reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.210 - Obligations of International Bank for Reconstruction and Development.

RCW 32.20.210
Obligations of International Bank for Reconstruction and Development.
A mutual savings bank may invest not to exceed five percent of its funds in interest bearing obligations of the International Bank for Reconstruction and Development.
[ 1955 c 13 § 32.20.210. Prior: 1949 c 119 § 3; Rem. Supp. 1949 § 3381-16b.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.215 - Obligations issued or guaranteed by Inter-American Development Bank.

RCW 32.20.215
Obligations issued or guaranteed by Inter-American Development Bank.
A mutual savings bank may invest not to exceed five percent of its funds in obligations issued or guaranteed by the Inter-American Development Bank.
[ 1963 c 176 § 14.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.217 - Obligations of Asian Development Bank.

RCW 32.20.217
Obligations of Asian Development Bank.
A mutual savings bank may invest not to exceed five percent of its funds in obligations issued or guaranteed by the Asian Development Bank.
[ 1971 ex.s. c 222 § 7.]
NOTES:
Severability—1971 ex.s. c 222: See note following RCW 32.04.085.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.219 - Obligations issued or guaranteed by African Development Bank or other multilateral development bank.

RCW 32.20.219
Obligations issued or guaranteed by African Development Bank or other multilateral development bank.
A mutual savings bank may invest not to exceed five percent of its funds in obligations issued or guaranteed by the African Development Bank or in obligations issued or guaranteed by any multilateral development bank in which the United States government formally participates.
[ 1985 c 301 § 1.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.220 - Bankers' acceptances, bills of exchange, and commercial paper.

RCW 32.20.220
Bankers' acceptances, bills of exchange, and commercial paper.
A mutual savings bank may invest not to exceed twenty percent of its funds in the following:
(1) Bankers' acceptances, and bills of exchange made eligible by law for rediscount with federal reserve banks, provided the same are accepted by a bank or trust company which is a member of the federal reserve system and which has a capital and surplus of not less than two million dollars, or commercial paper which is a prudent investment.
(2) Bills of exchange drawn by the seller on the purchaser of goods and accepted by such purchaser, of the kind made eligible by law for rediscount with federal reserve banks, provided the same are indorsed by a bank or trust company which is a member of the federal reserve system and which has a capital and surplus of not less than two million dollars.
The aggregate amount of the liability of any bank or trust company to any mutual savings bank, whether as principal or indorser, for acceptances held by such savings bank and deposits made with it, shall not exceed twenty-five percent of the paid up capital and surplus of such bank or trust company, and not more than five percent of the funds of any mutual savings bank shall be invested in the acceptances of or deposited with a bank or trust company of which a trustee of such mutual savings bank is a director.
[ 1985 c 56 § 12; 1955 c 13 § 32.20.220. Prior: 1929 c 74 § 17; RRS § 3381-17.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.230 - Notes secured by investments.

RCW 32.20.230
Notes secured by investments.
A mutual savings bank may invest its funds in promissory notes payable to the order of the savings bank, secured by the pledge or assignment of investments lawfully purchasable by a savings bank. No such loan shall exceed ninety percent of the cash market value of such investments so pledged. Should any of the investments so held in pledge depreciate in value after the making of such loan, the savings bank shall require an immediate payment of such loan, or of a part thereof, or additional security therefor, so that the amount loaned thereon shall at no time exceed ninety percent of the market value of the investments so pledged for such loan.
[ 1969 c 55 § 5; 1963 c 176 § 6; 1955 c 13 § 32.20.230. Prior: 1945 c 228 § 2; 1929 c 74 § 18; Rem. Supp. 1945 § 3381-18.]
NOTES:
Interest and usury in general: Chapter 19.52 RCW.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.240 - Notes secured by pledge or assignment of account.

RCW 32.20.240
Notes secured by pledge or assignment of account.
A mutual savings bank may invest its funds in promissory notes made payable to the order of the savings bank, secured by the pledge or assignment of the account of the mutual savings bank as collateral security for the payment thereof. No such loan shall exceed the balance due the holder of such account.
[ 1967 c 145 § 5; 1955 c 13 § 32.20.240. Prior: 1945 c 228 § 3; 1929 c 74 § 19; 1921 c 156 § 11m; Rem. Supp. 1945 § 3381-19.]
NOTES:
Interest and usury in general: Chapter 19.52 RCW.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.253 - Loans secured by real estate, mobile homes, movable buildings.

RCW 32.20.253
Loans secured by real estate, mobile homes, movable buildings.
A mutual savings bank may invest its funds in loans secured by real estate or on the security of mobile homes or other movable buildings or any interest or estate in any of the foregoing. Such loans may be on such terms and conditions and subject to such limitations and restrictions as the board of trustees shall from time to time establish.
[ 1981 c 86 § 14.]
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.265 - Valuation of property to be mortgaged—Appraiser's opinion.

