1) The director shall issue and deliver a license to the applicant to make loans in accordance with this chapter at the location specified in the application if, after investigation, the director finds that: (a) The applicant has paid all required fees; (b) The applicant has submitted a complete application in compliance with RCW 31.04.045 ; (c) Neither the applicant nor its officers or principals have had a license issued under this section or any other section, in this state or another state, revoked or suspended within the last five years of the date of filing of the application; (d) Neither the applicant nor any of its officers or principals have been convicted of a gross misdemeanor involving dishonesty or financial misconduct or a felony or a violation of the banking laws of this state or of the United States within seven years of the filing of an application; (e) The financial responsibility, experience, character, and general fitness of the applicant are such as to command the confidence of the community and to warrant a belief that the business will be operated honestly, fairly, and efficiently within the purposes of this chapter; and (f) Neither the applicant nor any of its principals have provided unlicensed residential mortgage loan modification services in this state in the five years prior to the filing of the present application. (2) If the director does not find the conditions of subsection (1) of this section have been met, the director shall not issue the license. The director shall notify the applicant of the denial and return to the applicant the bond posted and the sum paid by the applicant as a license fee, retaining the investigation fee to cover the costs of investigating the application. The director shall approve or deny every application for license under this chapter within ninety days from the filing of a complete application with the fees and the approved bond.
RCW 31.24.150 — Washington Code / Title 31 / Chapter 24 / Section 150
RCW 31.24.150: Dissolution—Method—Distribution of assets.
Status: in_force

A business development company, upon the affirmative vote of two-thirds of the votes of the stockholders entitled to vote their shares, shall dissolve the business development company as provided by Title 23B RCW, to the extent that Title 23B RCW is not in conflict with this chapter. Upon dissolution of the business development company, none of the business development company's assets shall be distributed to the stockholders until all sums due the creditors thereof have been paid in full.
RCW 31.24.100 — Washington Code / Title 31 / Chapter 24 / Section 100
RCW 31.24.100: Minimum capital, surplus, undivided profits, and net earnings.
Status: in_force

(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 to total assets, inclusive of all qualified loans and qualified investments, shall be and remain no less than eight percent. (2) Subject to subsection (1) of this section, minimum capital, surplus, undivided profits, and net earnings shall be determined by the board of directors, subject to the exercise of prudent business judgment.
RCW 31.20.050 — Washington Code / Title 31 / Chapter 20 / Section 050
RCW 31.20.050: Board of directors.
Status: in_force

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 the incorporators and at each annual meeting thereafter. In the first instance the directors shall be elected by the stockholders to serve until the first annual meeting. At the first annual meeting, and at each annual meeting thereafter, one-third of the directors shall be elected by a vote of the stockholders and the remaining two-thirds thereof shall be elected by members of the corporation herein provided for, each member having one vote. The removal of any director from this state shall immediately vacate his or her office. If any vacancy occurs in the board of directors through death, resignation, or otherwise, the remaining directors may elect a person to fill the vacancy until the next annual meeting of the corporation. The directors shall be annually sworn to the proper discharge of their duties and they shall hold office until others are elected or appointed and qualified in their stead.
RCW 31.04.510 — Washington Code / Title 31 / Chapter 04 / Section 510
RCW 31.04.510: Requirements of licensee—Minimum capital—Exceptions.
Status: in_force

(1) For purposes of RCW * 31.04.501 through 31.04.540 , in addition to any other requirements, licensees must comply with the following requirements before offering proprietary reverse mortgage loans: (a) Maintain an irrevocable standby letter of credit approved by the director from a financial institution approved by the director in favor of the licensee in an amount necessary to fund all reverse mortgage loan requirements anticipated over the next twelve months for loans then on the licensee's books and those expected to be made over the next twelve months or three million dollars, whichever is greater. The initial term of the letter of credit must be at least two years. (b) The financial institution that provides the letter of credit as required in (a) of this subsection may not be affiliated with the licensee. (c) A licensee with a rating of either 4A1 or 5A1 from Dun & Bradstreet credit services for three consecutive years is exempt from the requirements set forth in (a) of this subsection. (2) The licensee shall maintain a minimum capital of ten million dollars. (3) A licensee may rely on the capital of its parent to satisfy the requirement of subsection (2) of this section. However, for any year in which a licensee seeks to so rely, it shall provide to the director a certified financial statement of the parent showing a net worth of at least one hundred million dollars as of the close of its most recent fiscal year and a binding written commitment from the parent to the licensee to make a minimum of ten million dollars available to the licensee as a capital contribution in connection with its reverse mortgage lending program. (4) Subsections (2) and (3) of this section do not apply to a licensee that: (a) Only originates proprietary reverse mortgage loans the proceeds of which are fully disbursed at the loan closing; or (b) Only originates proprietary reverse mortgage loans that are sold into the secondary market to an investor with either a 4A1 or 5A1 rating from Dun & Bradstreet credit services. A licensee that makes such a sale shall obtain a written commitment to purchase the loans from the investor prior to closing and shall arrange for the delivery of the loans to the investor within ten days of the loan closing.
RCW 31.12.185 — Washington Code / Title 31 / Chapter 12 / Section 185
RCW 31.12.185: Annual membership meetings.
Status: in_force

(1) A credit union's annual membership meeting shall be held at such time and in such manner as the bylaws prescribe, and shall be conducted according to the rules of procedure approved by the board. (2) Notice of the annual membership meetings of a credit union shall be given as provided in the bylaws of the credit union.
RCW 31.12.585 — Washington Code / Title 31 / Chapter 12 / Section 585
RCW 31.12.585: Prohibited acts—Notice—Cease and desist order.
Status: in_force

(1) The director may issue and serve any person regulated by this chapter with a written notice of charges and intent to issue a cease and desist order if, in the opinion of the director, the person has committed or is about to commit: (a) A material violation of law; or (b) An unsafe or unsound practice. (2) Upon taking effect, the order may require the person and its directors, supervisory committee members, officers, employees, and agents to cease and desist from the violation or practice and may require them to take affirmative action to correct the conditions resulting from the violation or practice.
RCW 31.04.065 — Washington Code / Title 31 / Chapter 04 / Section 065
RCW 31.04.065: License—Information contained.
Status: in_force

The license shall state the address at which the business is to be conducted and shall state fully the name of the licensee, and if the licensee is a copartnership or association, the names of its members, and if a corporation, the date and place of its incorporation. The license is not transferable or assignable.
RCW 31.04.093 — Washington Code / Title 31 / Chapter 04 / Section 093
RCW 31.04.093: Licensing—Applications—Regulation of licensees—Director's duties and authority—Fines—Orders—Statute of limitations.
Status: in_force

(1) The director must enforce all laws and rules relating to the licensing and regulation of licensees and persons subject to this chapter. However, the director's obligation under this subsection does not arise until the rules required under RCW 31.04.405 are adopted or until January 1, 2019, whichever is sooner. (2) The director may deny applications for licenses for: (a) Failure of the applicant to demonstrate within its application for a license that it meets the requirements for licensing in RCW 31.04.045 and 31.04.055 ; (b) Violation of an order issued by the director under this chapter or another chapter administered by the director, including but not limited to cease and desist orders and temporary cease and desist orders; (c) Revocation or suspension of a license to conduct lending, residential mortgage loan servicing, student education loan servicing, or to provide settlement services associated with lending, residential mortgage loan servicing, or student education loan servicing, by this state, another state, or by the federal government within five years of the date of submittal of a complete application for a license; or (d) Filing an incomplete application when that incomplete application has been filed with the department for sixty or more days, provided that the director has given notice to the licensee that the application is incomplete, informed the applicant why the application is incomplete, and allowed at least twenty days for the applicant to complete the application. (3) The director may condition, suspend, or revoke a license issued under this chapter if the director finds that: (a) The licensee has failed to pay any fee due the state of Washington, has failed to maintain in effect the bond or permitted substitute required under this chapter, or has failed to comply with any specific order or demand of the director lawfully made and directed to the licensee in accordance with this chapter; (b) The licensee, either knowingly or without the exercise of due care, has violated any provision of this chapter or any rule adopted under this chapter; (c) A fact or condition exists that, if it had existed at the time of the original application for the license, clearly would have allowed the director to deny the application for the original license; or (d) The licensee failed to comply with any directive, order, or subpoena issued by the director under this chapter. The director may condition, revoke, or suspend only the particular license with respect to which grounds for conditioning, revocation, or suspension may occur or exist or the director may condition, revoke, or suspend all of the licenses issued to the licensee. (4) The director may impose fines of up to one hundred dollars per day, per violation, upon the licensee, its employee or loan originator, or other person subject to this chapter for: (a) Any violation of this chapter; or (b) Failure to comply with any directive, order, or subpoena issued by the director under this chapter. (5) The director may issue an order directing the licensee, its employee or loan originator, or other person subject to this chapter to: (a) Cease and desist from conducting business in a manner that is injurious to the public or violates any provision of this chapter; (b) Take such affirmative action as is necessary to comply with this chapter; (c) Make a refund or restitution to a borrower or other person who is damaged as a result of a violation of this chapter; (d) Refund all fees received through any violation of this chapter. (6) The director may issue an order removing from office or prohibiting from participation in the affairs of any licensee, or both, any officer, principal, employee or mortgage loan originator, or any person subject to this chapter for: (a) False statements or omission of material information from an application for a license that, if known, would have allowed the director to deny the original application for a license; (b) Conviction of a gross misdemeanor involving dishonesty or financial misconduct or a felony; (c) Suspension or revocation of a license to engage in lending, residential mortgage loan servicing, student education loan servicing, or perform a settlement service related to lending or residential mortgage loan servicing, in this state or another state; (d) Failure to comply with any order or subpoena issued under this chapter; (e) A violation of RCW 31.04.027 , 31.04.102 , 31.04.155 , or 31.04.221 ; or (f) Failure to obtain a license for activity that requires a license. (7) Except to the extent prohibited by another statute, the director may engage in informal settlement of complaints or enforcement actions including, but not limited to, payment to the department for purposes of financial literacy and education programs authorized under RCW 43.320.150 . If any person subject to this chapter makes a payment to the department under this section, the person may not advertise such payment. (8) Whenever the director determines that the public is likely to be substantially injured by delay in issuing a cease and desist order, the director may immediately issue a temporary cease and desist order. The order may direct the licensee to discontinue any violation of this chapter, to take such affirmative action as is necessary to comply with this chapter, and may include a summary suspension of the licensee's license and may order the licensee to immediately cease the conduct of business under this chapter. The order becomes effective at the time specified in the order. Every temporary cease and desist order must include a provision that a hearing will be held upon request to determine whether the order will become permanent. Such hearing must be held within fourteen days of receipt of a request for a hearing unless otherwise specified in chapter 34.05 RCW. (9) A licensee may surrender a license by delivering to the director written notice of surrender, but the surrender does not affect the licensee's civil or criminal liability, if any, for acts committed before the surrender, including any administrative action initiated by the director to suspend or revoke a license, impose fines, compel the payment of restitution to borrowers or other persons, or exercise any other authority under this chapter. The statute of limitations on actions not subject to RCW 4.16.160 that are brought under this chapter by the director is five years. (10) The revocation, suspension, or surrender of a license does not impair or affect the obligation of a preexisting lawful contract between the licensee and a borrower. (11) Every license issued under this chapter remains in force and effect until it has been surrendered, revoked, or suspended in accordance with this chapter. However, the director may on his or her own initiative reinstate suspended licenses or issue new licenses to a licensee whose license or licenses have been revoked if the director finds that the licensee meets all the requirements of this chapter. (12) A license issued under this chapter expires upon the licensee's failure to comply with the annual assessment requirements in RCW 31.04.085 , and the rules. The department must provide notice of the expiration to the address of record provided by the licensee. On the 15th day after the department provides notice, if the assessment remains unpaid, the license expires. The licensee must receive notice prior to expiration and have the opportunity to stop the expiration as set forth in rule. (13) The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.
RCW 31.04.165 — Washington Code / Title 31 / Chapter 04 / Section 165
RCW 31.04.165: Director—Broad administrative discretion—Rule making—Actions in superior court.
Status: in_force

