reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.150 - Notice of charges.

RCW 30B.10.150
Notice of charges.
(1) The director may issue and serve a notice of charges upon:
(a) A state trust institution;
(b) An affiliate of a state trust institution;
(c) A director, officer, manager, employee, or agent of a state trust institution or its affiliate; or
(d) Any other person subject to the jurisdiction of the department under this title including, without limitation, a person engaged in unauthorized trust activity.
(2) Such notice of charges may be issued to and served upon any person or entity described in subsection (1) of this section whenever such person or entity:
(a) Has engaged in an unsafe or unsound practice;
(b) Has violated any provision of RCW 30B.10.050; or
(c) Is planning, attempting, or currently conducting any act prohibited in (a) or (b) of this subsection.
(3) The notice shall contain a statement of the facts constituting the acts or omissions specified in subsection (2) of this section.
(4) The notice shall set a time and place at which a hearing will be held to determine whether the following remedies should be granted:
(a) An order to cease and desist any of the acts or omissions specified in subsection (2) of this section;
(b) An order compelling affirmative action to redress any of the acts or omissions specified in subsection (2) of this section;
(c) An order imposing fines as authorized by RCW 30B.10.070;
(d) Restitution to beneficiaries, trustors, or other aggrieved persons;
(e) Costs and expenses related to investigation and enforcement, including attorney fees; and
(f) Other remedies authorized by law.
[ 2019 c 389 § 21.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.160 - Hearing—Schedule—Default.

RCW 30B.10.160
Hearing—Schedule—Default.
(1) The hearing shall be held not earlier than ten days or later than thirty days after service of the notice set forth in RCW 30B.10.150, unless a later date is set by the director for good cause as requested by the respondent.
(2) Unless the respondent appears at the hearing set forth in subsection (1) of this section, a default order granting any of the remedies or sanctions set forth in the notice and statement of charges may be issued by the presiding officer, consistent with RCW 34.05.440(2).
(3) A respondent may file with the presiding officer, within seven days of service of the default order, a motion to set aside a default order consistent with RCW 34.05.440(3). If the presiding officer does not issue a ruling within five business days of the motion being filed, then the motion to set aside is denied.
[ 2019 c 389 § 22.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.170 - Hearing—Order—Review or appeal.

RCW 30B.10.170
Hearing—Order—Review or appeal.
(1) The presiding officer shall have sixty days after the hearing to issue an order, including findings of fact and conclusions of law, consistent with RCW 34.05.461(3).
(2) If the director has not delegated his or her authority to a presiding officer to issue a final order, a party may bring a petition for review of the presiding officer's initial order before the director, consistent with RCW 34.05.464.
(3) If the director has previously delegated his or her authority for the presiding officer to issue a final order, then the order of such presiding officer shall be final and may be appealable to the superior court of Washington, consistent with RCW 34.05.514.
(4) The commencement of proceedings for judicial review shall not operate as a stay of any order issued by the director unless specifically ordered by the court.
[ 2019 c 389 § 23.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.190 - Order of prohibition against third-party service providers—Grounds—Notice.

RCW 30B.10.190
Order of prohibition against third-party service providers—Grounds—Notice.
(1) The director may issue and serve a state trust institution, or its affiliate, with written notice of intent to prohibit it from permitting a third-party service provider of such state trust institution or affiliate from participating in the conduct of the affairs of the state trust institution, whenever:
(a) The third-party service provider commits an unsafe or unsound practice, or a violation or practice involving a breach of fiduciary duty, personal dishonesty, recklessness, or incompetence; and
(b)(i) The state trust institution or its affiliate has suffered or is likely to suffer substantial financial loss or other damage; or
(ii) The interests of the state trust institution, or its affiliate, or their beneficiaries, trustors, shareholders, or the general public in Washington state could be seriously prejudiced by reason of the violation or practice of the third-party service provider.
(2) The director shall also serve any affected third-party service provider with the notice described in subsection (1) of this section, and such third-party service provider shall be deemed a real party in interest with the same right to notice and right to intervene in the administrative action and defend against it as if the third-party service provider were the respondent.
[ 2019 c 389 § 26.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.200 - Notice of intention to remove or prohibit participation in conduct of affairs—Hearing—Order.