RCW 32.20.265
Valuation of property to be mortgaged—Appraiser's opinion.
When, under any provision of this title, a written report is required of members of the board of investment of a mutual savings bank certifying according to their best judgment the value of any property to be mortgaged such value may be determined upon the signed opinion in writing of an appraiser appointed by the board of trustees of such bank.
[ 1957 c 80 § 9.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.280 - Investments in real estate.

RCW 32.20.280
Investments in real estate.
A mutual savings bank may invest its funds in real estate as follows:
(1) A tract of land whereon there is or may be erected a building or buildings suitable for the convenient transaction of the business of the savings bank, from portions of which not required for its own use revenue may be derived: PROVIDED, That the cost of the land and building or buildings for the transaction of the business of the savings bank shall in no case exceed fifty percent of the guaranty fund, undivided profits, reserves, and subordinated securities of the savings bank, except with the approval of the director; and before the purchase of such property is made, or the erection of a building or buildings is commenced, the estimate of the cost thereof, and the cost of the completion of the building or buildings, shall be submitted to and approved by the director. "The cost of the land and building or buildings" means the amounts paid or expended therefor less the reasonable depreciation thereof taken by the bank against such improvements during the time they were held by the bank.
(2) Such lands as shall be conveyed to the savings bank in satisfaction of debts previously contracted in the course of its business.
(3) Such lands as the savings bank shall purchase at sales under judgments, decrees, or mortgages held by it.
All real estate purchased by any such savings bank, or taken by it in satisfaction of debts due it, under this section, shall be conveyed to it directly by name, or in the name of a corporation all of the stock of which is owned by the bank, or in such other manner as the bank shall determine to be in the best interest of the bank, and the conveyance shall be immediately recorded in the office of the proper recording officer of the county in which such real estate is situated.
(4) Every parcel of real estate purchased or acquired by a savings bank under subsections (2) and (3) of this section, shall be sold by it within five years from the date on which it was purchased or acquired, or in case it was acquired subject to a right of redemption, within five years from the date on which the right of redemption expires, unless:
(a) There is a building thereon occupied by the savings bank and its offices,
(b) The director, on application of the board of trustees of the savings bank, extends the time within which such sale shall be made, or
(c) The property is held by the bank as an investment under the provisions of RCW 32.20.285, as now or hereafter amended.
[ 1994 c 92 § 337; 1981 c 86 § 4; 1973 1st ex.s. c 31 § 6; 1969 c 55 § 7; 1955 c 13 § 32.20.280. Prior: 1929 c 74 § 22; 1921 c 156 § 110; 1915 c 175 § 12; RRS § 3381-22.]
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
Construction—1973 1st ex.s. c 31: See RCW 32.20.500.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.285 - Investments through purchase of real estate—Improvements.

RCW 32.20.285
Investments through purchase of real estate—Improvements.
Subject to such requirements, restrictions, or other conditions as the director may adopt by rule, order, directive, standard, policy, memorandum[,] or other communication with regard to the investment, a savings bank may invest its funds in such real estate, improved or unimproved, and its fixtures and equipment, as the savings bank shall purchase either alone or with others or through ownership of interests in entities holding such real estate. The savings bank may improve property which it owns, and rent, lease, sell, and otherwise deal in such property, the same as any other owner thereof. The total amount a savings bank may invest pursuant to this section shall not exceed twenty percent of its funds. No officer or board trustee or director of the savings bank shall own or hold any interest in any property in which the savings bank owns an interest, and in the event the bank owns an interest in property hereunder with or as a part of another entity, no officer or board trustee or director of the savings bank shall own more than two and one-half percent of the equity or stock of any entity involved, and all of the officers and board trustees or directors of the savings bank shall not own more than five percent of the equity or stock of any entity involved.
[ 2010 c 88 § 57; 1981 c 86 § 5; 1969 c 55 § 15.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
Severability—1981 c 86: See note following RCW 32.08.140.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.310 - Deposit of securities.

RCW 32.20.310
Deposit of securities.
A savings bank may deposit securities owned by it, for safekeeping, with any duly designated depositary for the bank's funds. The written statement of the depositary that it holds for safekeeping specified securities of a savings bank may be taken as evidence of the facts therein shown by any public officer or any officer of the bank or committee of its trustees whose duty it is to examine the affairs and assets of the bank.
[ 1955 c 13 § 32.20.310. Prior: 1929 c 74 § 24; 1927 c 184 § 4; RRS § 3381-24.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.320 - Investment of funds.