(1) The director has the power, and broad administrative discretion, to administer and interpret this chapter to facilitate the delivery of financial services to the citizens of this state by persons subject to this chapter. The director shall adopt all rules necessary to administer this chapter and to ensure complete and full disclosure by licensees of lending transactions governed by this chapter. (2) If it appears to the director that a licensee is conducting business in an injurious manner or is violating any provision of this chapter, the director may order or direct the discontinuance of any such injurious or illegal practice. (3) For purposes of this section, "conducting business in an injurious manner" means conducting business in a manner that violates any provision of this chapter, or that creates the reasonable likelihood of a violation of any provision of this chapter. (4) The director or designated persons, with or without prior administrative action, may bring an action in superior court to enjoin the acts or practices that constitute violations of this chapter and to enforce compliance with this chapter or any rule or order made under this chapter. Upon proper showing, injunctive relief or a temporary restraining order shall be granted. The director shall not be required to post a bond in any court proceedings. (5) The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.
RCW 31.04.202 — Washington Code / Title 31 / Chapter 04 / Section 202
RCW 31.04.202: Application of administrative procedure act.
Status: in_force

The proceedings for denying license applications, issuing cease and desist orders, suspending or revoking licenses, and imposing civil penalties or other remedies under this chapter, and any review or appeal of such action, shall be governed by the provisions of the administrative procedure act, chapter 34.05 RCW.
RCW 31.45.040 — Washington Code / Title 31 / Chapter 45 / Section 040
RCW 31.45.040: Application for license or small loan endorsement—Financial responsibility—Director's investigation.
Status: in_force

(1) The director shall conduct an investigation of every applicant to determine the financial responsibility, experience, character, and general fitness of the applicant. The director shall issue the applicant a license to engage in the business of cashing or selling checks, or both, or a small loan endorsement, if the director determines to his or her satisfaction that: (a) The applicant has satisfied the requirements of RCW 31.45.030 ; (b) The applicant is financially responsible and appears to be able to conduct the business of cashing or selling checks or making small loans in an honest, fair, and efficient manner with the confidence and trust of the community; and (c) The applicant has the required bonds, or has provided an acceptable alternative form of financial security. (2) The director may refuse to issue a license or small loan endorsement if he or she finds that the applicant, or any person who is a director, officer, partner, agent, sole proprietor, owner, or controlling person of the applicant, has been convicted of a felony in any jurisdiction within seven years of filing the present application or is associating or consorting with any person who has been convicted of a felony in any jurisdiction within seven years of filing the present application. The term "substantial stockholder" as used in this subsection, means a person owning or controlling ten percent or more of the total outstanding shares of the applicant corporation. (3) A license or small loan endorsement may not be issued to an applicant: (a) Whose license to conduct business under this chapter, or any similar statute in any other jurisdiction, has been suspended or revoked within five years of the filing of the present application; (b) Who has been banned from the industry by an administrative order issued by the director or the director's designee, for the period specified in the administrative order; or (c) When any person who is a sole proprietor, owner, director, officer, partner, agent, or controlling person of the applicant has been banned from the industry in an administrative order issued by the director, for the period specified in the administrative order. (4) A license or small loan endorsement issued under this chapter shall be conspicuously posted in the place of business of the licensee. The license is not transferable or assignable. (5) A license or small loan endorsement issued in accordance with this chapter remains in force and effect until surrendered, suspended, or revoked, or until the license expires as a result of nonpayment of the annual assessment fee.
RCW 31.04.125 — Washington Code / Title 31 / Chapter 04 / Section 125
RCW 31.04.125: Loan restrictions—Interest calculations.
Status: in_force

(1) No licensee may make a loan using any method of calculating interest other than the simple interest method; except that the add-on method of calculating interest may be used for a loan not secured by real property or personal property used as a residence when the repayment period does not exceed three years and fifteen days after the loan origination date. (2) No licensee may make a loan using the add-on method to calculate interest that does not provide for a refund to the borrower or a credit to the borrower's account of any unearned interest when the loan is repaid before the original maturity date in full by cash, by a new loan, by refinancing, or otherwise before the final due date. The refund must be calculated using the actuarial method, unless a sum equal to two or more installments has been prepaid and the account is not in arrears and continues to be paid ahead, in which case the interest on the account must be recalculated by the simple interest method with the refund of unearned interest made as if the loan had been made using the simple interest method. When computing an actuarial refund, the lender may round the annual rate used to the nearest quarter of one percent. In computing a required refund of unearned interest, a prepayment made on or before the fifteenth day after the scheduled payment date is deemed to have been made on the payment date preceding the prepayment. In the case of prepayment before the first installment due date, the company may retain an amount not to exceed one-thirtieth of the first month's interest charge for each day between the origination date of the loan and the actual date of prepayment. (3) No licensee may provide credit life or disability insurance in an amount greater than that required to pay off the total balance owing on the date of the borrower's death net of refunds in the case of credit life insurance, or all minimum payments that become due on the loan during the covered period of disability in the case of credit disability insurance. The lender may not require any such insurance. (4) Except in the case of loans by mail, where the borrower has sufficient time to review papers before returning them, no licensee may prepare loan papers in advance of the loan closing without having reviewed with the borrower the terms and conditions of the loan to include the type and amount of insurance, if any, requested by the borrower.
RCW 31.35.030 — Washington Code / Title 31 / Chapter 35 / Section 030
RCW 31.35.030: Administration—Rules—Duties of director.
Status: in_force

(1) The director shall administer this chapter. The director may issue orders and adopt rules that, in the opinion of the director, are necessary to execute, enforce, and effectuate the purposes of this chapter. Rules to enforce the provisions of this chapter shall be adopted under the administrative procedure act, chapter 34.05 RCW. (2) An application filed with the director under this chapter shall be in such form and contain such information as required by the director by rule and be consistent with the requirements of the loan guaranty program. (3) After the director is satisfied that the applicant has satisfied all the conditions necessary for approval, the director shall issue a license to the applicant authorizing it to be an agricultural lender under this chapter. (4) Any change of control of an agricultural lender shall be subject to the approval of the director. Such approval shall be subject to the same criteria as the criteria for approval of the original license. For purposes of this subsection, "change of control" means directly or indirectly, alone or in concert with others, to own, control, or hold the power to vote ten percent or more of the outstanding voting stock of an agricultural lender or the power to elect or control the election of a majority of the board of directors of an agricultural lender. (5) The director may deny, suspend, or revoke a license if the agricultural lender violates any provision of this chapter or any rules promulgated pursuant to this chapter.
RCW 31.12.265 — Washington Code / Title 31 / Chapter 12 / Section 265
RCW 31.12.265: Officers.
Status: in_force

(1) The board at its first meeting after the annual membership meeting shall elect board officers from among its members, as provided in the credit union's bylaws. The board will elect as many board officers as it deems necessary for transacting the business of the board of the credit union. The board officers shall hold office until their successors are qualified and elected, unless sooner removed as provided in this chapter. All board officers must be elected members of the board. However, the office of board treasurer and board secretary may be held by the same person and need not be elected members of the board. (2) The board may designate as many operating officers as it deems necessary for conducting the business of the credit union, including, but not limited to, a principal operating officer. Individuals serving as operating officers may also serve as board officers in accordance with subsection (1) of this section and subject to RCW 31.12.235 (4).
RCW 31.24.220 — Washington Code / Title 31 / Chapter 24 / Section 220
RCW 31.24.220: Confidentiality and disclosure—Examinations.
Status: in_force

The existing privileges, immunities, and requirements of confidentiality and disclosure with respect to examination records and information obtained by the director in conducting examinations, which are applicable to banks, as set forth in *RCW 30.04.075 , apply to examination records and information obtained by the director in conducting examinations of business development companies organized under this chapter.
RCW 31.12.890 — Washington Code / Title 31 / Chapter 12 / Section 890
RCW 31.12.890: Satellite facilities.
Status: in_force

See chapter 30A.43 RCW.
RCW 31.12.402 — Washington Code / Title 31 / Chapter 12 / Section 402
RCW 31.12.402: Powers.
Status: in_force

A credit union may: (1) Issue shares to and receive deposits from its members in accordance with RCW 31.12.416 ; (2) Make loans to its members in accordance with RCW 31.12.426 and 31.12.428 ; (3) Pay dividends and interest to its members in accordance with RCW 31.12.418 ; (4) Impose reasonable charges for the services it provides; (5) Impose financing charges and reasonable late charges in the event of default on loans, subject to applicable law, and recover reasonable costs and expenses, including, but not limited to, collection costs, and reasonable attorneys' fees incurred both before and after judgment, incurred in the collection of sums due, if provided for in the note or agreement signed by the borrower; (6) Acquire, lease, hold, assign, pledge, sell, or otherwise dispose of interests in personal property and in real property in accordance with RCW 31.12.438 ; (7) Deposit and invest funds in accordance with RCW 31.12.436 ; (8) Borrow money, up to a maximum of fifty percent of its total shares, deposits, and net worth; (9) Discount or sell any of its assets, or purchase any or all of the assets of another credit union, out-of-state credit union, or federal credit union. However, a credit union may not discount or sell all, or substantially all, of its assets without the approval of the director; (10) Accept deposits of deferred compensation of its members; (11) Act as fiscal agent for and receive payments on shares and deposits from the federal government or this state, and any agency or political subdivision thereof; (12) Engage in activities and programs as requested by the federal government, this state, and any agency or political subdivision thereof, when the activities or programs are not inconsistent with this chapter; (13) Hold membership in credit unions, out-of-state credit unions, or federal credit unions and in organizations controlled by or fostering the interests of credit unions, including, but not limited to, a central liquidity facility organized under state or federal law; (14) Pay additional dividends and interest to members, or an interest rate refund to borrowers; (15) Enter into lease agreements, lease contracts, and lease-purchase agreements with members; (16) Act as insurance agent or broker for the sale to members of: (a) Group life, accident, health, and credit life and disability insurance; and (b) Other insurance that other types of Washington state-chartered financial institutions are permitted to sell, on the same terms and conditions that these institutions are permitted to sell such insurance; (17) Impose a reasonable service charge for the administration and processing of accounts that remain dormant for a period of time specified by the credit union; (18) Establish and operate on-premises or off-premises electronic facilities; (19) Enter into formal or informal agreements with another credit union for the purpose of fostering the development of the other credit union; (20) Work with community leaders to develop and prioritize efforts to improve the areas where their members reside by making investments in the community through contributions to organizations that primarily serve either a charitable, social, welfare, or educational purpose, or are exempt from taxation pursuant to section 501(c)(3) of the internal revenue code; (21) Limit the personal liability of its directors in accordance with provisions of its articles of incorporation that conform with RCW 23B.08.320 ; (22) Indemnify its directors, supervisory committee members, officers, employees, and others in accordance with provisions of its articles of incorporation or bylaws that conform with RCW 23B.08.500 through 23B.08.600 ; (23) Conduct a promotional contest of chance as authorized in RCW 9.46.0356 (1)(b), as long as the conditions of RCW 9.46.0356 (5) and 30A.22.260 are complied with to the satisfaction of the director; (24) Cash checks, money orders, and other payment instruments for members and persons who are eligible for membership in the credit union; and (25) Exercise such incidental powers as are necessary or convenient to enable it to conduct the business of a credit union.
RCW 31.24.235 — Washington Code / Title 31 / Chapter 24 / Section 235
RCW 31.24.235: Rule making.
Status: in_force