RCW 30B.10.200
Notice of intention to remove or prohibit participation in conduct of affairs—Hearing—Order.
(1) A notice pursuant to RCW 30B.10.080 or 30B.10.190 shall:
(a) Contain a statement of the facts that constitute grounds for removal or prohibition; and
(b) Set a time and place at which a hearing will be held.
(2) The hearing shall be set not earlier than ten days or later than thirty days after the date of service of the notice unless an earlier or later date is set by the director at the request of the board trustee or director, officer, or employee for good cause shown or at the request of the attorney general of the state.
(3) Unless the respondent appears at the hearing personally or by a representative authorized under WAC 208-08-030, the respondent shall be deemed to have consented to the issuance of an order of removal or prohibition or both. In the event of such consent or if upon the record made at the hearing the director finds that any of the grounds specified in the notice have been established, the director may issue such order of removal or prohibition from participation in the conduct of the affairs of the state trust company, out-of-state trust company doing business in Washington state, or affiliate, as the director may consider appropriate.
(4) Any order under this section shall become effective at the expiration of ten days after service upon the respondent, except that an order issued upon consent shall become effective at the time specified in the order.
(5) An order shall remain effective except to the extent it is stayed, modified, terminated, or set aside by the director or a reviewing court.
[ 2019 c 389 § 27.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.220 - Jurisdiction of courts as to the department's enforcement orders—Venue.

RCW 30B.10.220
Jurisdiction of courts as to the department's enforcement orders—Venue.
(1) The director may apply to a superior court of Washington for the enforcement of any effective and outstanding final order issued pursuant to this chapter, and the superior court shall have jurisdiction to order compliance with such final order.
(2) No court shall have jurisdiction to affect by injunction or otherwise the department's issuance or enforcement of any order pursuant to this chapter, or to review, modify, suspend, terminate, or set aside such order, except as provided in this chapter.
(3) The venue for enforcement of a final order by the department under this chapter shall be the superior court in the county of the principal place of business of the person upon whom the order is imposed or, in the case of such person not being domiciled in Washington state, the venue shall be Thurston county superior court.
[ 2019 c 389 § 29.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.230 - General penalty—Effect of conviction.

RCW 30B.10.230
General penalty—Effect of conviction.
(1) A person who shall knowingly violate or knowingly aid or abet the violation of any provision of RCW 30B.10.050 shall be guilty of a misdemeanor.
(2) A director, officer, manager, employee, or agent of a state trust institution or affiliate who has had imposed upon him or her a criminal conviction for the violation of this title or any other financial services law of this or any other state or of the United States shall not be permitted to engage in or become or remain a board director, officer, manager, employee, or agent of any state trust company or its affiliate doing business in Washington state.
[ 2019 c 389 § 32.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.10 - Director's Authority—Supervision and Examination—Enforcement. › 30B.10.240 - Statute of limitations.

RCW 30B.10.240
Statute of limitations.
(1) An action seeking any remedy under RCW 30B.10.070, 30B.10.080, or 30B.10.190 shall commence no later than five years after the cause of action accrued.
(2) A cause of action under this section is deemed to have accrued at the later of the following events:
(a) The occurrence of the act or omission;
(b) When the department discovers or should have discovered that the act or omission has occurred;
(c) When the department discovers or should have discovered that the act or omission has negatively impacted the capital status or other element of safety or soundness of a state trust company or out-of-state trust company doing business in Washington state; or
(d) Where an act or omission is part of a pattern or practice, upon the occurrence of the most recent act or omission comprising the pattern or practice. A cause of action under this subsection may include all acts or omissions comprising the pattern or practice if the cause of action is timely as to the most recent act or omission.
[ 2019 c 389 § 33.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.005 - Voting securities held by state trust company.