RCW 32.20.320
Investment of funds.
The trustees of every savings bank shall as soon as practicable invest the moneys deposited with it in the securities prescribed in this title.
The purchase by a savings bank of a negotiable certificate of deposit or similar security issued by a bank need not be considered a deposit if the certificate or security is eligible for investment by a savings bank under any other provision of this title.
[ 1969 c 55 § 8; 1955 c 13 § 32.20.320. Prior: 1929 c 74 § 25; 1925 ex.s. c 86 § 11; 1915 c 175 § 20; RRS § 3381-25.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.330 - Investments—Loans, preferred stock, or interest-bearing obligations—Restrictions.

RCW 32.20.330
Investments—Loans, preferred stock, or interest-bearing obligations—Restrictions.
A mutual savings bank may invest in loans to sole proprietorships, partnerships, limited liability companies, corporations, or other entities, or in preferred stock or discounted or other interest bearing obligations issued, guaranteed, or assumed by limited liability companies or corporations commonly accepted as industrial corporations or engaged in communications, transportation, agriculture, furnishing utility professional services, manufacturing, construction, mining, fishing, processing or merchandising of goods, food, or information, banking, or commercial or consumer financing, doing business or incorporated under the laws of the United States, or any state thereof, or the District of Columbia, or the Dominion of Canada, or any province thereof, subject to the following conditions:
(1) Not more than two percent of the bank's funds shall be invested, pursuant to this section, in the aggregate of loans to and preferred stock and obligations of any person, as defined in *RCW 32.32.228(1)(c), and such person's affiliates, as defined in RCW 32.32.025(1), incorporating the definition of control in RCW 32.32.025(8).
(2) Such loans or securities shall be prudent investments.
(3) Pursuant to this section, the total amount a savings bank may invest shall not exceed fifty percent of its funds, and not more than fifteen percent of the bank's funds may be invested in such loans to or securities of any industry.
[ 1999 c 14 § 26; 1985 c 56 § 13; 1973 1st ex.s. c 31 § 7; 1971 ex.s. c 222 § 6; 1955 c 80 § 6.]
NOTES:
*Reviser's note: RCW 32.32.228 was amended by 2005 c 348 § 5, changing subsection (1)(c) to subsection (1)(d).
Construction—1973 1st ex.s. c 31: See RCW 32.20.500.
Severability—1971 ex.s. c 222: See note following RCW 32.04.085.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.335 - Investments—Qualified thrift investments.

RCW 32.20.335
Investments—Qualified thrift investments.
A mutual savings bank may invest in loans or securities that are qualified thrift investments for a savings association subject to the limits specified in 12 U.S.C. Sec. 1467a(m).
[ 1999 c 14 § 27.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.370 - Corporate bonds and other interest-bearing or discounted obligations.

RCW 32.20.370
Corporate bonds and other interest-bearing or discounted obligations.
A mutual savings bank may invest its funds in bonds or other interest bearing or discounted obligations of corporations not otherwise eligible for investment by the savings bank which are prudent investments for such bank in the opinion of its board of trustees or of a committee thereof whose action is ratified by such board at its regular meeting next following such investment. The total amount a mutual savings bank may invest pursuant to this section shall not exceed ten percent of its funds.
[ 1977 ex.s. c 104 § 5; 1967 c 145 § 9; 1959 c 41 § 6.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.380 - Stocks, securities, of corporations not otherwise eligible for investment.

RCW 32.20.380
Stocks, securities, of corporations not otherwise eligible for investment.
A mutual savings bank may invest its funds in stocks or other securities of corporations not otherwise eligible for investment by the savings bank which are prudent investments for the bank in the opinion of its board of trustees or of a committee thereof whose action is ratified by the board at its regular meeting next following the investment. The total amount a mutual savings bank may invest pursuant to this section shall not exceed fifty percent of the total of its guaranty fund, undivided profits, and unallocated reserves, or five percent of its deposits, whichever is less.
[ 1981 c 86 § 6; 1963 c 176 § 16.]
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.390 - Obligations of corporations or associations federally authorized to insure or market real estate mortgages—Loans, etc., eligible for insurance.