The director has broad administrative authority and discretion to adopt rules to carry out the purposes of this chapter.
RCW 31.12.382 — Washington Code / Title 31 / Chapter 12 / Section 382
RCW 31.12.382: Limitation on membership.
Status: in_force

(1) Membership in a credit union shall be limited to groups having a common bond of occupation or association, or to groups within a well-defined neighborhood, community, or rural district. The director may adopt rules: (a) Reasonably defining "common bond"; and (b) setting forth standards for the approval of charters. (2) The director may approve the inclusion within the field of membership of a credit union a group having a separate common bond if the director determines that the group is not of sufficient size or resources to support a viable credit union of its own. (3) The director may approve, in accordance with the provisions of this chapter, the inclusion within a credit union's field of membership of groups having a common bond of occupation or association, or groups within a well-defined neighborhood, community, or rural district, notwithstanding the fact that such groups are situated partially or wholly outside this state.
RCW 31.24.080 — Washington Code / Title 31 / Chapter 24 / Section 080
RCW 31.24.080: Amendment of articles of incorporation—Director's approval—Filing.
Status: in_force

(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 of incorporation has been adopted and approved by the director, the articles of amendment shall be filed in the office of the secretary of state by the director. An amendment shall not take effect until it has been so filed.
RCW 31.12.055 — Washington Code / Title 31 / Chapter 12 / Section 055
RCW 31.12.055: Manner of organizing—Articles of incorporation—Submission to director.
Status: in_force

(1) Persons applying for the organization of a credit union shall execute articles of incorporation stating: (a) The initial name and location of the credit union; (b) That the duration of the credit union is perpetual; (c) That the purpose of the credit union is to engage in the business of a credit union and any other lawful activities permitted to a credit union by applicable law; (d) The number of its directors, which must not be less than five or greater than fifteen, and the names of the persons who are to serve as the initial directors; (e) The names of the incorporators; (f) The extent, if any, to which personal liability of directors is limited; (g) The extent, if any, to which directors, supervisory committee members, officers, employees, and others will be indemnified by the credit union; and (h) Any other provision which is not inconsistent with this chapter. (2) Applicants shall submit the articles of incorporation in triplicate to the director.
RCW 31.04.415 — Washington Code / Title 31 / Chapter 04 / Section 415
RCW 31.04.415: Third-party student education loan modification services—Restrictions—Requirements.
Status: in_force

(1) In addition to complying with federal and state law, including all requirements under chapter 18.28 RCW and this chapter, any person providing third-party student education loan modification services must: (a) Not charge or receive any money or other valuable consideration prior to full and complete performance of the services the person has agreed to perform for the borrower; (b) Not charge total fees in excess of usual and customary charges, or total fees that are not reasonable in light of the service provided; and (c) Immediately inform the borrower in writing if the owner or servicer of the student education loan requires additional information or documentation from the borrower, or if it becomes apparent that a modification, refinancing, consolidation, or change in repayment plans on the student education loan is not possible. (2) As a condition for providing third-party student education loan modification services, a person providing the services shall not: (a) Require or encourage a borrower to sign a waiver of his or her legal defenses, counterclaims, and other legal rights against the person for future acts; (b) Represent, expressly or by implication, that funds paid to the person providing third-party student education loan modification services will be applied to the borrower's student education loan balance; (c) Require or encourage a borrower to waive his or her right to receive notice before the owner or servicer of the loan initiates collection proceedings; (d) Require or encourage a borrower to agree to pay charges not enumerated in any agreement between the borrower and the lender, servicer, or owner of the loan; (e) Require or encourage a borrower to: (i) Cease communication with the lender, investor, loan servicer, or United States department of education; or (ii) Change his or her contact information to that of the third-party education loan servicer or any other third party; (f) Misrepresent, expressly or by implication, the availability, performance, cost, or characteristics of any alternative to for-profit third-party student education loan modification services through which the consumer can obtain assistance with refinancing of, consolidation of, application for discharge of or refund of amounts paid toward, or change of repayment plans for a student education loan, including communicating directly with the servicer, applying through or communicating with the United States department of education, communicating with any other government agency, or using any nonprofit agency or program; (g) Misrepresent, expressly or by implication, the amount of money or the percentage of the debt amount a student education loan borrower may save by engaging the person's third-party student education loan modification services; (h) Misrepresent, expressly or by implication, the total cost to purchase the third-party student education loan modification services; (i) Misrepresent, expressly or by implication, the terms, conditions, limitations, contingencies, or requirements to reapply or recertify eligibility for any refinancing of, consolidation of, or change of repayment plans for a student education loan; (j) Misrepresent, expressly or by implication, any affiliation, connection, or relationship with the United States department of education or its contracted entities; (k) Misrepresent, expressly or by implication, the impact on a borrower's credit history, score, or report that will result from engaging the person's third-party student education loan modification services; or (l) Change a borrower's login information, personal identification number, or contact information on file with a servicer or the United States department of education, including without limitation telephone number, address, and email address. (3) In any inconsistency between this chapter and chapter 18.28 RCW, this chapter shall control.
RCW 31.04.903 — Washington Code / Title 31 / Chapter 04 / Section 903
RCW 31.04.903: Effective date—2009 c 120.
Status: in_force

In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, sections 10 through 14, 16 through 19, 21 through 25, and 27 through 29 of this act take effect July 1, 2010.
RCW 31.12.003 — Washington Code / Title 31 / Chapter 12 / Section 003
RCW 31.12.003: Findings—Intent—1997 c 397.
Status: in_force

The legislature finds that credit unions provide many valuable services to the consumers of this state and will be better prepared to continue providing these services if the Washington state credit union act is modernized, clarified, and reorganized. Furthermore, the legislature finds that credit unions and credit union members will benefit by enacting provisions clearly specifying the director of financial institutions' authority to enforce statutory provisions. Revisions to this chapter reflect the legislature's intent to modernize, clarify, and reorganize the existing act, and specify the director's enforcement authority. By enacting the revisions to this chapter, it is not the intent of the legislature to affect the scope of credit unions' field of membership or tax status, or impact federal parity provisions.
RCW 31.12.388 — Washington Code / Title 31 / Chapter 12 / Section 388
RCW 31.12.388: Expulsion of member—Challenge—Share and deposit accounts.
Status: in_force

(1) Members expelled from the credit union will be notified of the expulsion and the reasons upon which it is based. The credit union will, upon request of the expelled member, allow the member to challenge the expulsion and seek reinstatement as a member. (2) The amounts in an expelled member's share and deposit accounts must be promptly paid to the person following expulsion, and after deducting amounts due from the member(s) to the credit union, including, but not limited to, any applicable penalties for early withdrawal. Expulsion will not operate to relieve the person from outstanding liabilities owed to the credit union.
RCW 31.12.850 — Washington Code / Title 31 / Chapter 12 / Section 850
RCW 31.12.850: Prohibited acts—Criminal penalties.
Status: in_force

(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 misrepresentation about the financial condition of any credit union. (c) Unless otherwise provided by law, a violation of this subsection is a misdemeanor under chapter 9A.20 RCW. (2)(a) It is unlawful for a person to perform any of the following acts: (i) To knowingly subscribe to, make, or cause to be made a false statement or entry in the books of a credit union; (ii) To knowingly make a false statement or entry in a report required to be made to the director; or (iii) To knowingly exhibit a false or fictitious paper, instrument, or security to a person authorized to examine a credit union. (b) A violation of this subsection is a class C felony under chapter 9A.20 RCW.
RCW 31.04.310 — Washington Code / Title 31 / Chapter 04 / Section 310
RCW 31.04.310: Residential mortgage or student education loan servicer—Appointment of receiver.
Status: in_force

Upon application by the director and upon a showing that the interests of borrowers or creditors so requires, the superior court may appoint a receiver to take over, operate, or liquidate any residential mortgage or student education loan servicer. The director's obligations or duties under chapter 62, Laws of 2018 are subject to section 21, chapter 62, Laws of 2018.
RCW 31.04.284 — Washington Code / Title 31 / Chapter 04 / Section 284
RCW 31.04.284: Mortgage loan originator—Unique identifier—Display.
Status: in_force

The unique identifier of any mortgage loan originator must be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or order of the director. This section does not apply to consumer loan company licensees.
RCW 31.04.254 — Washington Code / Title 31 / Chapter 04 / Section 254
RCW 31.04.254: Mortgage loan originator licensing process—Rules—Interim procedures.
Status: in_force

For the purposes of implementing an orderly and efficient mortgage loan originator licensing process, the director may establish licensing rules and interim procedures for licensing and acceptance of applications. For previously registered or licensed individuals the director may establish expedited review and licensing procedures.
RCW 31.45.100 — Washington Code / Title 31 / Chapter 45 / Section 100
RCW 31.45.100: Examination or investigation—Director's authority—Costs.
Status: in_force

The director or the director's designee may at any time examine and investigate the business and examine the books, accounts, records, and files, or other information, wherever located, of any licensee or person who the director has reason to believe is engaging in the business governed by this chapter. For these purposes, the director or the director's designee may require the attendance of and examine under oath all persons whose testimony may be required about the business or the subject matter of the investigation. The director or the director's designee may require the production of original books, accounts, records, files, or other information, or may make copies of such original books, accounts, records, files, or other information. The director or the director's designee may issue a subpoena or subpoena duces tecum requiring attendance and testimony, or the production of the books, accounts, records, files, or other information. The director shall collect from the licensee the actual cost of the examination or investigation.
RCW 31.12.860 — Washington Code / Title 31 / Chapter 12 / Section 860
RCW 31.12.860: Taxation of credit unions.
Status: in_force

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 property may be taxable under any law which exempts savings banks or institutions for savings from taxation. For all purposes of taxation, the assets represented by the regular reserve and other reserves, other than reserves for expenses and losses of a credit union, shall be deemed its only permanent capital, and in computing any tax, whether it be property, income, or excise, appropriate adjustment shall be made to give effect to the mutual nature of such credit union.
RCW 31.35.080 — Washington Code / Title 31 / Chapter 35 / Section 080
RCW 31.35.080: Enforcement—Responsibility of director—Penalty.
Status: in_force

(1) The director shall adopt rules to enforce the intent and purposes of this chapter. Such rules shall include, but not be limited to, the following: (a) Disclosure of conflicts of interest; (b) Prohibition of false statements made to the director on any form required by the director or during any examination; or (c) Prevention of fraud and undue influence within an agricultural lender. (2) A violation of any provision of this chapter or any rule of the director adopted under this chapter by an agent, employee, officer, or director of the agricultural lender shall be punishable by a fine, established by the director, not to exceed one hundred dollars for each offense. Each day's continuance of the violation shall be a separate and distinct offense. All fines shall be credited to the financial services regulation fund. (3) The director may issue and serve upon an agricultural lender a notice of charges if, in the opinion of the director, the agricultural lender is violating or has violated the law, rule, or any condition imposed in writing by the director or any written agreement made by the director. (a) The notice shall contain a statement of the facts constituting the alleged violation or practice and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist should issue against the agricultural lender. The hearing shall be set not earlier than ten days nor later than thirty days after service of the notice unless a later date is set by the director at the request of the agricultural lender. Unless the agricultural lender appears at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease and desist order. In the event of consent or if, upon the record made at the hearing, the director finds that any violation or practice specified in the notice of charges has been established, the director may issue and serve upon the agricultural lender an order to cease and desist from the violation or practice. The order may require the agricultural lender and its directors, officers, employees, and agents to cease and desist from the violation or practice and may require the agricultural lender to take affirmative action to correct the conditions resulting from the violation or practice. (b) A cease and desist order shall become effective at the expiration of ten days after the service of the order upon the agricultural lender concerned, except that a cease and desist order issued upon consent shall become effective at the time specified in the order and shall remain effective as provided in the order unless it is stayed, modified, terminated, or set aside by action of the director or a reviewing court.
RCW 31.12.416 — Washington Code / Title 31 / Chapter 12 / Section 416
RCW 31.12.416: Shares and deposits governed by chapter 30.22 RCW—Limitation on shares and deposits—Notice of withdrawal—Lien rights.
Status: in_force