RCW 30B.12.005
Voting securities held by state trust company.
(1) Voting securities of a state trust company held by the state trust company in a fiduciary capacity under a will or trust, whether registered in its own name or in the name of its nominee, may not be voted in the election of directors or managers or on a matter affecting the compensation of directors, managers, officers, or employees of the state trust company in that capacity, unless:
(a) Under the terms of the will or trust, the manner in which the voting securities are to be voted may be determined by a donor or beneficiary of the will or trust and the donor or beneficiary actually makes the determination in the matter at issue;
(b) The terms of the will or trust expressly direct the manner in which the securities must be voted to the extent that no discretion is vested in the state trust company as fiduciary; or
(c) The securities are voted solely by a cofiduciary that is not an affiliate of the state trust company, as if the cofiduciary were the sole fiduciary.
(2) Voting securities of a state trust company that cannot be voted under this section are considered to be authorized but unissued for purposes of determining the procedures for and results of the affected vote.
[ 2014 c 37 § 346.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.010 - Bylaws.

RCW 30B.12.010
Bylaws.
(1) A state trust company shall adopt bylaws and may amend its bylaws from time to time for the purposes and in accordance with the procedures set forth in the Washington business corporation act.
(2) A limited liability trust company in which management is retained by the participants is not required to adopt bylaws if provisions required by law to be contained in the bylaws are contained in the articles of association or the participation agreement. If a limited liability trust company has adopted bylaws which designate each full liability participant, the limited liability trust company shall file with the director a copy of the bylaws. Solely that portion of the bylaws designating each full liability participant is a public record.
[ 2014 c 37 § 347.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.030 - Required board meetings.

RCW 30B.12.030
Required board meetings.
The board of a state trust company shall hold at least one regular meeting each quarter. At each regular meeting the board shall review and approve the minutes of the prior meeting and review the operations, activities, and financial condition of the state trust company. The board may designate committees from among its members to perform these duties and approve or disapprove the committees' reports at each regular meeting. All actions of the board must be recorded in its minutes.
[ 2014 c 37 § 349.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.040 - Officers.

RCW 30B.12.040
Officers.
(1) The board shall annually appoint the officers of the state trust company, who serve at the pleasure of the board. The state trust company must have a principal executive officer primarily responsible for the execution of board policies and operation of the state trust company and an officer responsible for the maintenance and storage of all corporate books and records of the state trust company and for required attestation of signatures. These positions may not be held by the same person. The board may appoint other officers of the state trust company as the board considers necessary.
(2) Unless expressly authorized by a resolution of the board recorded in its minutes, an officer, manager, or employee may not create or dispose of a state trust company asset or create or incur a liability on behalf of the state trust company.
(3) Unless otherwise approved by the director, the chief executive officer, the president, the chief operating officer, or the chief financial officer of a state trust company, or an officer of the state trust company with an equivalent function, must be a Washington state resident.
(4) Notwithstanding any other provision of this section to the contrary, the board of a state trust company shall designate officers and committees or subcommittees composed of such officers, consistent with the requirements of RCW 30B.24.030 and in conformity with the contents of the state trust company's written statement of principles of trust management, pursuant to RCW 30B.24.040, as adopted by the board and subject to approval of the department.
[ 2019 c 389 § 35; 2014 c 37 § 350.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.050 - Certain criminal offenses.

RCW 30B.12.050
Certain criminal offenses.
(1) An officer, director, manager, managing participant, employee, shareholder, or participant of a state trust company commits an offense if the person knowingly:
(a) Conceals information or a fact, or removes, destroys, or conceals a book or record of the state trust company for the purpose of concealing information or a fact from the director or an agent of the director; or
(b) For the purpose of concealing, removes or destroys any book or record of the state trust company that is material to a pending or anticipated legal or administrative proceeding.
(2) An officer, director, manager, managing participant, or employee of a state trust company commits an offense if the person knowingly makes a false entry in the books or records or in any report or statement of the state trust company.
(3) An offense under this section is a class B felony.
[ 2014 c 37 § 351.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.060 - Board's responsibility.