RCW 32.20.390
Obligations of corporations or associations federally authorized to insure or market real estate mortgages—Loans, etc., eligible for insurance.
A mutual savings bank may invest its funds:
(1) In capital stock, notes, bonds, debentures, participating certificates, and other obligations of any corporation or association which is or hereafter may be created pursuant to any law of the United States for the purpose of insuring or marketing real estate mortgages: PROVIDED, That the amount a mutual savings bank may invest in the capital stock of any one such corporation shall not exceed five percent of the funds of the mutual savings bank and the total amount it may invest in capital stock pursuant to this subsection (1) shall not exceed ten percent of the funds of the mutual savings bank.
(2) In such loans, advances of credit, participating certificates, and purchases of obligations representing loans and advances of credit as are eligible for insurance by any corporation or association which is or hereafter may be created pursuant to any law of the United States for the purpose of insuring real estate mortgages. The bank may do all acts necessary or appropriate to obtain such insurance. No law of this state prescribing the nature, amount, or form of security, or prescribing or limiting the period for which loans or advances of credit may be made shall apply to loans, advances of credit, or purchases made pursuant to this subsection (2).
[ 1963 c 176 § 17.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.400 - Loans for home or property repairs, alterations, appliances, improvements, additions, furnishings, underground utilities, education or nonbusiness family purposes.

RCW 32.20.400
Loans for home or property repairs, alterations, appliances, improvements, additions, furnishings, underground utilities, education or nonbusiness family purposes.
A mutual savings bank may invest not to exceed twenty percent of its funds pursuant to this section in loans for home or property repairs, alterations, appliances, improvements, or additions, home furnishings, for installation of underground utilities, for educational purposes, or for nonbusiness family purposes: PROVIDED, That the application therefor shall state that the proceeds are to be used for one of the above purposes.
[ 1999 c 14 § 28; 1981 c 86 § 7; 1977 ex.s. c 104 § 6; 1969 c 55 § 9; 1967 c 145 § 10; 1963 c 176 § 18.]
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.410 - Limitation of total investment in certain obligations.

RCW 32.20.410
Limitation of total investment in certain obligations.
The aggregate total amount a mutual savings bank may invest in the following shall not exceed the sum of eighty-five percent of its funds and one hundred percent of its borrowings as permitted under RCW 32.08.140, as now or hereafter amended and RCW 32.08.190, as now or hereafter amended:
(1) Mortgages upon real estate and participations therein;
(2) Contracts for the sale of realty;
(3) Mortgages upon leasehold estates; and
(4) Notes secured by pledges or assignments of first mortgages or real estate contracts.
The limitation of this section shall not apply to GNMA certificates, mortgage backed bonds, mortgage pass-through certificates or other similar securities purchased or held by the bank.
[ 1981 c 86 § 8; 1977 ex.s. c 104 § 7; 1969 c 55 § 10; 1963 c 176 § 19.]
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.415 - Limitation on certain secured and unsecured loans.

RCW 32.20.415
Limitation on certain secured and unsecured loans.
In addition to all other investments and loans authorized for mutual savings banks in this state, a mutual savings bank may invest not more than twenty percent of its funds in secured or unsecured loans on such terms and conditions as the bank may determine.
[ 1981 c 86 § 15.]
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.430 - Loans to banks or trust companies.

RCW 32.20.430
Loans to banks or trust companies.
A mutual savings bank may invest its funds in loans to banks or trust companies which mature on the next business day following the day of making such loan. The loans may be evidenced by any writing or ledger entries deemed adequate by the mutual savings bank and may be secured or unsecured. The loans made hereunder are payable on the same basis as are regular deposits in such banks, and therefore the transactions may be characterized for accounting and statement purposes and carried on the books of the mutual savings bank as either a deposit with or a loan to the bank.
[ 1971 ex.s. c 222 § 3.]
NOTES:
Severability—1971 ex.s. c 222: See note following RCW 32.04.085.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.440 - Purchase of United States securities from banks or trust companies.

RCW 32.20.440
Purchase of United States securities from banks or trust companies.
A mutual savings bank may invest its funds in the purchase of United States government securities from a bank or trust company, subject to the selling bank's or trust company's agreement to repurchase such securities on the business day next following their purchase by the mutual savings bank. The securities may be purchased at par, or at a premium or discount, as the mutual savings bank may agree, and may be characterized for accounting and statement purposes and carried on the books of the mutual savings bank as such securities to the extent of their market value, and as due from such banks or trust companies to the extent that the repurchase price agreed to be paid exceeds such market value.
[ 1971 ex.s. c 222 § 4.]
NOTES:
Severability—1971 ex.s. c 222: See note following RCW 32.04.085.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.445 - Stock, other securities, and obligations of federally insured institutions.

RCW 32.20.445
Stock, other securities, and obligations of federally insured institutions.
A savings bank may invest its funds in the stock and other securities and obligations of a savings or banking institution or holding company thereof if the deposits of the savings or banking institution are insured by the federal deposit insurance corporation or any other federal instrumentalities established to carry on substantially the same functions as such corporations.
[ 1999 c 14 § 29; 1989 c 180 § 8.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.450 - Low-cost housing—Legislative finding.