(1) Shares held and deposits made in a credit union by a natural person are governed by *chapter 30.22 RCW. (2) A credit union may require ninety days notice of a member's intention to withdraw shares or deposits. The notice requirement may be extended with the written consent of the director. (3) A credit union will have a lien on all shares and deposits, including, but not limited to, dividends, interest, and any other earnings and accumulations thereon, of any share account holder or depositor, to the extent of any obligation owed to the credit union by the share account holder or depositor.
RCW 31.04.420 — Washington Code / Title 31 / Chapter 04 / Section 420
RCW 31.04.420: Subject to student education loan servicer requirements—Exempt from licensing.
Status: in_force

(1) The following are subject to the student education loan servicer requirements in this chapter, but are exempt from having to obtain and maintain a license in accordance with this chapter: (a) Trade, technical, vocational, or apprentice programs that teach skills related to a specific job, and postsecondary schools that service their own student education loans; (b) Persons servicing five or fewer student education loans; (c) Guarantors of federal student loans that do not also service federal student loans; (d) The United States or any department or agency thereof, to the extent it is servicing student education loans that it originated; and (e) Any state, county, city, or any department or agency thereof, but only to the extent it is servicing student education loans that it originated. (2) Persons providing third-party student education loan modification services are exempt from having to obtain and maintain a license in accordance with this chapter. (3) The department may refer to the attorney general's consumer protection division complaints regarding entities subject to this section.
RCW 31.24.200 — Washington Code / Title 31 / Chapter 24 / Section 200
RCW 31.24.200: Insolvency and liquidation—Chapter 30.44 RCW.
Status: in_force

*Chapter 30.44 RCW applies to the insolvency and liquidation of a business development company organized under this chapter.
RCW 31.12.436 — Washington Code / Title 31 / Chapter 12 / Section 436
RCW 31.12.436: Investment of funds—When investment later becomes impermissible.
Status: in_force

(1) A credit union may invest its funds in any of the following, as long as the investments are deemed prudent by the board: (a) Loans held by credit unions, out-of-state credit unions, or federal credit unions; loans to members held by other lenders; and loans to nonmembers held by other lenders, with the approval of the director; (b) Bonds, securities, or other investments that are fully guaranteed as to principal and interest by the United States government, and general obligations of this state and its political subdivisions; (c) Obligations issued by corporations designated under 31 U.S.C. Sec. 9101, or obligations, participations or other instruments issued and guaranteed by the federal national mortgage association, federal home loan mortgage corporation, government national mortgage association, or other government-sponsored enterprise; (d) Participations or obligations which have been subjected by one or more government agencies to a trust or trusts for which an executive department, agency, or instrumentality of the United States has been named to act as trustee; (e) Share or deposit accounts of other financial institutions, the accounts of which are federally insured or insured or guaranteed by another insurer or guarantor approved by the director. The shares and deposits made by a credit union under this subsection (1)(e) may exceed the insurance or guarantee limits established by the organization insuring or guaranteeing the institution into which the shares or deposits are made; (f) Common trust or mutual funds whose investment portfolios consist of securities issued or guaranteed by the federal government or an agency of the government; (g) Up to five percent of the capital of the credit union, in debt or equity issued by an organization owned by the Northwest credit union association or its successor credit union association; (h) Shares, stocks, loans, or other obligations of organizations whose primary purpose is to strengthen, advance, or provide services to the credit union industry or credit union members. A credit union may invest in or make loans to organizations under this subsection (1)(h) in an aggregate amount not to exceed ten percent of its assets. This limit does not apply to investments in, and loans to, an organization: (i) That is wholly owned by one or more credit unions or federal or out-of-state credit unions; and (ii) Whose activities are limited exclusively to those authorized by this chapter for a credit union; (i) Loans to credit unions, out-of-state credit unions, or federal credit unions. However, the aggregate of loans issued under this subsection (1)(i) is limited to twenty-five percent of the total shares and deposits of the credit union making the loans; (j) Key person insurance policies and investment products related to employee benefits, the proceeds of which inure exclusively to the benefit of the credit union; (k) A registered investment company or collective investment fund, as long as the prospectus of the company or fund restricts the investment portfolio to investments and investment transactions that are permissible for credit unions; (l) For credit unions that are approved public depositaries, any securities listed in RCW 39.58.050 as eligible collateral for public deposits; (m) Investments of the type in which the state treasurer may invest state funds pursuant to RCW 43.84.080 ; or (n) Other investments approved by the director by rule or upon written application. (2) To aid in achieving its business or operational objectives, a credit union may invest in equity interests in corporations or other limited liability entities, whether or not the principal business of such other corporation or entity is related to the credit union's business. An "equity interest" is an interest such as stock in a corporation or membership in a limited liability company or a limited partnership interest in which the credit union's liability is limited to the amount of its investment and the credit union does not take on general liability. (a) The entity in which the credit union invests must be engaged in or planning or developing activity that is incidental to or complementary to the credit union's operations. Activity is incidental or complementary to the credit union's operations if it would be performed for or provided to the credit union, or if it would be performed for or provided to the credit union's members in relationship to products, services, or activities that the credit union performs for or provides to its members. Such activity may not pose a risk to the safety and soundness of the credit union or the credit union industry. The entity may be engaged in other activity that is not incidental to or complementary to the credit union's operations. (b) A credit union may not invest in: (i) A federal depository institution or state depository institution as those terms are defined in the federal deposit insurance act, 12 U.S.C. Sec. 1813; or (ii) A bank holding company or savings bank holding company as those terms are defined in the federal bank holding company act, 12 U.S.C. Sec. 1841. (c) Until January 1, 2025, the initial aggregate amount of funds invested under this subsection (2) shall not exceed 2.5 percent of the net worth of the credit union, and when combined with the amount of funds invested in organizations described in subsection (1)(h) of this section, shall not exceed 10 percent of the assets of the credit union, whichever is less. (d) Beginning January 1, 2025, the initial aggregate amount of funds invested under this subsection (2) shall not exceed five percent of the net worth of the credit union, and when combined with the amount of funds invested in organizations described in subsection (1)(h) of this section, shall not exceed 10 percent of the assets of the credit union, whichever is less. (e) A credit union may engage in an activity permitted under this section only with the prior authorization of the director and subject to such requirements, restrictions, or other conditions as the director may adopt by rule, order, directive, standard, policy, memorandum, or other written communication with regard to the activity. In approving or denying a proposed activity, the director shall consider the financial and management strength of the credit union and the relationship of the activity to the credit union's operations. (3) If a credit union has lawfully made an investment that later becomes impermissible because of a change in circumstances or law, and the director finds that this investment will have an adverse effect on the safety and soundness of the credit union, then the director may require that the credit union develop a reasonable plan for the divestiture of the investment.
RCW 31.40.135 — Washington Code / Title 31 / Chapter 40 / Section 135
RCW 31.40.135: Application of RCW 31.24.230.
Status: in_force

RCW 31.24.230 (1), (3), and (4) supersede any contrary provision of this chapter.
RCW 31.12.909 — Washington Code / Title 31 / Chapter 12 / Section 909
RCW 31.12.909: Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
Status: in_force

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 marital relationships and married persons, and references to dissolution of marriage shall apply equally to state registered domestic partnerships that have been terminated, dissolved, or invalidated, to the extent that such interpretation does not conflict with federal law. Where necessary to implement chapter 521, Laws of 2009, gender-specific terms such as husband and wife used in any statute, rule, or other law shall be construed to be gender neutral, and applicable to individuals in state registered domestic partnerships.
RCW 31.12.428 — Washington Code / Title 31 / Chapter 12 / Section 428
RCW 31.12.428: Limit on loan amount.
Status: in_force

(1) No loan may be made to any borrower if the loan would cause the borrower to be indebted to the credit union on all types of loans in an aggregated amount exceeding ten thousand dollars or twenty-five percent of the capital of the credit union, whichever is greater, without the approval of the director. (2) The director by rule may establish separate limits on business loans to one borrower.
RCW 31.12.518 — Washington Code / Title 31 / Chapter 12 / Section 518
RCW 31.12.518: Powers of director under chapter 19.144 RCW.
Status: in_force

The director or the director's designee may take such action as provided for in this chapter to enforce, investigate, or examine persons covered by chapter 19.144 RCW.
RCW 31.12.035 — Washington Code / Title 31 / Chapter 12 / Section 035
RCW 31.12.035: Application for permission to organize—Approval.
Status: in_force

Seven or more natural persons who reside in this state may apply to the director for permission to organize a credit union. The application must include copies of the proposed articles of incorporation and bylaws, and such other information as may be required by the director. The director shall approve or deny a complete application within sixty days of receipt.
RCW 31.04.905 — Washington Code / Title 31 / Chapter 04 / Section 905
RCW 31.04.905: Application—2018 c 62.
Status: in_force

The requirements of chapter 62, Laws of 2018 do not apply to any person doing business under, and as permitted by, any law of this state or of the United States relating to banks, savings banks, trust companies, savings and loan or building and loan associations, or credit unions.
RCW 31.35.040 — Washington Code / Title 31 / Chapter 35 / Section 040
RCW 31.35.040: Participation by agricultural lender—Powers and privileges.
Status: in_force

(1) An agricultural lender may participate in a loan guaranty program. If an agricultural lender participates in a loan guaranty program, the agricultural lender shall comply with the requirements of that program. (2) An agricultural lender may be incorporated under either the Washington business corporation act, Title 23B RCW, or the Washington nonprofit corporation act, Title 24 RCW. In addition to the powers and privileges provided to an agricultural lender by this chapter, an agricultural lender has all the powers and privileges conferred by its incorporating statute that are not inconsistent with or limited by this chapter.
RCW 31.24.160 — Washington Code / Title 31 / Chapter 24 / Section 160
RCW 31.24.160: Credit of state not pledged.
Status: in_force

Under no circumstances shall the credit of the state of Washington be pledged to any corporation organized under the provisions of this chapter.
RCW 31.35.100 — Washington Code / Title 31 / Chapter 35 / Section 100
RCW 31.35.100: Notice—Investments not insured.
Status: in_force

All agricultural lenders shall notify their members at the time of membership and annually thereafter that their investment in the agricultural lender, although regulated by the director, is not insured, guaranteed, or protected by any federal or state agency.
RCW 31.04.261 — Washington Code / Title 31 / Chapter 04 / Section 261
RCW 31.04.261: Mortgage loan originator—Prelicensing education requirements.
Status: in_force

(1) Each mortgage loan originator applicant shall complete at least twenty hours of prelicensing education approved by the nationwide mortgage licensing system *and registry. The prelicensing education shall include at least three hours of federal law and regulations; three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; two hours of training related to lending standards for the nontraditional mortgage product marketplace; and at least two hours of training specifically related to Washington law. (2) A mortgage loan originator applicant having successfully completed the prelicensing education requirements approved by the nationwide mortgage licensing system *and registry for any state shall be accepted as credit towards completion of prelicensing education requirements in this state. (3) This chapter does not preclude any prelicensing education course, as approved by the nationwide mortgage licensing system *and registry, that is provided by the employer of the mortgage loan originator applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such an employer or entity. Prelicensing education may be offered either in a classroom, online, or by any other means approved by the nationwide mortgage licensing system *and registry.
RCW 31.12.684 — Washington Code / Title 31 / Chapter 12 / Section 684
RCW 31.12.684: Receiver shall inventory assets—File lists of assets and claims—Objections to approved claims.
Status: in_force

