Source: https://app.leg.wa.gov/RCW/default.aspx?cite=43.320&full=true
Timestamp: 2019-10-22 04:38:24
Document Index: 90821888

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Chapter 43.320 RCW: DEPARTMENT OF FINANCIAL INSTITUTIONS
RCWs > Title 43 > Chapter 43.320
Chapter 43.320 RCW
43.320.005 Finding.
43.320.007 Regulatory reform—Findings—Construction—1994 c 256.
43.320.010 Department created.
43.320.011 Department of general administration and department of licensing powers and duties transferred.
43.320.017 Collective bargaining agreements.
43.320.020 Director—Salary—Powers and duties—Examiners, assistants, personnel.
43.320.030 Director—Qualifications—Conflicts of interest.
43.320.040 Director's authority to adopt rules.
43.320.045 Director's duties—Dissemination of information.
43.320.050 Assistant directors—Divisions—"FDIC" defined.
43.320.060 Deputization of assistant to exercise powers and duties of director.
43.320.070 Oath of examiners—Liability for acts performed in good faith.
43.320.080 Director to maintain office in Olympia—Record of receipts and disbursements—Deposit of funds.
43.320.090 Borrowing money by director, deputy, or employee—Penalty.
43.320.100 Annual report—Contents.
43.320.110 Financial services regulation fund.
43.320.115 Securities prosecution fund.
43.320.140 Mortgage lending fraud prosecution account—Created.
43.320.150 Financial literacy and education programs.
43.320.1501 Financial literacy—Report to governor and legislature.
43.320.180 Review of retirement account products proposed for inclusion in the Washington small business retirement marketplace.
43.320.900 Effective date—1993 c 472.
RCW 43.320.005
The legislature finds that, given the overlap of powers and products in the companies regulated, the consolidation of the agencies regulating financial institutions and securities into one department will better serve the public interest through more effective use of staff expertise. Therefore, for the convenience of administration and the centralization of control and the more effective use of state resources and expertise, the state desires to combine the regulation of financial institutions and securities into one department.
[ 1993 c 472 § 1.]
RCW 43.320.007
Regulatory reform—Findings—Construction—1994 c 256.
[ 1994 c 256 § 1.]
RCW 43.320.010
A state department of financial institutions, headed by the director of financial institutions, is created. The department shall be organized and operated in a manner that to the fullest extent permissible under applicable law protects the public interest, protects the safety and soundness of depository institutions and entities under the jurisdiction of the department, ensures access to the regulatory process for all concerned parties, and protects the interests of investors. The department of financial institutions shall be structured to reflect the unique differences in the types of institutions and areas it regulates.
[ 1993 c 472 § 2.]
RCW 43.320.017
Nothing contained in RCW 43.320.011 may be construed to alter any existing collective bargaining unit or the provisions of any existing collective bargaining agreement until the expiration date of the current agreement or until the bargaining unit has been modified by action of the Washington personnel resources board as provided by law.
[ 2017 3rd sp.s. c 25 § 3; 1993 c 472 § 13.]
RCW 43.320.020
Director—Salary—Powers and duties—Examiners, assistants, personnel.
The director of financial institutions shall be appointed by the governor and shall exercise all powers and perform all of the duties and functions transferred under RCW 43.320.011, and such other powers and duties as may be authorized by law. The director may deputize, appoint, and employ examiners and other such assistants and personnel as may be necessary to carry on the work of the department. The director of financial institutions shall receive a salary in an amount fixed by the governor.
[ 1993 c 472 § 3.]
RCW 43.320.030
Director—Qualifications—Conflicts of interest.
A person is not eligible for appointment as director of financial institutions unless he or she is, and for the last two years before his or her appointment has been, a citizen of the United States. A person is not eligible for appointment as director of financial institutions if he or she has an interest at the time of appointment, as a director, trustee, officer, or stockholder in any bank, savings bank, savings and loan association, credit union, consumer loan company, trust company, securities broker-dealer or investment advisor, or other institution regulated by the department.
[ 1993 c 472 § 4.]
RCW 43.320.040
Director's authority to adopt rules.
The director of financial institutions may adopt any rules, under chapter 34.05 RCW, necessary to implement the powers and duties of the director under this chapter.
[ 1993 c 472 § 5.]
RCW 43.320.045
Director's duties—Dissemination of information.
(2) Provide assistance to members of the public in obtaining information about financial products.
[ 2008 c 3 § 1.]
Effective date—2008 c 3: "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 [February 11, 2008]." [ 2008 c 3 § 5.]
RCW 43.320.050
Assistant directors—Divisions—"FDIC" defined.
The director of financial institutions may appoint assistant directors for each of the divisions of the department and delegate to them the power to perform any act or duty conferred upon the director. The director is responsible for the official acts of these assistant directors.
The department of financial institutions shall consist of at least the following four divisions: The division of FDIC insured institutions, with regulatory authority over all state-chartered FDIC insured institutions; the division of credit unions, with regulatory authority over all state-chartered credit unions; the division of consumer affairs, with regulatory authority over state-licensed nondepository lending institutions and other regulated entities; and the division of securities, with regulatory authority over securities, franchises, business opportunities, and commodities. The director of financial institutions is granted broad administrative authority to add additional responsibilities to these divisions as necessary and consistent with applicable law.
For purposes of this section, "FDIC" means the Federal Deposit Insurance Corporation.