RCW 32.20.450
Low-cost housing—Legislative finding.
The legislature finds there is a shortage of adequate housing in a suitable environment in many parts of this state for people of modest means, which shortage adversely affects the public in general and the mutual savings banks of this state and their depositors. The legislature further finds that the making of loans or investments to alleviate this problem which may provide a less than market rate of return and entail a higher degree of risk than might otherwise be acceptable, will benefit this state, the banks, and their depositors.
[ 1973 1st ex.s. c 31 § 1.]
NOTES:
Construction—1973 1st ex.s. c 31: See RCW 32.20.500.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.460 - Low-cost housing—Factory built housing—Mobile homes.

RCW 32.20.460
Low-cost housing—Factory built housing—Mobile homes.
In addition to the portions of its funds permitted to be invested in real estate loans under RCW 32.20.410, a mutual savings bank may invest not to exceed fifteen percent of its funds in loans and investments as follows:
(1) Loans for the rehabilitation, remodeling, or expansion of existing housing.
(2) Loans in connection with, or participation in:
(a) Housing programs of any agency of federal, state, or local government; and
(b) Housing programs of any nonprofit, union, community, public, or quasi-public corporation or entity.
Such housing must be made available to all without regard to race, creed, sex, color, or national origin.
(3) Loans for purchasing or constructing factory built housing, including but not limited to mobile homes. The bank shall determine the amount, security, and repayment basis which it considers prudent for the loans.
(4) In mobile home chattel paper which finances the acquisition of inventory by a mobile home dealer if the inventory is to be held for sale in the ordinary course of business by the mobile home dealer, the monetary obligation evidenced by such chattel paper is the obligation of the mobile home dealer and the amount thereof does not exceed the amount allowed to be loaned on such mobile homes under subsection (3) of this section.
[ 1981 c 86 § 9; 1977 ex.s. c 104 § 9; 1973 1st ex.s. c 31 § 2.]
NOTES:
Severability—1981 c 86: See note following RCW 32.08.140.
Construction—1973 1st ex.s. c 31: See RCW 32.20.500.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.470 - Improvement of private land for public parks and recreation areas.

RCW 32.20.470
Improvement of private land for public parks and recreation areas.
Subject to the limits hereinafter set forth, a mutual savings bank may expend its funds for the improvement for public use of privately owned land as parks or recreation areas, including but not limited to "vest pocket" parks, provided that the owner of such land will:
(1) Permit public use thereof for a period of at least eighteen months or for such longer period and subject to such other requirements as the bank may impose; and
(2) At or before the end of public use, permit the removal of all such improvements which in the bank's judgment reasonably may be accomplished.
As used in this section, "public use" means use without regard to race, creed, sex, color, or national origin. The amount expended hereunder and under RCW 32.12.070(2)(d) in any calendar year shall not exceed one-half of one percent of the net earnings of bank for the preceding year.
[ 1973 1st ex.s. c 31 § 3.]
NOTES:
Construction—1973 1st ex.s. c 31: See RCW 32.20.500.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.480 - Loans or investments to provide adequate housing and environmental improvements—Criteria—Restrictions.

RCW 32.20.480
Loans or investments to provide adequate housing and environmental improvements—Criteria—Restrictions.
Loans or investments made under *this 1973 amendatory act may provide a less than market rate of return and entail a higher degree of risk than might otherwise be acceptable to the general market, so long as the board of trustees of the bank determines the loan or investment may be beneficial to the community where made, without the need to show a direct corporate benefit, and so long as any private individual who benefits is not, and is not related to any person who is, an officer, employee, or trustee of the bank. It is hereby recognized that the mutual savings banks of the state of Washington and their depositors are affected adversely by the absence of adequate low-cost housing and environmental developments and improvements within the communities they serve and the state of Washington.
The amount a mutual savings bank may invest under *this 1973 amendatory act during any twelve-month period at less than a market rate of return shall not exceed two percent of the total principal amount of all real estate loans made by the bank during the preceding twelve months.
[ 1973 1st ex.s. c 31 § 4.]
NOTES:
*Reviser's note: "This 1973 amendatory act" consists of the enactment of RCW 32.20.450, 32.20.460, 32.20.470, 32.20.480, 32.20.490, and 32.20.500 and the amendments to RCW 32.20.280 and 32.20.330 by 1973 1st ex.s. c 31.
Construction—1973 1st ex.s. c 31: See RCW 32.20.500.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.20 - Investments. › 32.20.500 - Construction—1973 1st ex.s. c 31.

RCW 32.20.500
Construction—1973 1st ex.s. c 31.
The powers granted by *this 1973 amendatory act are in addition to and not in limitation of the powers conferred upon a mutual savings bank by other provisions of law.
[ 1973 1st ex.s. c 31 § 8.]
NOTES:
*Reviser's note: For "this 1973 amendatory act," see note following RCW 32.20.480.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.010 - Liquidation of solvent bank.