Upon taking possession of the credit union, the receiver shall make an inventory of the assets and file the list in the office of the county clerk. Upon the expiration of the time fixed for the presentation of claims, the receiver shall make a list of claims presented, segregating those approved and those rejected, to be filed in the office of the county clerk. The receiver shall also make and file with the office of the county clerk a supplemental list of claims at least fifteen days before the declaration of any liquidation dividend, and in any event at least every six months. Objection may be made by any interested person to any claim approved by the receiver. Objections to claims approved by the receiver will be resolved by the court after providing notice to both the claimant and objector, as the court may prescribe.
RCW 31.24.005 — Washington Code / Title 31 / Chapter 24 / Section 005
RCW 31.24.005: Findings—Declarations—Intent.
Status: in_force

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 charged with (a) the regulation of business development corporations, under this chapter, (b) the regulation of financial institutions and other financial entities as defined in this chapter, and (c) nondepository lenders engaged in guaranteed small business and agricultural lending, under chapters 31.40 and 31.35 RCW, is among those state agencies critical to meeting the needs addressed in subsection (1) of this section; and (3) It is necessary to assist the department in meeting the needs addressed in subsection (1) of this section and to improve its administration and regulation of this chapter and chapters 31.35 and 31.40 RCW.
RCW 31.04.135 — Washington Code / Title 31 / Chapter 04 / Section 135
RCW 31.04.135: Advertisements or promotions.
Status: in_force

No licensee may advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast, in any manner whatsoever, any statement or representation with regard to the rates, terms, or conditions for the lending of money that is false, misleading, or deceptive.
RCW 31.20.060 — Washington Code / Title 31 / Chapter 20 / Section 060
RCW 31.20.060: Members power to loan funds to corporation.
Status: in_force

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 such member.
RCW 31.12.384 — Washington Code / Title 31 / Chapter 12 / Section 384
RCW 31.12.384: Membership.
Status: in_force

(1) A credit union may admit to membership those persons qualified for membership as set forth in its bylaws. (2) An organization whose membership, ownership, or employees are comprised principally of persons who are eligible for membership in the credit union may become a member of the credit union.
RCW 31.04.247 — Washington Code / Title 31 / Chapter 04 / Section 247
RCW 31.04.247: Issuance of mortgage loan originator license—Necessary findings.
Status: in_force

(1) The director must issue and deliver a mortgage loan originator license if, after investigation, the director makes at a minimum the following findings: (a) The applicant has paid the required license fees; (b) The applicant has met the requirements of this chapter; (c) The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that, for the purposes of this subsection, a subsequent formal vacation of such revocation is not a revocation; (d) The applicant has not been convicted of a gross misdemeanor involving dishonesty or financial misconduct or has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court (i) during the seven-year period preceding the date of the application for licensing and registration; or (ii) at any time preceding the date of application, if the felony involved an act of fraud, dishonesty, breach of trust, or money laundering; (e) The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of chapter 120, Laws of 2009. For the purposes of this section, an applicant has not demonstrated financial responsibility when the applicant shows disregard in the management of his or her financial condition. A determination that an individual has shown disregard in the management of his or her financial condition may include, but is not limited to, an assessment of: Current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other government liens and filings; foreclosures within the last three years; or a pattern of seriously delinquent accounts within the past three years; (f) The applicant has completed the prelicensing education requirement as required by this chapter; (g) The applicant has passed a written test that meets the test requirement as required by this chapter; (h) The consumer loan licensee that the applicant works for has met the surety bond requirement as required by this chapter; (i) The applicant has not been found to be in violation of this chapter or rules adopted under this chapter; (j) The mortgage loan originator licensee has completed, during the calendar year preceding a licensee's annual license renewal date, continuing education as required by this chapter. (2) If the director finds the conditions of this section have not been met, the director must not issue the mortgage loan originator license. The director must notify the applicant of the denial and return to the mortgage loan originator applicant any remaining portion of the license fee that exceeds the department's actual cost to investigate the license.
RCW 31.13.020 — Washington Code / Title 31 / Chapter 13 / Section 020
RCW 31.13.020: Authority to organize and operate—Powers and authorities—Name—Federal or Kansas state corporate credit unions.
Status: in_force

(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 the term "corporate" in its official name. The director may adopt rules for the organization and operation of corporate credit unions. (2) Notwithstanding any other provision of law, and in addition to all powers and authorities, express or implied, that a corporate credit union has under the laws of this state, a corporate has the powers and authorities that a federal or Kansas state corporate credit union had on July 22, 2001. However, a corporate must still comply with RCW 31.12.408 . (3) Notwithstanding any other provision of law, and in addition to the powers and authorities, express or implied, that a corporate has under subsection (2) of this section, a corporate credit union has the powers and authorities that a federal or Kansas state corporate credit union has subsequent to July 22, 2001, if the director finds that the exercise of the power and authority serves the convenience and advantage of members of credit unions, and maintains the fairness of competition and parity between corporate credit unions. However, a corporate must still comply with RCW 31.12.408 . (4) The restrictions, limitations, and requirements applicable to specific powers or authorities of federal or Kansas state corporate credit unions apply to corporate credit unions exercising those powers or authorities permitted under this section but only insofar as the restrictions, limitations, and requirements relate to the specific exercise of the powers or authorities granted corporate credit unions solely under this section. (5) As used in this section, "powers and authorities" include, but are not limited to, powers and authorities in corporate governance matters.
RCW 31.24.190 — Washington Code / Title 31 / Chapter 24 / Section 190
RCW 31.24.190: Formation of historic business development company for purpose of preservation of historic buildings, areas, or neighborhoods.
Status: in_force

(1) In addition to the purposes specified in RCW 31.24.020 a historic business development company may be formed for one or more of the following purposes: (a) To encourage and stimulate the preservation of historic buildings or historic commercial areas or neighborhoods by returning them to economically productive uses which are compatible with or enhance the historic character of such buildings, commercial areas, or neighborhoods; (b) To stimulate and assist in the development of business or other activities which have an impact upon the preservation of historic buildings, commercial areas, or neighborhoods; (c) To cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of historical preservation activities; and (d) To provide financing through loans, investments of other business transactions for the promotion, development, and conduct of all kinds of business activity that encourages or relates to historic preservation. (2) A historic business development company shall not engage in the broad economic and business promotion activities permitted by a general business development company. (3) A general business development company may, in addition to all other activities permitted by this chapter, engage in those activities specifically permitted of a historic business development company organized under subsection (1) of this section.
RCW 31.12.674 — Washington Code / Title 31 / Chapter 12 / Section 674
RCW 31.12.674: Director's orders—Notice to director of hearing—Hearing—Principal place of business—Superior court.
Status: in_force

(1) Within ten days after the director issues an order of involuntary liquidation of a credit union pursuant to RCW 31.12.664 (2) or order appointing a receiver for a credit union pursuant to RCW 31.12.671 , the credit union may serve a notice upon the director to appear at a hearing before the superior court of the county in which the principal place of business of the credit union is located and at a time to be fixed by the court, which may not be less than five or more than fifteen days from the date of the service of the notice. At the hearing, the credit union has the burden to show cause why the director's action ordering involuntary liquidation or appointing a receiver should not be affirmed. (2) The court shall summarily hear and dismiss the complaint if it finds that the order of involuntary liquidation or order appointing receiver was issued for cause. However, if the court finds that no cause existed for the order of involuntary liquidation or order appointing receiver, the court shall require the director to restore the credit union to possession of its assets and enjoin the director from involuntary liquidation of the credit union or further appointment of a receiver for the credit union without cause. (3) Failure of the credit union to serve notice of show cause hearing on the director as required under subsection (1) of this section bars a credit union from any judicial review of a director's order of involuntary liquidation under RCW 31.12.664 (2) or of a director's appointment of receiver under RCW 31.12.671 . (4) For the purposes of this section, the principal place of business of a foreign or out-of-state credit union is Thurston county.
RCW 31.12.235 — Washington Code / Title 31 / Chapter 12 / Section 235
RCW 31.12.235: Directors—Qualifications—Operating officers and employees may serve.
Status: in_force

(1) A director must be a natural person and a member of the credit union. If a director ceases to be a member of the credit union, the director shall no longer serve as a director. (2)(a) If a director is absent from more than one-fourth of the regular board meetings in any twelve-month period in a term without being reasonably excused by the board, the director shall no longer serve as a director for the period remaining in the term. (b) The board secretary shall promptly notify the director that he or she shall no longer serve as a director. Failure to provide notice does not affect the termination of the director's service under (a) of this subsection. (3) A director must meet any qualification requirements set forth in the credit union's bylaws. If a director fails to meet these requirements, the director shall no longer serve as a director. (4) The operating officers and employees of the credit union may serve as directors of the credit union, but only as permitted by the credit union's bylaws. In no event may the operating officers and employees of the credit union constitute a majority of the board.
RCW 31.12.326 — Washington Code / Title 31 / Chapter 12 / Section 326
RCW 31.12.326: Supervisory committee—Membership—Terms—Vacancies—Operating officers and employees may not serve—Audit committee alternative.
Status: in_force

(1) A supervisory committee of at least three members must be elected at the annual membership meeting of the credit union. Members of the supervisory committee shall serve a term of three years, unless sooner removed under this chapter or until their successors are qualified and elected or appointed. The members of the supervisory committee shall be divided into classes so that as equal a number as is possible is elected each year. (2) At least one supervisory committee member may attend each regular meeting of the board. However, supervisory committee members may be excluded from executive sessions of board meetings. (3)(a) If a supervisory committee member is absent from more than one-third of the committee meetings in any twelve-month period in a term without being reasonably excused by the committee, the member shall no longer serve as a member of the committee for the period remaining in the term. (b) The supervisory committee shall promptly notify the member that he or she shall no longer serve as a committee member. Failure to provide notice does not affect the termination of the member's service under (a) of this subsection. (4) A supervisory committee member must be a natural person and a member of the credit union. If a member of the supervisory committee ceases to be a member of the credit union, the member shall no longer serve as a committee member. The chairperson of the supervisory committee may not serve as a board officer. (5) Except as provided in subsection (6) of this section, any vacancy on the committee must be filled by an interim member appointed by the committee, unless the interim member would serve a term of fewer than ninety days. Interim members appointed to fill vacancies created by expansion of the committee will serve until the next annual meeting of members. Other interim members may serve out the unexpired term of the former member, unless provided otherwise by the credit union's bylaws. However, if all positions on the committee are vacant at the same time, the board may appoint interim members to serve until the next annual membership meeting. (6) In the case of a merger between two credit unions pursuant to RCW 31.12.461 , a supervisory committee member of the merging credit union may continue to serve as a supervisory committee member of the continuing credit union for a period not to exceed the equivalent of the duration of his or her unexpired term on the supervisory committee of the merging credit union, provided that the approved plan of merger or other agreement approved by the director provides for such service on the continuing credit union's supervisory committee with a corresponding expansion in the size of the continuing credit union's supervisory committee. (7) No operating officer or employee of a credit union may serve on the credit union's supervisory committee. No more than one director may be a member of the supervisory committee at the same time, unless provided otherwise by the credit union's bylaws. No member of the supervisory committee may serve on the credit committee or investment committee of the credit union while serving on the supervisory committee. (8) A credit union may establish an audit committee in lieu of a supervisory committee. An audit committee and its members possess the same duties and powers, and are subject to the same limitations as a supervisory committee and its members pursuant to this chapter.
RCW 31.45.120 — Washington Code / Title 31 / Chapter 45 / Section 120
RCW 31.45.120: Violations or unsound practices—Temporary cease and desist order—Director's authority.
Status: in_force