RCW 30B.12.060
Board's responsibility.
The board of a state trust company is responsible for the proper exercise of fiduciary powers by the state trust company and each matter pertinent to the exercise of fiduciary powers, including:
(1) The determination of policies;
(2) The investment and disposition of property held in a fiduciary capacity;
(3) The direction and review of the actions of each officer, manager, employee, committee, and agent used by the state trust company in the exercise of its fiduciary powers; and
(4) Every other requirement of the board as set forth in RCW 30B.24.030 and in conformity with the contents of the state trust company's written statement of principles of trust management, pursuant to RCW 30B.24.040, as adopted by the board and subject to approval of the department.
[ 2019 c 389 § 36; 2014 c 37 § 352.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.070 - Bonding requirements.

RCW 30B.12.070
Bonding requirements.
The board of a state trust company shall require protection and indemnity for clients in reasonable amounts consistent with the bonding requirements for a state bank under RCW 30A.12.030 and as may further be established by rule adopted under this chapter, against dishonesty, fraud, defalcation, forgery, theft, and other similar insurable losses, with corporate insurance or surety companies.
[ 2014 c 37 § 353.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.080 - Reports of apparent crime.

RCW 30B.12.080
Reports of apparent crime.
A trust company that is the victim of a robbery, has a shortage of corporate or fiduciary funds in excess of five thousand dollars, or is the victim of an apparent or suspected misapplication of its corporate or fiduciary funds or property in any amount by a director, manager, managing participant, officer, or employee shall report such robbery, shortages, or apparent or suspected misapplication to the director within forty-eight hours after the time it is discovered. The initial report may be oral if the report is promptly confirmed in writing. The trust company or a director, manager, managing participant, officer, employee, or agent is not subject to liability for defamation or another charge resulting from information supplied in the report.
[ 2014 c 37 § 354.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.100 - Audit—Fiduciary audit committee.

RCW 30B.12.100
Audit—Fiduciary audit committee.
(1) A state trust company shall have a fiduciary audit committee, which shall exercise fiduciary responsibilities, administer fiduciary powers, and report to the board of directors consistent with the requirements of this section, RCW 30B.24.030, and in conformity with the contents of the state trust company's written statement of principles of trust management, pursuant to RCW 30B.24.040.
(2) At least once during each calendar year, a state trust company shall arrange for a suitable audit by internal or external auditors of all significant fiduciary activities, under the direction of its fiduciary audit committee, unless the state trust company adopts a continuous audit system in accordance with subsection (3) of this section. The state trust company shall note the results of the audit, including significant actions taken as a result of the audit, in the minutes of the board of directors.
(3) In lieu of performing annual audits under subsection (2) of this section, a state trust company may adopt a continuous audit system under which the state trust company arranges for a discrete audit by internal or external auditors of each significant fiduciary activity on an activity-by-activity basis, under the direction of its fiduciary audit committee, at an interval commensurate with the nature and risk of that activity. Under such a system, certain fiduciary activities may receive audits at intervals greater or less than one year, as appropriate. A state trust company that adopts a continuous audit system pursuant to this subsection shall note the results of all discrete audits performed since the last audit report, including significant actions taken as a result of the audits, in the minutes of the board of directors at least once during each calendar year.
(4) A state trust company's fiduciary audit committee may consist of the entire board of directors, or it may comprise either a committee of the bank's directors or an audit committee of an affiliate of the state trust company. However, in either case, the committee:
(a) Must not include any officers of the state trust company or an affiliate who participate significantly in the administration of the state trust company's fiduciary activities; and
(b) Must consist of a majority of members who are not also members of any committee to which the board of directors has delegated power to manage and control the fiduciary activities of the state trust company.
(5) The requirements of subsections (1) through (4) of this section shall be separate from and in addition to any audits of the nonfiduciary operations of the state trust company, if any.
[ 2019 c 389 § 38; 2014 c 37 § 356.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.110 - Shareholders—Actions authorized without meetings—Written consent.

RCW 30B.12.110
Shareholders—Actions authorized without meetings—Written consent.
(1) Any action required by this title to be taken at a meeting of the shareholders of a state trust company, or any action that may be taken at a meeting of such shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, is signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
(2) The consent has the same force and effect as a unanimous vote of shareholders and may be stated as such in any articles or documents filed under this title.
[ 2014 c 37 § 357.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.120 - Directors, committees—Actions authorized without meetings—Written consent.