RCW 32.24.010
Liquidation of solvent bank.
If the trustees of any solvent mutual savings bank deem it necessary or expedient to close the business of such bank, they may, by affirmative vote of not less than two-thirds of the whole number of trustees, at a meeting called for that purpose, of which one month's notice has been given, either personally or by mailing such notice to the post office address of each trustee, declare by resolution their determination to close such business and pay the moneys due depositors and creditors and to surrender the corporate franchise. Subject to the approval and under the direction of the director, such savings bank may adopt any lawful plan for closing up its affairs, as nearly as may be in accordance with the original plan and objects.
[ 1994 c 92 § 339; 1955 c 13 § 32.24.010. Prior: 1915 c 175 § 45; RRS § 3374.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.020 - Procedure to liquidate and dissolve.

RCW 32.24.020
Procedure to liquidate and dissolve.
When the trustees, acting under the provisions of RCW 32.24.010, have paid the sums due respectively to all creditors and depositors, who, after such notice as the director shall prescribe, claim the money due and their deposits, the trustees shall make a transcript or statement from the books in the bank of the names of all depositors and creditors who have not claimed or have not received the balance of the credit due them, and of the sums due them, respectively, and shall file such transcript with the director and pay over and transfer all such unclaimed and unpaid deposits, credits, and moneys to the director. The trustees shall then report their proceedings, duly verified, to the superior court of the county wherein the bank is located, and upon such report and the petition of the trustees, and after notice to the attorney general and the director, and such other notice as the court may deem necessary, the court shall adjudge the franchise surrendered and the existence of the corporation terminated. Certified copies of the judgment shall be filed in the offices of the secretary of state and the director and shall be recorded in the office of the secretary of state.
[ 1994 c 92 § 340; 1981 c 302 § 29; 1955 c 13 § 32.24.020. Prior: 1931 c 132 § 4; 1915 c 175 § 46; RRS § 3375.]
NOTES:
Severability—1981 c 302: See note following RCW 19.76.100.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.030 - Transfer of assets and liabilities to another bank.

RCW 32.24.030
Transfer of assets and liabilities to another bank.
An unconverted mutual savings bank may for the purpose of consolidation, acquisition, pooling of assets, merger, or voluntary liquidation arrange for its assets and liabilities to become assets and liabilities of another mutual savings bank, by the affirmative vote or with the written consent of two-thirds of the whole number of its trustees, but only with the written consent of the director and upon such terms and conditions as he or she may prescribe.
Upon any such transfer being made, or upon the liquidation of any such mutual savings bank for any cause whatever, or upon its being no longer engaged in the business of a mutual savings bank, the director shall terminate its certificate of authority, which shall not thereafter be revived or renewed. When the certificate of authority of any such corporation has been revoked, it shall forthwith collect and distribute its remaining assets, and when that is done, the director shall certify the fact to the secretary of state, whereupon the corporation shall cease to exist and the secretary of state shall note the fact upon his or her records.
In case of the consolidation with or voluntary liquidation of a mutual savings bank by another mutual savings bank, as herein provided, any sums advanced by its incorporators, or others, to create or maintain its guaranty fund or its expense fund shall not be liabilities of such mutual savings bank unless the mutual savings bank, so assuming its liabilities shall specifically undertake to pay the same, or a stated portion thereof.
[ 1994 c 92 § 341; 1985 c 56 § 14; 1955 c 13 § 32.24.030. Prior: 1931 c 132 § 5; RRS § 3375a.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.040 - Notice to correct unsafe conditions—Possession may be taken under specified circumstances.

RCW 32.24.040
Notice to correct unsafe conditions—Possession may be taken under specified circumstances.
(1) Under the circumstances set forth in subsection (2) of this section, the director may give to a savings bank notice of unsafe condition of the savings bank; and if the savings bank fails to comply with the terms of such notice within thirty days from the date of its issuance, or within such further time as the director may allow, then the director may take possession of such savings bank as in the case of insolvency.
(2) The director is authorized to give notice and take possession of a savings bank, as described in subsection (1) of this section, under the following circumstances:
(a) The obligations to its creditors, depositors, members, trust beneficiaries, if applicable, and others exceed its assets;
(b) It has willfully violated a supervisory directive, cease and desist order, or other authorized directive or order of the director;
(c) It has concealed its books, papers, records, or assets, or refused to submit its books, records, or affairs to any examiner of the department;
(d) It is likely to be unable to pay its immediate obligations or meet its depositors' immediate demands in the normal course of business;
(e) It ceases to have deposit insurance acceptable to the director;
(f) It fails to submit a capital restoration plan acceptable to the department within a time previously called for or materially fails to implement a capital restoration plan that was previously submitted and accepted by the department; or
(g) It is critically undercapitalized or otherwise has substantially insufficient capital.
[ 2010 c 88 § 58; 1994 c 92 § 342; 1955 c 13 § 32.24.040. Prior: 1931 c 132 § 6; RRS § 3375b.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.050 - Director may order levy of assessment—Liquidation of bank in unsound condition or insolvent.