Whenever the director determines that the acts specified in RCW 31.45.110 or their continuation is likely to cause insolvency or substantial injury to the public, the director may also issue a temporary cease and desist order requiring the licensee to cease and desist from the violation or practice. The order becomes effective upon service upon the licensee and remains effective unless set aside, limited, or suspended by a court under RCW 31.45.130 pending the completion of the administrative proceedings under the notice and until such time as the director dismisses the charges specified in the notice or until the effective date of the cease and desist order issued against the licensee under RCW 31.45.110 .
RCW 31.40.070 — Washington Code / Title 31 / Chapter 40 / Section 070
RCW 31.40.070: Fees.
Status: in_force

(1) The director is authorized to charge a fee for the estimated direct and indirect costs of the following: (a) An application for a license and the investigation thereof; (b) An application for approval to acquire control of a licensee and the investigation thereof; (c) An application for approval for a licensee to merge with another corporation, an application for approval for a licensee to purchase all or substantially all of the business of another person, or an application for approval for a licensee to sell all or substantially all of its business or of the business of any of its offices to another licensee and the investigation thereof; (d) An annual license; (e) An examination by the director of a licensee or a subsidiary of a licensee. Excess examiner time shall be billed at a reasonable rate established by rule. (2) A fee for filing an application with the director shall be paid at the time the application is filed with the director. (3) All such fees shall be deposited in the financial services regulation fund and administered consistent with the provisions of RCW 43.320.110 .
RCW 31.20.020 — Washington Code / Title 31 / Chapter 20 / Section 020
RCW 31.20.020: Purposes specified.
Status: in_force

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 prosperity and welfare of the state of Washington; (2) To encourage new industries; (3) To stimulate and help to expand all kinds of business ventures which tend to promote the growth of the state; (4) To act whenever and wherever deemed by it advisable in conjunction with other organizations, the objects of which are the promotion of industrial, agricultural or recreational developments within the state; and (5) To furnish for approved and deserving applicants ready and required money for the carrying on and development of every kind of business or industrial undertaking whereby a medium of credit is established not otherwise readily available therefor.
RCW 31.24.023 — Washington Code / Title 31 / Chapter 24 / Section 023
RCW 31.24.023: Filing articles of incorporation—Receipt of certificate of authority.
Status: in_force

(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 certificate of authority from the department to conduct business as a business development company.
RCW 31.20.120 — Washington Code / Title 31 / Chapter 20 / Section 120
RCW 31.20.120: Money deposits prohibited.
Status: in_force

A development credit corporation shall not receive money on deposit.
RCW 31.35.020 — Washington Code / Title 31 / Chapter 35 / Section 020
RCW 31.35.020: Definitions.
Status: in_force

Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter. (1) "Agricultural lender" means a Washington corporation incorporated under Title 23B or 24 RCW and qualified as such under this chapter and the jurisdiction of the federal government agency sponsoring the loan guaranty program. (2) "Director" means the director of financial institutions. (3) "Loan guaranty program" means the farmers home administration loan guaranty program, or any other government program for which the agricultural lender is eligible and which has as its function the provision, facilitation, or financing of agricultural business operations.
RCW 31.12.633 — Washington Code / Title 31 / Chapter 12 / Section 633
RCW 31.12.633: Authority of director to attend meetings of the board.
Status: in_force

The director may attend a meeting of the board of a credit union if the director believes that attendance at the meeting is necessary for the welfare of the credit union, or the purposes of this chapter, or if the board has requested the director's attendance. The director shall provide reasonable notice to the board before attending a meeting.
RCW 31.24.020 — Washington Code / Title 31 / Chapter 24 / Section 020
RCW 31.24.020: Application—Contents—Articles of incorporation—Fees—Initial capital—Approval.
Status: in_force

(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 director an application for a business development company charter, which application contains the following: (a) A cover letter requesting a charter as a business development company under authority of this chapter, and specifying the purpose of the requested charter; (b) A business plan satisfactory to the director, including a plan of assessment in the event that applicant seeks to assess stockholders, or a class of stockholders, as provided for in RCW 31.24.066 ; (c) Proposed articles of incorporation, in form and substance consistent with the requirements of subsection (4) of this section; (d) Proposed bylaws, in form and substance consistent with the requirements of this chapter; (e) A filing fee and application review fee as established by the director consistent with RCW 31.24.025 ; and (f) All other relevant information as is necessary to satisfy the director that such proposed business development company has a reasonable likelihood of (i) fulfilling the purposes of this chapter and (ii) operating in a safe and sound manner. (2) In addition to all other requirements of an application, the director shall not grant final approval of an application for organization as a business development company under this chapter, and a business development company shall not commence business, until the applicant certifies to the satisfaction of the director, that a minimum amount of initial capital has been subscribed for, which minimum amount of capital is subject to the determination of the director, who may consider (a) the intended purpose of initial capital and (b) the suitability and sufficiency of the amount of initial capital in relation to the applicant's proposed business plan. (3) The articles of incorporation must be in writing, signed by all the incorporators and their representatives and acknowledged before an officer authorized to take acknowledgments. (4) The articles of incorporation shall contain: (a) The name of the business development company, which must include the word "Development"; (b) A recital that the business development company is organized under this chapter; (c) The location of the principal office of the business development company, but the company may have offices in other places within the state as may be fixed by the board of directors; (d) The purposes for which the business development company is founded, which, except for a historic business development company as authorized by RCW 31.24.190 , are: (i) To promote, stimulate, develop, and advance the business prosperity and economic welfare of Washington and its citizens; (ii) To encourage and assist through financing, investments, or other business transactions, in the location of new business and industry in this state and to rehabilitate and assist existing business and industry; (iii) To stimulate and assist in the expansion of business activity which will tend to promote the business development and maintain the economic stability of this state, provide maximum opportunities for employment, encourage thrift, and improve the standard of living of citizens of this state; (iv) To cooperate and act in conjunction with other organizations, public or private, in the promotion and advancement of industrial, commercial, agricultural, and/or recreational developments in this state; and (v) To provide financing for the promotion, development, and conduct of business activity in this state; (e) The names and mailing addresses of the members of the first board of directors, who, unless otherwise provided by the articles of incorporation or the bylaws, shall hold office for the first year of existence of the business development company or until their successors are elected and have qualified; (f) Any provision which the incorporators may choose to insert for the regulation of the business and for the conduct of the affairs of the business development company; (g) Any provision creating, dividing, limiting, and regulating the powers of the business development company, the directors, stockholders or any class of the stockholders, including a designation of the officers, and provisions governing the issuance of stock certificates to replace lost or destroyed certificates; (h) The amount of authorized capital stock and the number of shares into which it is divided, the par value of each share, and the amount of capital with which it will commence business; (i) A statement indicating whether capital stock or any class of capital stock shall be assessable stock as part of a plan of assessment; (j) The names and mailing addresses of the subscribers of stock and the number of shares subscribed by each; (k) Any other provision consistent with the laws of this state for the regulation of the affairs of the business development company, and Title 23B RCW; and (l) The signatures of each of the incorporators, who must be the same persons making application for a business development company charter as identified in subsection (1) of this section. (5) The director has ninety days from submission of a completed application to approve it and issue a certificate of authority. If the director finds that the application is insufficient, the director may either disapprove the application or respond by specifying in writing what changes and modifications, consistent with this chapter, will be necessary to approve such application.
RCW 31.12.691 — Washington Code / Title 31 / Chapter 12 / Section 691
RCW 31.12.691: Liquidation dividends—Approval of court.
Status: in_force

At any time after the expiration of the date fixed for the presentation of claims, the receiver, subject to the approval of the court, may declare one or more liquidation dividends out of the funds remaining after the payment of expenses.
RCW 31.12.704 — Washington Code / Title 31 / Chapter 12 / Section 704
RCW 31.12.704: Proceeds of sale—Deposit or payment by receiver.
Status: in_force

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 person upon presentation of satisfactory evidence of the person's right to the funds.
RCW 31.12.721 — Washington Code / Title 31 / Chapter 12 / Section 721
RCW 31.12.721: Appointment by court of temporary receiver—Notice to director.
Status: in_force

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 clerk of the court shall notify the director in writing of the appointment and the director shall appoint a receiver to take possession of the credit union and the temporary receiver shall upon demand surrender possession of the assets of the credit union to the receiver. The receiver may in due course pay the temporary receiver out of the assets of the credit union, subject to the approval of the court.
RCW 31.40.090 — Washington Code / Title 31 / Chapter 40 / Section 090
RCW 31.40.090: Examination of licensees.
Status: in_force

(1) The director shall examine each licensee not less than once every twenty-four months. (2) The director may with or without notice and at any time during regular business hours examine a licensee or a subsidiary of a licensee. (3) A director, officer, or employee of a licensee or of a subsidiary of a licensee being examined by the director or a person having custody of any of the books, accounts, or records of the licensee or of the subsidiary shall otherwise facilitate the examination so far as it is in his or her power to do so. (4) If in the director's opinion it is necessary in the examination of a licensee, or of a subsidiary of a licensee, the director may retain any certified public accountant, attorney, appraiser, or other person to assist the director. The licensee being examined shall pay the fees of a person retained by the director under this subsection.
RCW 31.40.060 — Washington Code / Title 31 / Chapter 40 / Section 060
RCW 31.40.060: Prohibited loans—Exception.
Status: in_force

(1) Either by itself or in concert with a director, officer, principal shareholder, or affiliate, or with another licensee, a licensee shall not hold control of a business firm to which it has made a loan under section 7(a) of the federal small business investment act of 1958, 15 U.S.C. Sec. 636(a), except that, to the extent necessary to protect the licensee's interest as creditor of the business firm, a licensee that provides financing assistance to a business firm may acquire and hold control of that business firm. Unless the director approves a longer period, a licensee holding control of a business firm under this section shall divest itself of the interest which constitutes holding control as soon as practicable or within five years after acquiring that interest, whichever is sooner. (2) For the purposes of subsection (1) of this section, "hold control" means alone or in concert with others: (a) Ownership, directly or indirectly, of record or beneficially, of voting securities greater than: (i) For a business firm with outstanding voting securities held by fewer than fifty shareholders, forty percent of the outstanding voting securities; (ii) For a business firm with outstanding voting securities held by fifty or more shareholders, twenty-five percent of the outstanding voting securities; (b) Being able to elect or control the election of a majority of the board of directors.
RCW 31.45.045 — Washington Code / Title 31 / Chapter 45 / Section 045
RCW 31.45.045: Reports—Nationwide licensing system.
Status: in_force

Each licensee on a nationwide licensing system shall submit reports of condition which must be in the form and must contain the information as the director may require.
RCW 31.45.105 — Washington Code / Title 31 / Chapter 45 / Section 105
RCW 31.45.105: Violations of chapter—Enforceability of transaction.
Status: in_force