RCW 30B.12.120
Directors, committees—Actions authorized without meetings—Written consent.
(1) Unless otherwise provided by the articles of incorporation or bylaws, any action required by this title to be taken at a meeting of the directors of a state trust company, or any action which may be taken at any meeting of the directors or of a committee, may be taken without a meeting if consented to in writing or by electronic transmission, setting forth the action so taken, shall be signed by all of the directors, or all of the members of the committee, as the case may be. Such consent has the same effect as a unanimous vote.
(2) For purposes of this section, the term "electronic transmission" means any form of communication not involving the transmission of paper that creates a record that may be retained, retrieved, and reviewed by a recipient thereof and that may be directly reproduced in paper form by such recipient through an automated process.
[ 2014 c 37 § 358.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.130 - Directors, committees—Meetings authorized by conference telephone or similar communications equipment.

RCW 30B.12.130
Directors, committees—Meetings authorized by conference telephone or similar communications equipment.
Except as may be otherwise restricted by the articles of incorporation or bylaws of a state trust company, members of its board of directors or any committee designated by its board of directors may participate in a meeting of the board or committee by means of a conference telephone or similar communications equipment by means of 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.
[ 2014 c 37 § 359.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.12 - State Trust Companies—Board of Directors, Officers, and Shareholders. › 30B.12.140 - Fidelity bonds—Liability insurance—Additional insurance—Authority of director.

RCW 30B.12.140
Fidelity bonds—Liability insurance—Additional insurance—Authority of director.
(1) Except as otherwise permitted by the director under specified terms and conditions, the board of directors of a state trust company shall direct and require good and sufficient fidelity bonds and liability insurance, issued by a company authorized to engage in the insurance business in the state of Washington, covering the state trust company and all of its active directors, officers, managers, and employees. Bonds or coverage shall provide for indemnity to the state trust company on account of any losses sustained by it as the result of any dishonest, fraudulent, or criminal act or omission committed or omitted by directors, officers, managers, and employees, acting independently or in collusion or combination with any person. Such bonds or coverage may be individual, schedule, or blanket form, and premiums shall be paid by the state trust company.
(2) Except as otherwise permitted by the director under specified terms and conditions, the board of directors of a state trust company shall direct and require good and sufficient liability insurance, including errors and omissions coverage, for the negligent or reckless acts and omissions of directors, officers, fiduciary managers, and employees. Such coverage shall be paid by the state trust company.
(3) Except as otherwise permitted by the director under specified terms and conditions, the directors shall also direct and require suitable insurance protection to the state trust company, as necessary, against burglary, robbery, theft, and other similar insurance hazards to which the state trust company may be exposed in the operations of its business on the premises or elsewhere.
(4) The directors shall be responsible for prescribing at least once in each year the amount of such bonds or policies and the sureties or underwriters to be engaged, after giving due consideration to all known elements and factors constituting known risks or hazards. Such action of the directors shall be recorded in the board minutes.
(5) The director may by rule prescribe requirements for bond and insurance coverage that are more specific and derogation of the provision of subsections (1) through (4) of this section if the director determines that such a rule is necessary to conform to the market availability of certain bond and insurance coverages.
[ 2019 c 389 § 39.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.20 - State Trust Companies—Trust Deposits and Common Trust Funds. › 30B.20.005 - General prohibition on deposit taking.

RCW 30B.20.005
General prohibition on deposit taking.
Except as authorized by this chapter or other governing law, a trust company may not take or hold deposits of funds in this state unless:
(1) It is authorized to do business in this state as a depository institution; and
(2) Complies with all applicable federal and state laws and regulations respecting the taking and handling of monetary deposits.
[ 2014 c 37 § 360.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.20 - State Trust Companies—Trust Deposits and Common Trust Funds. › 30B.20.010 - Trust deposits as a client investment—Security fund.