RCW 32.24.050
Director may order levy of assessment—Liquidation of bank in unsound condition or insolvent.
(1) Whenever it appears to the director that any offense or delinquency referred to in RCW 32.24.040 has resulted in a savings bank being critically undercapitalized with no reasonably foreseeable prospect of recovery, or that it has suspended payment of its obligations, or is insolvent, the director may notify such savings bank to levy an assessment on its stock, if any, or otherwise to make good such impairment or offense or other delinquency within such time and in such manner as the director may specify, or if the director deems necessary, the director may take possession thereof without notice.
(2) Upon taking possession of any savings bank, the director shall forthwith proceed to liquidate the business, affairs, and assets thereof and such liquidation shall be had in accordance with the provisions of law governing the liquidation of insolvent banks and savings banks.
[ 2010 c 88 § 59; 1994 c 92 § 343; 1955 c 13 § 32.24.050. Prior: 1931 c 132 § 7; RRS § 3375c.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.060 - Possession by director—Bank may contest.

RCW 32.24.060
Possession by director—Bank may contest.
Within ten days after the director takes possession thereof, a mutual savings bank may serve notice upon such director to appear before the superior court in the county wherein such corporation is located, at a time to be fixed by the court, which shall not be less than five nor more than fifteen days from the date of the service of such notice, to show cause why the director's action taking possession of the savings bank should not be affirmed. Upon the return day of such notice, or such further day as the matter may be continued to, the court shall summarily hear the cause and shall dismiss the same, if it finds that possession was taken by the director in good faith and for cause, but if it finds that no cause existed for taking possession of the savings bank, it shall require the director to restore the savings bank to the possession of its assets and enjoin the director from further interference therewith without cause.
[ 2010 c 88 § 60; 1994 c 92 § 344; 1955 c 13 § 32.24.060. Prior: 1931 c 132 § 8; RRS § 3375d.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.070 - Receiver prohibited except in emergency.

RCW 32.24.070
Receiver prohibited except in emergency.
No receiver shall be appointed by any court for any savings bank, nor shall any assignment of any such bank for the benefit of creditors be valid, excepting only 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 savings bank. Immediately upon any such appointment, the clerk of the court shall notify the director in writing of such appointment and the director shall immediately take possession of the savings bank, as in case of insolvency, and the temporary receiver shall upon demand of the director surrender up to him or her such possession and all assets which have come into his or her possession. The director shall in due course pay such receiver out of the assets of the savings bank such amount as the court shall allow.
[ 2010 c 88 § 61; 1994 c 92 § 345; 1955 c 13 § 32.24.070. Prior: 1931 c 132 § 9; RRS § 3375e.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.073 - Voluntary closing—Possession of the director—Notice.

RCW 32.24.073
Voluntary closing—Possession of the director—Notice.
(1) Subject to the consent of the director, a savings bank may voluntarily stipulate and consent to an order taking possession and thereby place itself under the control of the director to be liquidated and be made subject to receivership as provided in this chapter.
(2) Upon issuance of such order taking possession, the savings bank shall post a notice on its door as follows: "This savings bank is in the possession of the Director of the Washington State Department of Financial Institutions."
(3) The posting of such notice or the taking possession of any savings bank by the director shall be sufficient to place all of its assets and property of every nature in the director's possession and bar all attachment proceedings.
[ 2010 c 88 § 62.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.080 - Transfer of assets when insolvent—Penalty.

RCW 32.24.080
Transfer of assets when insolvent—Penalty.
(1) Every transfer of its property or assets by any savings bank, made (a) after it has become insolvent, (b) within ninety days before the date the director takes possession of such savings bank under RCW 32.24.040, 32.24.050, or 32.24.073, or the federal deposit insurance corporation is appointed as receiver or liquidator of such savings bank under RCW 32.24.090, and (c) with the view to the preference of one creditor over another or to prevent equal distribution of its property and assets among its creditors, shall be void.
(2) Every trustee or board director, officer, or employee knowingly making any such transfer of assets is guilty of a class B felony punishable according to chapter 9A.20 RCW.
[ 2010 c 88 § 63; 2003 c 53 § 196; 1994 c 92 § 346; 1985 c 56 § 15; 1955 c 13 § 32.24.080. Prior: 1931 c 132 § 10; RRS § 3379a.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
Intent—Effective date—2003 c 53: See notes following RCW 2.48.180.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.090 - Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.