(1) It is a violation of this chapter for any person subject to this chapter to: (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead any borrower, to defraud or mislead any lender, or to defraud or mislead any person; (b) Directly or indirectly engage in any unfair or deceptive practice toward any person; (c) Directly or indirectly obtain property by fraud or misrepresentation; (d) Make a small loan to any person physically located in Washington through use of the internet, facsimile, telephone, kiosk, or other means without first obtaining a small loan endorsement; and (e) Sell in a retail installment transaction under chapter 63.14 RCW open loop prepaid access (prepaid access as defined in 31 C.F.R. Part 1010.100(ww) and not closed loop prepaid access as defined in 31 C.F.R. Part 1010.100(kkk)). (2) It is a violation of this chapter for any person subject to this chapter to: (a) Advertise, print, display, publish, distribute, or broadcast or cause or permit to be advertised, printed, displayed, published, distributed, or broadcast [broadcasted] any statement or representation that is false, misleading, or deceptive, or that omits material information; (b) Fail to pay the annual assessment by the date and time as specified in RCW 31.45.050 ; (c) Fail to pay any other fee, assessment, or moneys due the department. (3) In addition to any other penalties, any transaction in violation of subsection (1) of this section is uncollectible and unenforceable.
RCW 31.04.241 — Washington Code / Title 31 / Chapter 04 / Section 241
RCW 31.04.241: Mortgage loan originator application—Required submission and use of personal information.
Status: in_force

(1) As part of or in connection with an application for any license under this section, or periodically upon license renewal, the mortgage loan originator applicant shall furnish information concerning his or her identity, including fingerprints for submission to the Washington state patrol, the federal bureau of investigation, the nationwide mortgage licensing system *and registry, or any governmental agency or entity authorized to receive this information for a state and national criminal history background check; personal history; experience; business record; purposes; and other pertinent facts, as the director may reasonably require. As part of or in connection with an application for a license under this chapter, or periodically upon license renewal, the director is authorized to receive criminal history record information that includes nonconviction data as defined in RCW 10.97.030 . The department may only disseminate nonconviction data obtained under this section to criminal justice agencies. This section does not apply to financial institutions regulated under chapters 31.12 and 31.13 RCW and Titles **30, 32, and 33 RCW. (2) As part of or in connection with an application for any license under this section, the mortgage loan originator applicant shall furnish information pertaining to personal history and experience in a form prescribed by the nationwide mortgage licensing system *and registry, including (a) the submission of authorization for the nationwide mortgage licensing system *and registry and the director to obtain an independent credit report obtained from a consumer reporting agency described in section 603(p) of the federal fair credit reporting act, and (b) information related to any administrative, civil, or criminal findings by any governmental jurisdiction. (3) In order to reduce the points of contact which the federal bureau of investigation may have to maintain, the director may use the nationwide mortgage licensing system *and registry as a channeling agent for requesting information from and distributing information to the department of justice or any governmental agency. (4) In order to reduce the points of contact which the director may have to maintain, the director may use the nationwide mortgage licensing system *and registry as a channeling agent for requesting and distributing information to and from any source so directed by the director.
RCW 31.12.372 — Washington Code / Title 31 / Chapter 12 / Section 372
RCW 31.12.372: Director may suspend any person, reason—Notice—Injunctions.
Status: in_force

(1) The director may issue and serve written notice of charges under RCW 31.12.575 to suspend a person from further participation in any manner in the conduct of the affairs of a credit union if the director determines that such an action is necessary for the protection of the credit union or the interests of the credit union's members. (2) Any suspension notice issued by the director is effective upon service and, unless the superior court of the county in which the primary place of business of the credit union is located issues a stay of the notice, remains in effect and enforceable until: (a) The director dismisses the charges contained in the notice served on the person; or (b) The effective date of a final order for removal of the person pursuant to administrative proceedings under RCW 31.12.625 . (3) With the suspension notice, the director shall serve a notice of intent to remove or prohibit under RCW 31.12.575 . (4) Within ten days after the person has been served with the suspension notice, the person may apply to the superior court of the county in which the primary place of business of the credit union is located for an injunction setting aside, limiting, or holding in abeyance the suspension notice pending the completion of the administrative proceedings under the notice issued under subsection (3) of this section. (5) In the case of a violation or threatened violation of a suspension notice, the director may apply to the superior court of the county in which the primary place of business of the credit union is located for an injunction to enforce the notice, and the court shall issue an injunction if it determines that there has been a violation or threatened violation. (6) For the purposes of this section, the principal place of business of a foreign or out-of-state credit union is Thurston county.
RCW 31.12.891 — Washington Code / Title 31 / Chapter 12 / Section 891
RCW 31.12.891: Automated teller machines and night depositories security.
Status: in_force

Chapter 19.174 RCW applies to automated teller machines and night depositories regulated under this title.
RCW 31.12.015 — Washington Code / Title 31 / Chapter 12 / Section 015
RCW 31.12.015: Declaration of policy.
Status: in_force

A credit union is a cooperative society organized under this chapter as a nonprofit corporation for the purposes of promoting thrift among its members and creating a source of credit for them at fair and reasonable rates of interest. The director is the state's credit union regulatory authority whose purpose is to protect members' financial interests, the integrity of credit unions as cooperative institutions, and the interests of the general public, and to ensure that credit unions remain viable and competitive in this state.
RCW 31.12.413 — Washington Code / Title 31 / Chapter 12 / Section 413
RCW 31.12.413: Low-income credit unions—Director's approval required—Powers—Rules.
Status: in_force

(1) A credit union may apply in writing to the director for designation as a low-income credit union. To qualify for approval of this designation, the credit union must provide evidence satisfactory to the director that at least fifty percent of a substantial and well-defined segment of the credit union's members or potential primary members are low-income members. (2) Among other powers and authorities, a low-income credit union may: (a) Issue secondary capital accounts approved in advance by the director upon application of the credit union; and (b) Accept and maintain shares and deposits from nonmembers. (3) The director may adopt rules for the organization and operation of low-income credit unions including, but not limited to, rules concerning secondary capital accounts and requiring disclosures to the purchasers of the accounts.
RCW 31.20.040 — Washington Code / Title 31 / Chapter 20 / Section 040
RCW 31.20.040: Minimum capital stock.
Status: in_force

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 its organization.
RCW 31.04.410 — Washington Code / Title 31 / Chapter 04 / Section 410
RCW 31.04.410: Student education loan servicer licensee.
Status: in_force

A student education loan servicer licensee must maintain liquidity, operating reserves, and a tangible net worth in accordance with generally accepted accounting principles as determined by the director. The director may adopt rules to implement this section. The director's obligations or duties under this section are subject to section 21, chapter 62, Laws of 2018.
RCW 31.12.724 — Washington Code / Title 31 / Chapter 12 / Section 724
RCW 31.12.724: Actions that are void—Felonious conduct—Penalties.
Status: in_force

(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 the equal distribution of its property and assets among its creditors, is void. (2) Every credit union director, officer, or employee making any transfer described in subsection (1) of this section is guilty of a class B felony punishable according to chapter 9A.20 RCW. (3) An officer, director, or employee of a credit union who fraudulently receives any share or deposit on behalf of the credit union, knowing that the credit union is insolvent, is guilty of a class B felony punishable according to chapter 9A.20 RCW.
RCW 31.12.687 — Washington Code / Title 31 / Chapter 12 / Section 687
RCW 31.12.687: Expenses incurred by receiver.
Status: in_force

All expenses incurred by the receiver in relation to the receivership of a credit union, including, but not limited to, reasonable attorneys' fees, become a first charge upon the assets of the credit union. The charges shall be fixed and determined by the receiver, subject to the approval of the court.
RCW 31.35.070 — Washington Code / Title 31 / Chapter 35 / Section 070
RCW 31.35.070: Examination of agricultural lender.
Status: in_force

(1) The director shall visit each agricultural lender at least every twenty-four months for the purpose of assuring that the agricultural lender remains in compliance with and qualified for the loan guaranty program. (a) The director may accept timely audited financial statements and other timely reports the director determines to be relevant and accurate as part of a full and complete examination of the agricultural lender. The director shall make an independent review of loans guaranteed by the loan guaranty program. (b) The agricultural lender shall be exempt from examination under this subsection if it terminates its activities under the loan guaranty program and no loans guaranteed by the loan guaranty program remain on the books. This exemption becomes effective upon notification to the director. The director shall confirm termination of activities under the loan guaranty program with the appropriate federal agency. (c) All examination reports and all information obtained by the director and the director's staff in conducting examinations of an agricultural lender are confidential to the same extent bank examinations are confidential under *RCW 30.04.075 . (d) All examination reports may be shared with other state or federal agencies consistent with **chapter 30.04 RCW. (2) A director, officer, or employee of an agricultural lender or of a subsidiary of an agricultural lender being examined by the director or a person having custody of any of the books, accounts, or records of the agricultural lender or of the subsidiary shall facilitate the examination so far as it is in his or her power to do so. (3) If in the opinion of the director it is necessary in the examination of an agricultural lender or of a subsidiary of an agricultural lender, the director may retain any certified public accountant, attorney, appraiser, or other person to assist the director. The agricultural lender being examined shall pay the fees of a person retained by the director under this subsection.
RCW 31.04.105 — Washington Code / Title 31 / Chapter 04 / Section 105
RCW 31.04.105: Licensee—Powers—Restrictions.
Status: in_force

Every licensee may: (1) Lend money at a rate that does not exceed twenty-five percent per annum as determined by the simple interest method of calculating interest owed; (2) In connection with the making of a loan, charge the borrower a nonrefundable, prepaid, loan origination fee not to exceed four percent of the first twenty thousand dollars and two percent thereafter of the principal amount of the loan advanced to or for the direct benefit of the borrower, which fee may be included in the principal balance of the loan; (3) Agree with the borrower for the payment of fees to third parties other than the licensee who provide goods or services to the licensee in connection with the preparation of the borrower's loan, including, but not limited to, credit reporting agencies, title companies, appraisers, structural and pest inspectors, and escrow companies, when such fees are actually paid by the licensee to a third party for such services or purposes and may include such fees in the amount of the loan. However, no charge may be collected unless a loan is made, except for reasonable fees properly incurred for a credit report and in connection with the appraisal of property by a qualified, independent, professional, third-party appraiser selected by the borrower and approved by the lender or in the absence of borrower selection, selected by the lender; (4) In connection with the making of a loan secured by real estate, when the borrower actually obtains a loan, agree with the borrower to pay a fee to a mortgage broker that is not owned by the licensee or under common ownership with the licensee and that performed services in connection with the origination of the loan. A licensee may not receive compensation as a mortgage broker in connection with any loan made by the licensee; (5) Collect at the time of the loan closing up to but not exceeding forty-five days of prepaid interest; (6) Charge and collect a penalty of not more than ten percent of any installment payment delinquent ten days or more; (7) Collect from the debtor reasonable attorneys' fees, actual expenses, and costs incurred in connection with the collection of a delinquent debt, a repossession, or a foreclosure when a debt is referred for collection to an attorney who is not a salaried employee of the licensee; (8) Make open-end loans as provided in this chapter; (9) Charge and collect a fee for dishonored checks in an amount approved by the director; and (10) In accordance with Title 48 RCW, sell insurance covering real and personal property, covering the life or disability or both of the borrower, and covering the involuntary unemployment of the borrower.
RCW 31.24.090 — Washington Code / Title 31 / Chapter 24 / Section 090
RCW 31.24.090: Board of directors—Officers and agents—Powers—Election—Meetings.
Status: in_force