[ 1993 c 472 § 8.]
RCW 43.320.070
Oath of examiners—Liability for acts performed in good faith.
Before entering office each examiner shall take and subscribe an oath faithfully to discharge the duties of the office.
Oaths shall be filed with the secretary of state.
Neither the director of financial institutions, any deputized assistant of the director, nor any examiner or employee shall be personally liable for any act done in good faith in the performance of his or her duties.
[ 1993 c 472 § 21; 1977 ex.s. c 270 § 8; 1975 c 40 § 7; 1965 c 8 § 43.19.030. Prior: 1943 c 217 § 1; 1919 c 209 § 3; 1917 c 80 § 3; Rem. Supp. 1943 § 3210. Formerly RCW 43.19.030.]
RCW 43.320.080
Director to maintain office in Olympia—Record of receipts and disbursements—Deposit of funds.
The director of financial institutions shall maintain an office at the state capitol, but may with the consent of the governor also maintain branch offices at other convenient business centers in this state. The director shall keep books of record of all moneys received or disbursed by the director into or from the financial services regulation fund, and any other accounts maintained by the department of financial institutions.
[ 2001 c 177 § 1; 1993 c 472 § 22; 1965 c 8 § 43.19.050. Prior: 1917 c 80 § 4; RRS § 3211. Formerly RCW 43.19.050.]
Effective date—2001 c 177: "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 July 1, 2001." [ 2001 c 177 § 16.]
RCW 43.320.090
Borrowing money by director, deputy, or employee—Penalty.
(1) It shall be unlawful for the director of financial institutions, any deputized assistant of the director, or any employee of the department of financial institutions to borrow money from any bank, consumer loan company, credit union, foreign bank branch, savings bank, savings and loan association, or trust company or department, securities broker-dealer or investment advisor, or similar lending institution under the department's direct jurisdiction unless the extension of credit:
(a) Is made on substantially the same terms (including interest rates and collateral) as, and following credit underwriting procedures that are not less stringent than, those prevailing at the time for comparable transactions by the financial institution with other persons that are not employed by either the department or the institution; and
(2) Every person who knowingly violates this section shall forfeit his or her office or employment and be guilty of a gross misdemeanor.
[ 2019 c 147 § 4; 1993 c 472 § 23; 1965 c 8 § 43.19.080. Prior: 1917 c 80 § 11; RRS § 3218. Formerly RCW 43.19.080.]
RCW 43.320.100
Annual report—Contents.
The director of financial institutions shall file in his or her office all reports required to be made to the director, prepare and furnish to banks, savings banks, foreign bank branches, savings and loan associations, credit unions, consumer loan companies, check cashers and sellers, and trust companies and departments blank forms for such reports as are required of them, and, beginning in the 2009-2011 fiscal biennium and each biennium thereafter, make a report to the governor showing:
(1) A summary of the conditions of the banks, savings banks, foreign bank branches, savings and loan associations, credit unions, consumer loan companies, check cashers and sellers, and trust companies and departments at the date of their last report; and
(2) A list of those organized or closed during the year.
The director may publish such other statements, reports, and pamphlets as he or she deems advisable.
[ 2009 c 518 § 11; 1993 c 472 § 24; 1977 c 75 § 43; 1965 c 8 § 43.19.090. Prior: 1917 c 80 § 13; RRS § 3220. Formerly RCW 43.19.090.]
RCW 43.320.140
Mortgage lending fraud prosecution account—Created. (Expires June 30, 2021.)
(1) The mortgage lending fraud prosecution account is created in the custody of the state treasurer. All receipts from the surcharge imposed in RCW 36.22.181, except those retained by the county auditor for administration, must be deposited into the account. Except as otherwise provided in this section, expenditures from the account may be used only for criminal prosecution of fraudulent activities related to mortgage lending fraud crimes. Only the director of the department of financial institutions or the director's designee may authorize expenditures from the account. The account is subject to allotment procedures under chapter 43.88 RCW, but an appropriation is not required for expenditures.
[ 2016 c 7 § 1; 2011 c 129 § 1; 2006 c 21 § 2; 2003 c 289 § 2.]
Effective date—2011 c 129: "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 June 29, 2011." [ 2011 c 129 § 3.]
RCW 43.320.1501
Financial literacy—Report to governor and legislature.
The director or his or her designee shall convene an interagency work group to identify current state-funded efforts to support financial literacy, assess whether there are opportunities to create a centralized location of information regarding these existing state efforts, and to identify whether there are opportunities for expanding partnerships with other community entities also providing financial literacy services. A report of the findings and recommendations of this interagency work group shall be due to the governor and the appropriate committees of the legislature by December 1, 2008.
[ 2008 c 3 § 3.]
RCW 43.320.180
Review of retirement account products proposed for inclusion in the Washington small business retirement marketplace.
The department of financial institutions, annually, or upon request of the department of commerce, must review individual retirement account products proposed for inclusion in the Washington small business retirement marketplace to confirm that the products comply with the requirements of RCW 43.330.735, except for those requirements that pertain to federal laws and regulations.
[ 2015 c 296 § 10.]
Conflict with federal requirements—2015 c 296: See RCW 43.330.912.
RCW 43.320.900
Effective date—1993 c 472.
This act takes effect October 1, 1993.
[ 1993 c 472 § 31.]