RCW 32.24.090
Federal deposit insurance corporation as receiver or liquidator—Appointment—Powers and duties.
(1) The federal deposit insurance corporation is hereby authorized and empowered to be and act without bond as receiver or liquidator of any savings bank the deposits in which are to any extent insured by that corporation and which the director shall have taken possession pursuant to RCW 32.24.040, 32.24.050, or 32.24.073.
(2) In the event of such closing, the director may appoint the federal deposit insurance corporation as receiver or liquidator of such savings bank.
(3) If the corporation accepts such appointment, it shall have and possess all the powers and privileges provided by the laws of this state with respect to a liquidator of a mutual savings bank, its depositors and other creditors, and be subject to all the duties of such liquidator, except insofar as such powers, privileges, or duties are in conflict with the provisions of the federal deposit insurance act, as now or hereafter amended.
[ 2010 c 88 § 64; 1994 c 92 § 347; 1973 1st ex.s. c 54 § 3.]
NOTES:
Effective date—2010 c 88: See RCW 32.50.900.
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.24 - Insolvency and Liquidation. › 32.24.100 - Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.

RCW 32.24.100
Payment or acquisition of deposit liabilities by federal deposit insurance corporation—Not hindered by judicial review—Liability.
The pendency of any proceedings for judicial review of the director's actions in taking possession and control of a mutual savings bank and its assets for the purpose of liquidation shall not operate to defer, delay, impede, or prevent the payment or acquisition by the federal deposit insurance corporation of the deposit liabilities of the mutual savings bank which are insured by the corporation. During the pendency of any proceedings for judicial review, the director shall make available to the federal deposit insurance corporation such facilities in or of the mutual savings bank and such books, records, and other relevant data of the mutual savings bank as may be necessary or appropriate to enable the corporation to pay out or to acquire the insured deposit liabilities of the mutual savings bank. The federal deposit insurance corporation and its directors, officers, agents, and employees, the director, and his or her agents and employees shall be free from liability to the mutual savings bank, its directors, stockholders, and creditors for or on account of any action taken in connection herewith.
[ 1994 c 92 § 348; 1973 1st ex.s. c 54 § 4.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank. › 32.32.010 - Chapter exclusive—Prohibition on conversion without approval—Waiver of requirements.

RCW 32.32.010
Chapter exclusive—Prohibition on conversion without approval—Waiver of requirements.
This chapter shall exclusively govern the conversion of mutual savings banks to capital stock savings banks. No mutual savings bank may convert to the capital stock form of organization without the prior written approval of the director pursuant to this chapter, except that the director may waive requirements of this chapter in appropriate cases.
[ 1994 c 92 § 349; 1981 c 85 § 1.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank. › 32.32.015 - Forms.

RCW 32.32.015
Forms.
The director may prescribe under this chapter such forms as the director deems appropriate for use by a mutual savings bank seeking to convert to a capital stock savings bank pursuant to this chapter.
[ 1994 c 92 § 350; 1981 c 85 § 2.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank. › 32.32.020 - Request of noncompliance—Requirements.

RCW 32.32.020
Request of noncompliance—Requirements.
(1) If an applicant finds that compliance with any provision of this chapter would be in conflict with applicable federal law, the director shall grant or deny a request of noncompliance with the provision. The request may be incorporated in the application for conversion; otherwise, the applicant shall file the request in accordance with the requirements of the director.
(2) In making any such request, the applicant shall:
(a) Specify the provision or provisions of this chapter with respect to which the applicant desires waiver;
(b) Furnish an opinion of counsel demonstrating that applicable federal law is in conflict with the specified provision or provisions of this chapter; and
(c) Demonstrate that the requested waiver would not result in any effects that would be inequitable or detrimental to the applicant, its account holders, or other financial institutions or would be contrary to the public interest.
[ 1994 c 92 § 351; 1981 c 85 § 3.]
2023 Revised Code of Washington › Title 32 - Washington Savings Bank Act › Chapter 32.32 - Conversion of Mutual Savings Bank to Capital Stock Savings Bank. › 32.32.030 - Prohibition on approval of certain applications for conversion.

RCW 32.32.030
Prohibition on approval of certain applications for conversion.
No application for conversion may be approved by the director if:
(1) The plan of conversion adopted by the applicant's board of directors is not in accordance with this chapter;
(2) The conversion would result in a reduction of the applicant's net worth below requirements established by the director;
(3) The conversion may result in a taxable reorganization of the applicant under the United States Internal Revenue Code of 1954, as amended; or
(4) The converted savings bank does not meet the insurance requirements as established by the director.
[ 1994 c 92 § 353; 1981 c 85 § 5.]