Source: https://app.leg.wa.gov/RCW/default.aspx?cite=30B.38&full=true
Timestamp: 2019-05-22 07:27:01
Document Index: 394106153

Matched Legal Cases: ['§ 366', '§ 367', '§ 368', '§ 369', '§ 371', '§ 374', '§ 375']

Chapter 30B.38 RCW: OUT-OF-STATE TRUST INSTITUTIONS
RCWs > Title 30B > Chapter 30B.38
Chapter 30B.38 RCW
OUT-OF-STATE TRUST INSTITUTIONS
30B.38.005 Trust business at a trust office.
30B.38.010 Preexisting approved out-of-state trust institutions.
30B.38.020 Trust business of out-of-state trust institution—Prerequisite of reciprocity.
30B.38.030 Requirement of notice.
30B.38.040 Conditions for approval.
30B.38.050 Additional trust offices.
30B.38.060 Examinations of out-of-state trust institutions—Periodic reports—Cooperative agreements—Assessment of fees.
30B.38.070 Enforcement.
30B.38.080 Notice of subsequent merger, closing, etc.
30B.38.090 Functionally unregulated out-of-state trust institutions.
RCW 30B.38.005
Trust business at a trust office.
An out-of-state trust institution that meets the requirements of this chapter is not required to maintain a physical trust office in this state. An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may establish and maintain a new trust office in this state.
[ 2014 c 37 § 366.]
RCW 30B.38.010
Preexisting approved out-of-state trust institutions.
Notwithstanding any other provision of this title, an out-of-state trust institution that complies with RCW 30B.38.020(1) and 30B.72.010 is exempt from the requirements of RCW 30B.38.030 and 30B.38.040.
[ 2014 c 37 § 367.]
RCW 30B.38.020
Trust business of out-of-state trust institution—Prerequisite of reciprocity.
(1) Except as authorized by federal law or by another law of this state, an out-of-state trust institution shall not be permitted to engage in a trust business in this state on more favorable terms and conditions than the terms and conditions on which state trust companies incorporated under this title and savings banks engaged in trust business under RCW 32.08.140, 32.08.142, 32.08.210, and 32.08.215 are permitted to engage in trust business in such other state.
(2) The out-of-state trust institution may exercise additional powers and authorities that are authorized under the laws of its home state if the director determines in writing that the exercise of the additional powers and authorities in this state will not threaten the safety and soundness of trust institutions in this state and serves the convenience and needs of Washington consumers.
[ 2014 c 37 § 368.]
RCW 30B.38.030
An out-of-state trust institution desiring to engage in trust business in this state shall provide, or cause its home state regulator to provide, written notice to the director of its intent to engage in trust business in this state, accompanied by:
(1) Satisfactory written evidence of a certificate of authority to engage in trust business in its home state, or equivalent, from its home state regulator;
(2) A copy of the resolution adopted by the board of directors of such out-of-state trust institution authorizing the out-of-state trust institution to engage in trust business in this state;
(3) Written evidence of compliance with the requirements of the director set forth in subsection (1) of this section; and
(4) A filing fee, if any, as prescribed by the director under authority of RCW 30A.04.070.
[ 2014 c 37 § 369.]
RCW 30B.38.050
Additional trust offices.
An out-of-state trust institution that maintains a trust office in this state under this chapter may establish or acquire additional trust offices in this state to the same extent that a state trust company may establish or acquire additional offices in this state.
[ 2014 c 37 § 371.]
RCW 30B.38.080
Notice of subsequent merger, closing, etc.
Each out-of-state trust institution that maintains an office in this state pursuant to this chapter, or the home state regulator of such trust institution, shall give at least thirty days' prior written notice, or in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the director of:
(1) Any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, with the result that an application would be required to be filed pursuant to the federal change in bank control act of 1978, 12 U.S.C. Sec. 1817(j), or the federal bank holding company act of 1956, 12 U.S.C. Sec. 1841 et seq., or any successor statutes thereto;
(2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or
(3) The closing or disposition of any office in this state.
[ 2014 c 37 § 374.]
RCW 30B.38.090
Functionally unregulated out-of-state trust institutions.
Notwithstanding any other provision of this chapter, an out-of-state trust institution engaging in trust business in this state, which is not an exempt person under RCW 30B.04.040 and which by reason of the laws of its home state is not subject to any supervision, examination, or other safety and soundness oversight by a home state regulator, shall be subject to all the requirements of a state trust company under this title.
[ 2014 c 37 § 375.]