RCW 30B.20.010
Trust deposits as a client investment—Security fund.
(1) The director may establish by rule a plan for the safe and sound deposit of trust funds by a state trust company with itself as an investment, if:
(a) The investment of the trust deposits is authorized in writing by the settlor or the beneficiary;
(b) The state trust company maintains as security for the trust deposits a separate fund of securities, which are permissible for trust investments, under control of a federal reserve bank or a clearing corporation, either in this state or elsewhere;
(c) The total market value of the security is at all times at least equal to the amount of the deposit;
(d) The separate fund is designated as security for trust deposits;
(e) The separate fund is maintained under the control of a bank or government agency; and
(f) The state trust company complies with such other terms and conditions as the director may establish by rule in the interest of safety and soundness and protection of the public.
(2) A state trust company may make periodic withdrawals from or additions to the securities fund required by subsection (1) of this section as long as the required value is maintained.
(3) Income from the securities in the fund belongs to the state trust company.
[ 2014 c 37 § 361.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.20 - State Trust Companies—Trust Deposits and Common Trust Funds. › 30B.20.020 - Common trust funds—Collective investment funds.

RCW 30B.20.020
Common trust funds—Collective investment funds.
(1) Consistent with RCW 11.102.010, a state trust company may establish common trust funds to provide investment to itself as a fiduciary.
(2) The director may adopt rules to administer and carry out this section and RCW 11.102.010, including but not limited to rules to establish investment and participation limitations, disclosure of fees, audit requirements, limit or expand investment authority for particular classes or categories of securities or other property, advertising, exemptions, and other requirements that may be necessary to carry out this section.
(3) A state trust company that invests in a collective investment fund shall make investments as required by RCW 30B.24.030 and in conformity with the contents of the state trust company's written statement of principles of trust management, pursuant to RCW 30B.24.040, as adopted by the board and subject to approval of the department. A state trust company shall also comply with RCW 30B.24.020 in avoiding conflicts of interest and self-dealing in relation to a collective investment fund.
(4) Unless otherwise prescribed by the director by rule, a state trust company shall be required to establish and maintain collective investment funds the same as required for a federally insured state bank with authorized trust powers, taking into account federal rules applicable to a federally insured state bank in relation to a collective trust fund that require a written plan and specific requirements for fund management including, without limitation, provision for proportionate interests, methods and frequency of valuation of all or portions of the fund, admission and withdrawal of accounts, methods of distribution, segregation of investments, audit and financial reports related to the collective investment fund, advertising restrictions, management fees, expenses, and prohibition against certificates.
(5) Notwithstanding the general use of the term "affiliate" in this title as defined in RCW 30B.04.005, nothing in this chapter shall be construed as exempting or modifying a requirement of a state trust institution with respect to RCW 11.102.010.
[ 2019 c 389 § 40; 2014 c 37 § 362.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.24 - State Trust Companies—Prudential Fiduciary Standards. › 30B.24.005 - Prudential fiduciary standards.

RCW 30B.24.005
Prudential fiduciary standards.
(1) Except to the extent federal preemption of state law is applicable in relation to trusts governed under the federal employment retirement income security act, a state trust company shall comply with all applicable provisions of this title and with applicable provisions of Title 11 RCW including, without limitation, chapters 11.97, 11.98, *11.98A, 11.100, 11.102, 11.104B, 11.106, 11.107, and 11.108 RCW, and with chapter 11.110 RCW, in the case of a charitable trust.
(2) The director has broad administrative authority to establish by rule or interpretation principles-based standards for examination, supervision, and enforcement of a state trust company by the department in relation to compliance with this title, including subsection (1) of this section.
(3) A state bank, in relation to its trust department and its exercise of trust powers, shall comply with:
(a) Title 30A RCW, if a state commercial bank, and Title 32 RCW, if a state savings bank;
(b) The applicable provisions of Title 11 RCW including, without limitation, chapters 11.97, 11.98, *11.98A, 11.100, 11.102, 11.104B, 11.106, 11.107, and 11.108 RCW, and with chapter 11.110 RCW, in the case of a charitable trust;
(c) If the state bank is federally insured, any applicable rules and guidance of the federal deposit insurance corporation or other applicable federal law or regulation related to such state bank's exercise of trust powers; and
(d) If the state bank is a member of the federal reserve system, any rules and guidance of the board of governors of the federal reserve system related to such state bank's exercise of trust powers.
[ 2021 c 140 § 2804; 2019 c 389 § 41; 2014 c 37 § 363.]
NOTES:
*Reviser's note: Chapter 11.98A RCW was repealed in its entirety by 2020 c 303 § 19.
Effective date—2021 c 140 §§ 2101-2806: See RCW 11.104B.905.
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.24 - State Trust Companies—Prudential Fiduciary Standards. › 30B.24.010 - Fee determination.