(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 jointly hold the offices of secretary and treasurer. The president and the treasurer may not be the same person. (2) The board of directors shall consist of such number, not less than five nor more than nine, as shall be determined in the first instance by the incorporators and thereafter annually by the stockholders of the business development company. The board of directors: (a) May exercise all the powers of the business development company, except those conferred upon the stockholders by law or by the bylaws of the business development company; and (b) Shall choose and appoint all the agents and officers of the business development company and fill all vacancies except vacancies in the office of director which shall be filled as provided in subsections (3) and (4) of this section. (3) The board of directors shall be elected in the first instance by the incorporators and thereafter at the annual meeting, the day and month of which shall be established by the bylaws, or, if no annual meeting shall be held in the year of incorporation, then within ninety days after the approval of the articles of incorporation at a special meeting as provided in subsection (4) of this section. (4) At each annual meeting, or at each special meeting held as provided in subsection (3) of this section, the stockholders of a business development company shall elect all of the board of directors. The directors shall hold office until the next annual meeting of the business development company, or special meeting. The authority of the directors commences immediately after the election and continues until their successors are elected and qualified, unless sooner removed in accordance with the provisions of the bylaws. Any vacancy in the office of a director shall be filled by the remaining directors at a regular meeting or special meeting called for that purpose. The director appointed to fill such vacancy shall serve until the next annual meeting, resignation, or removal according to law. (5) Directors and officers shall not be responsible for losses unless the same shall have been occasioned by the gross negligence or willful misconduct of such directors and officers. (6) The board of directors shall conduct regular meetings at least every quarter and may hold special meetings as called for pursuant to the bylaws. (7) Unless otherwise restricted by the articles of incorporation or bylaws, members of the board of directors of a business development company or any committee designated by the board of directors may participate in a meeting of such board or committee by means of a conference telephone or similar communications equipment, in which all persons participating in the meeting can hear each other at the same time. Participation by such means shall constitute presence, in person, at a meeting.
RCW 31.04.175 — Washington Code / Title 31 / Chapter 04 / Section 175
RCW 31.04.175: Violations—No penalty prescribed—Gross misdemeanor—Good faith exception.
Status: in_force

(1) A person who violates, or knowingly aids or abets in the violation of any provision of this chapter, for which no penalty has been prescribed, and a person who fails to perform any act that it is his or her duty to perform under this chapter and for which failure no penalty has been prescribed, is guilty of a gross misdemeanor. (2) No provision imposing civil penalties or criminal liability under this chapter or rule adopted under this chapter applies to an act taken or omission made in good faith in conformity with a written notice, interpretation, or examination report of the director or his or her agent.
RCW 31.45.140 — Washington Code / Title 31 / Chapter 45 / Section 140
RCW 31.45.140: Violation of temporary cease and desist order—Director's application for injunction.
Status: in_force

In the case of a violation or threatened violation of a temporary cease and desist order issued under RCW 31.45.120 , the director may apply to the superior court of the county of the principal place of business of the licensee for an injunction.
RCW 31.40.050 — Washington Code / Title 31 / Chapter 40 / Section 050
RCW 31.40.050: License approval.
Status: in_force

After a review of information regarding the directors, officers, and controlling persons of the applicant for a license, a review of the applicant's business plan, including at least three years of detailed financial projections and other relevant information, and a review of such additional information as is considered relevant by the director, the director shall approve an application for a license if, and only if, the director determines that: (1) The applicant is capitalized in an amount that is not less than five hundred thousand dollars and that such sum is adequate for the applicant to transact business as a nondepository 7(a) lender and that in evaluating the capital position of the applicant the director may consider and include the net worth of any corporate shareholder of the applicant corporation if the shareholder guarantees the liabilities of the applicant: PROVIDED, That such corporate shareholder be subject to the reporting requirements of RCW 31.40.080 ; (2) Each director, officer, and controlling person of the applicant is of good character and sound financial standing; that the directors and officers of the applicant are competent to perform their functions with respect to the applicant; and that the directors and officers of the applicant are collectively adequate to manage the business of the applicant as a nondepository 7(a) lender; (3) The business plan of the applicant will be honestly and efficiently conducted in accordance with the intent and purposes of this chapter; and (4) The proposed activity possesses a reasonable prospect for success.
RCW 31.04.902 — Washington Code / Title 31 / Chapter 04 / Section 902
RCW 31.04.902: Effective dates, implementation—1991 c 208.
Status: in_force

(1) Sections 1 through 23 of this act shall take effect January 1, 1992, but the director shall take such steps and adopt such rules as are necessary to implement this act by that date. (2) Section 24 of this act shall take effect January 1, 1993.
RCW 31.04.211 — Washington Code / Title 31 / Chapter 04 / Section 211
RCW 31.04.211: Application of chapter—2009 c 120.
Status: in_force

The authority of this chapter remains in effect, whether such a licensee, individual, or person subject to chapter 120, Laws of 2009 acts or claims to act under any licensing or registration law of this state, or claims to act without such an authority.
RCW 31.45.060 — Washington Code / Title 31 / Chapter 45 / Section 060
RCW 31.45.060: Licensee—Schedule of fee and charges—Recordkeeping.
Status: in_force

(1) A schedule of the fees and the charges for the cashing and selling of checks, drafts, money orders, or other commercial paper serving the same purpose shall be conspicuously and continuously posted in every location licensed under this chapter. The licensee shall provide to its customer a receipt for each transaction. The receipt must include the name of the licensee, the type and amount of the transaction, and the fee or fees charged for the transaction. (2) Each licensee shall keep and maintain such business books, accounts, and records as the director may require to fulfill the purposes of this chapter. Every licensee shall preserve such books, accounts, and records as required in rule by the director for at least two years from the completion of the transaction. Records may be maintained on an electronic, magnetic, optical, or other storage media. However, the licensee must maintain the necessary technology to permit access to the records by the department for the period required under this chapter. (3) A check, draft, or money order sold by a licensee shall be drawn on an account of a licensee maintained in a federally insured financial institution authorized to do business in the state of Washington.
RCW 31.40.900 — Washington Code / Title 31 / Chapter 40 / Section 900
RCW 31.40.900: Severability—1989 c 212.
Status: in_force

If any provision of this act or its application to any person or circumstance is held invalid or, if in the written opinion of the small business administration, is contrary to the intent and purposes of the 7(a) loan guaranty program, the director shall not enforce such provision but the remainder of the act or the application of the provision to other persons or circumstances shall not be affected.
RCW 31.45.070 — Washington Code / Title 31 / Chapter 45 / Section 070
RCW 31.45.070: Licensee—Permissible transactions—Restrictions.
Status: in_force

(1) No licensee may engage in a loan business; the negotiation of loans; or the discounting of notes, bills of exchange, checks, or other evidences of debt in the same premises where a check cashing or selling business is conducted, unless the licensee: (a) Is conducting the activities of pawnbroker as defined in RCW 19.60.010 ; (b) Is a properly licensed consumer loan company under chapter 31.04 RCW; (c) Is conducting other lending activity permitted in the state of Washington; or (d) Has a small loan endorsement issued under this chapter. (2) Except as otherwise permitted in this chapter, no licensee may at any time cash or advance any moneys on a postdated check or draft. However, a licensee may cash a check payable on the first banking day following the date of cashing if: (a) The check is drawn by the United States, the state of Washington, or any political subdivision of the state, or by any department or agency of the state or its subdivisions; or (b) The check is a payroll check drawn by an employer to the order of its employee in payment for services performed by the employee. (3) Except as otherwise permitted in this chapter, no licensee may agree to hold a check or draft for later deposit. A licensee must deposit all checks and drafts cashed by the licensee as soon as practicable. (4) No licensee may issue or cause to be issued any check, draft, or money order, or other commercial paper serving the same purpose, that is drawn upon the trust account of a licensee without concurrently receiving the full principal amount, in cash, or by check, draft, or money order from a third party believed to be valid. (5) Each licensee shall comply with all applicable state and federal statutes relating to the activities governed by this chapter.
RCW 31.45.050 — Washington Code / Title 31 / Chapter 45 / Section 050
RCW 31.45.050: Investigation or examination fee and annual assessment fee required—Amounts determined by rule—Failure to pay—Notice requirements of licensee.
Status: in_force

(1) Each applicant and licensee shall pay to the director an investigation or examination fee as established in rule and an annual assessment fee for the coming year in an amount determined by rule as necessary to cover the operation of the program. The annual assessment fee is due upon the annual assessment fee due date as established in rule. Nonpayment of the annual assessment fee may result in expiration of the license as provided in subsection (2) of this section. In establishing the fees, the director shall differentiate between check cashing and check selling and making small loans, and consider at least the volume of business, level of risk, and potential harm to the public related to each activity. The fees collected shall be deposited to the credit of the financial services regulation fund in accordance with RCW 43.320.110 . (2) If a licensee does not pay its annual assessment fee by the annual assessment fee due date as specified in rule, the director or the director's designee shall send the licensee a notice of suspension and assess the licensee a late fee not to exceed twenty-five percent of the annual assessment fee as established in rule by the director. The licensee's payment of both the annual assessment fee and the late fee must arrive in the department's offices by 5:00 p.m. on the tenth day after the annual assessment fee due date, unless the department is not open for business on that date, in which case the licensee's payment of both the annual assessment fee and the late fee must arrive in the department's offices by 5:00 p.m. on the next occurring day that the department is open for business. If the payment of both the annual assessment fee and the late fee does not arrive prior to such time and date, then the expiration of the licensee's license is effective at 5:00 p.m. on the thirtieth day after the assessment fee due date. The director or the director's designee may reinstate the license if, within twenty days after the effective date of expiration, the licensee: (a) Pays both the annual assessment fee and the late fee; and (b) Attests under penalty of perjury that it did not engage in conduct requiring a license under this chapter during the period its license was expired, as confirmed by an investigation by the director or the director's designee. (3) If a licensee intends to do business at a new location, to close an existing place of business, or to relocate an existing place of business, the licensee shall provide written notification of that intention to the director no less than thirty days before the proposed establishing, closing, or moving of a place of business.
RCW 31.04.530 — Washington Code / Title 31 / Chapter 04 / Section 530
RCW 31.04.530: Required notice to prospective borrower about counseling—Form—Contents—Annual disclosure statements—Property appraisals.
Status: in_force

(1) A proprietary reverse mortgage loan application may not be taken by a lender unless the loan applicant has received from the lender the following plain language statement in conspicuous bold sixteen-point type or larger, advising the prospective borrower about counseling prior to obtaining the reverse mortgage loan within three business days of receipt of the completed loan application: " Important notice to reverse mortgage loan applicant A reverse mortgage is a complex financial transaction that provides a means of using the equity you have built up in your home, or the value of your home, as a way to access home equity. If you decide to obtain a reverse mortgage loan, you will sign binding legal documents that will have important legal, tax, and financial implications for you and your estate. It is very important for you to understand the terms of the reverse mortgage and its effect. Before entering into this transaction, you are required by law to consult with an independent loan counselor. A list of approved counselors will be provided to you by the lender or broker. You may also want to discuss your decision with family members or others on whom you rely for financial advice." (2) As part of the disclosure required under this section, the lender or servicer shall provide an annual, or more frequent, disclosure statement to the borrower, providing details of the loan advances, balance, other terms, and the name and telephone number of the lender's employee or agent who has been specifically designated to respond to inquiries concerning reverse mortgage loans. (3) In addition to any other loan documentation or disclosure, prior to execution of the loan and at the end of the loan term, the lender may either obtain an independent appraisal of the property value or use the current year's tax assessment valuation of the property. Copies of these appraisals must be timely provided to the borrower within five days of the borrower's written request, provided the borrower has paid for the appraisal.
RCW 31.12.438 — Washington Code / Title 31 / Chapter 12 / Section 438
RCW 31.12.438: Investment in real property or leasehold interests—Limitations—Rules.
Status: in_force

(1) A credit union may invest in real property or leasehold interests including, but not limited to, structures and fixtures attached to real property for use in conducting its business or the business of a credit union service organization, subject to the following limitations: (a) The credit union's net worth equals at least five percent of the total of its share and deposit accounts; (b) The board approves the investment; and (c) The aggregate of all such investments does not exceed seven and one-half percent of the total of its share and deposit accounts. (2) The director may, upon written application, waive any of the limitations listed in subsection (1) of this section, and the director may adopt rules to interpret this section.