RCW 30B.24.010
Fee determination.
(1) The compensation arrangement between a client and a trustee or any other fiduciary pursuant to this title shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.
(2) This section does not apply to arrangements not involving trust or client assets.
[ 2014 c 37 § 364.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.24 - State Trust Companies—Prudential Fiduciary Standards. › 30B.24.030 - Compliance with fiduciary activities standards equivalent to that of national banks—Statement of principles of trust management—Management of third-party risk.

RCW 30B.24.030
Compliance with fiduciary activities standards equivalent to that of national banks—Statement of principles of trust management—Management of third-party risk.
(1) Unless the director shall otherwise set forth by rule, a state trust company and, to the extent applicable, its affiliates, and their respective directors, officers, managers, employees, and agents, shall comply with such federal regulations applicable to the fiduciary activities of a federally insured state bank.
(2) The requirements of subsection (1) of this section, as applicable to a state trust company, shall be at least partially contained in the state trust company's written statement of principles of trust management, the contents of which shall be subject to examination and approval by the department, and upon which the department may further examine a state trust company as to whether it is in compliance with such statement.
(3) A state trust company and, to the extent applicable, its affiliate, shall comply with standards for prudent management of third-party risk under applicable law or as the director may otherwise adopt by rule or by a written interpretive statement including, without limitation, management of third-party risk pursuant to RCW 30B.24.060.
[ 2019 c 389 § 42.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.24 - State Trust Companies—Prudential Fiduciary Standards. › 30B.24.050 - Call report.

RCW 30B.24.050
Call report.
(1) A state trust company shall file no later than forty-five days after the end of each calendar quarter a statement of its financial condition and a summary of the condition of its fiduciary accounts, known as a call report, in a form and content as prescribed by the director by rule or written policy from which at least ninety days' advance written notice has been given.
(2) Unless otherwise established by rule, such call report shall be deemed confidential examination information and shall be subject to RCW 30A.04.075.
[ 2019 c 389 § 45.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.24 - State Trust Companies—Prudential Fiduciary Standards. › 30B.24.060 - Compliance with the bank secrecy act—Management of third-party risk—Cybersecurity—Examination.

RCW 30B.24.060
Compliance with the bank secrecy act—Management of third-party risk—Cybersecurity—Examination.
(1) A state trust institution and its affiliate or third-party service provider, if applicable, shall comply with the federal financial recordkeeping and reporting of currency and foreign transactions act, 31 U.S.C. Sec. 5311 et seq., also known as the bank secrecy act, and with associated federal regulations including, without limitation, any requirements under 31 C.F.R. Part 103.
(2) A state trust institution and its affiliate or third-party service provider, if applicable, shall maintain the federal standards for safeguarding customer information, required pursuant to Title V of the federal Gramm-Leach-Bliley act, P.L. 106-10, 113 Stat. 1338, as amended, and shall comply with applicable federal and state laws and rules related to cybersecurity, or written interpretive statement of the department to which the state trust institution, affiliate, or third-party service provider has been furnished notice.
(3) A state trust company shall be subject to examination by the department for compliance with subsections (1) and (2) of this section. An affiliate of a state trust company may be subject to examination for compliance with subsections (1) and (2) of this section upon notice to the state trust company and to the applicable affiliate. A third-party service provider may be subject to direct examination in relation to compliance with subsections (1) and (2) of this section as may be required pursuant to RCW 30B.10.045 (3) and (4).
[ 2019 c 389 § 46.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.005 - Trust business at a trust office.

RCW 30B.38.005
Trust business at a trust office.
(1) An out-of-state trust institution that meets the requirements of this chapter is not required to maintain a physical trust office in Washington state.
(2) An out-of-state trust institution that does not operate a trust office in Washington state and that meets the requirements of this chapter may establish and maintain a new trust office in Washington state.
(3) As used in this chapter, "doing business in Washington state," with reference to an out-of-state trust institution, means purposely availing oneself of regularly transacting trust business with the public in Washington state, or otherwise seeking to regularly transact trust business with the public in Washington state by means of solicitation, which the director may so determine if all or part of the administration of any trust or other agreement to conduct trust business is administered or sought to be administered in Washington state, or if a trust or other trust business agreement, with the assent of the out-of-state trust institution, specifies Washington state as the situs of the trust or situs of the tangible or intangible property covered by the trust business agreement.
[ 2019 c 389 § 47; 2014 c 37 § 366.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.010 - Preexisting approved out-of-state trust institutions.

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.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.030 - Requirement of notice.

RCW 30B.38.030
Requirement of notice.
An out-of-state trust institution desiring to engage in trust business in Washington 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 Washington state, accompanied by a written application containing:
(1) Satisfactory 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 Washington state;
(3) Evidence of compliance with the requirements of the director set forth in RCW 30B.38.020 or a request for waiver of certain requirements of RCW 30B.38.020 satisfactory to the director; and
(4) A filing fee, if any, as prescribed by the director under authority of RCW 30A.04.070.
[ 2019 c 389 § 49; 2014 c 37 § 369.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.040 - Notice of approval or denial by director.

RCW 30B.38.040
Notice of approval or denial by director.
(1) The director must, within sixty days after receiving a complete written application under RCW 30B.38.030, including any waiver request, notify the home state regulator and the out-of-state trust institution of the director's approval or denial of the written application or waiver request, including any other conditions for approval that the director may require.
(2) The sixty-day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may engage in trust business in Washington state only on prior written approval by the director.
[ 2019 c 389 § 50; 2014 c 37 § 370.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.050 - Additional trust offices.

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.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.070 - Enforcement.

RCW 30B.38.070
Enforcement.
(1) Consistent with chapter 30B.10 RCW, the director may determine an out-of-state trust institution engaging in trust business in Washington state, or its affiliate, is in violation of any provision of this title or is operating in an unsafe and unsound manner.
(2) The director shall have the authority to take all such enforcement actions against an out-of-state trust institution or its affiliate as he or she is empowered to take under chapter 30B.10 RCW, including but not limited to issuing an order temporarily or permanently prohibiting the out-of-state trust institution or its affiliate from engaging in trust business in Washington state.
(3) The director may make a written finding that an out-of-state trust institution engaging in or proposing to engage in a trust business in Washington state does not meet the requirements for engaging in trust business in Washington state pursuant to this chapter or RCW 30B.72.010, which finding shall be effective on the date of issuance or such other date as the director shall determine.
(4) In cases involving extraordinary circumstances requiring immediate action, the director may issue pursuant to RCW 30B.10.180 an emergency order without advance notice or opportunity for hearing, subject to the right of the out-of-state trust institution or, as applicable, its affiliate, to petition for judicial review in the same manner as a state trust company under this title.
(5) The director will give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution or its affiliate and, to the extent practicable, will consult and cooperate with the home state regulator in pursuing and resolving such enforcement action.
[ 2019 c 389 § 51; 2014 c 37 § 373.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.080 - Notice of subsequent merger, closing, etc.

RCW 30B.38.080
Notice of subsequent merger, closing, etc.
Each out-of-state trust institution that maintains an office in Washington state or otherwise conducts trust business in Washington 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, as determined by the definition of "control" set forth in RCW 30B.53.005;
(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 Washington state.
[ 2019 c 389 § 52; 2014 c 37 § 374.]
2023 Revised Code of Washington › Title 30B - Washington Trust Institutions Act › Chapter 30B.38 - Out-of-State Trust Institutions. › 30B.38.090 - Functionally unregulated out-of-state trust institutions.

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 Washington 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, in the opinion of the director, subject to 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.
[ 2019 c 389 § 54; 2014 c 37 § 375.]