reglab/statecodes huggingface dataset:
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.474 - Liquidation—Disposition of unclaimed funds.

RCW 31.12.474
Liquidation—Disposition of unclaimed funds.
(1) At a special meeting called for the purpose of liquidation, and upon the recommendation of at least two-thirds of the total members of the board of a credit union, the members of a credit union may elect to liquidate the credit union by a two-thirds majority vote of those members voting.
(2) Upon a vote to liquidate under subsection (1) of this section, a three-person liquidating committee must be elected to liquidate the assets of the credit union. The committee shall act in accordance with any requirements of the director and may be reasonably compensated by the board of the credit union. Each share account holder and depositor at the credit union is entitled to his, her, or its proportionate part of the assets in liquidation after all shares, deposits, and debts have been paid. The proportionate allocation shall be based on account balances as of a date determined by the board. For the purposes of liquidation, shares and deposits are equivalent. The assets of the liquidating credit union are not subject to contingent liabilities. Upon distribution of the assets, the credit union ceases to exist except for the purpose of discharging existing liabilities and obligations.
(3) Funds representing unclaimed dividends in liquidation and remaining in the hands of the liquidating committee for six months after the date of the final dividend must be deposited, together with all the books and papers of the credit union, with the director. The director may, one year after receipt, destroy such records, books, and papers as, in the director's judgment, are obsolete or unnecessary for future reference. The funds may be deposited in one or more financial institutions to the credit of the director, in trust for the members of the credit union entitled to the funds. The director may pay a portion of the funds to a person upon receipt of satisfactory evidence that the person is entitled to the funds. In case of doubt or conflicting claims, the director may require an order of the superior court of the county in which the principal place of business of the credit union was located, authorizing and directing the payment of the funds. The director may apply the interest earned by the funds toward defraying the expenses incurred in the holding and paying of the funds. Five years after the receipt of the funds, the funds still remaining with the director must be remitted to the state as unclaimed property.
[ 2001 c 83 § 25; 1997 c 397 § 44; 1994 c 92 § 223; 1984 c 31 § 74. Formerly RCW 31.12.725.]
NOTES:
Revised uniform unclaimed property act: Chapter 63.30 RCW.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.516 - Powers of director.

RCW 31.12.516
Powers of director.
(1) The powers of supervision and examination of credit unions and other persons subject to this chapter and chapter 31.13 RCW are vested in the director.
(2) The director shall require each credit union to conduct business in compliance with this chapter and may require each credit union to conduct business in compliance with other state and federal laws that apply to credit unions.
(3) The director has the power to commence and prosecute actions and proceedings against and enjoin violations of this chapter and chapter 31.13 RCW by any person holding itself out to be a credit union, federal credit union, out-of-state credit union, foreign credit union, or corporate credit union. The director may, in connection with such enforcement of this chapter and chapter 31.13 RCW, collect sums, including fines, costs, and reasonable attorneys' fees for actions commenced or prosecuted on its behalf.
(4) Upon a written finding, the director may temporarily suspend or restrict withdrawal of deposits in a credit union.
(5) The director may adopt such rules as are reasonable or necessary to carry out the purposes of this chapter and chapter 31.13 RCW.
(6) Chapter 34.05 RCW, whenever applicable, governs the rights, remedies, and procedures respecting the administration of this chapter.
(7) The director may by rule provide appropriate relief for small credit unions from requirements under this chapter or rules of the director. However, small credit unions must still comply with RCW 31.12.408.
(8) The director shall have the power and broad administrative discretion to administer and interpret the provisions of this chapter and chapter 31.13 RCW, to facilitate the delivery of financial services to the members of a credit union.
(9) Nonfederally insured credit unions, nonfederally insured out-of-state credit unions, and nonfederally insured foreign credit unions operating in this state as permitted by RCW 31.12.408 and 31.12.471, as applicable, must comply with safety and soundness requirements established by the director.
(10) The director may charge fees to credit unions and other persons subject to examination and investigation under this chapter and chapter 31.13 RCW, and to other parties where the division contracts out its services, in order to cover the costs of the operation of the division of credit unions, and to establish a reasonable reserve for the division. The director may waive all or a portion of the fees.
[ 2015 c 114 § 15; 2010 c 87 § 4; 2001 c 83 § 26; 1997 c 397 § 45; 1994 c 92 § 204; 1984 c 31 § 53.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.518 - Powers of director under chapter 19.144 RCW.

RCW 31.12.518
Powers of director under chapter 19.144 RCW.
The director or the director's designee may take such action as provided for in this chapter to enforce, investigate, or examine persons covered by chapter 19.144 RCW.
[ 2008 c 108 § 17.]
NOTES:
Findings—2008 c 108: See RCW 19.144.005.
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.567 - Reports—Financial and statistical data—As required by director.

RCW 31.12.567
Reports—Financial and statistical data—As required by director.
A credit union shall file with the director any financial and statistical report that it is required to file with the national credit union administration. Each report must be certified by the principal operating officer of the credit union. In addition, a credit union shall file reports as may be required by the director.
[ 2001 c 83 § 29; 1997 c 397 § 49.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.569 - Generally accepted accounting principles.

RCW 31.12.569
Generally accepted accounting principles.
Credit unions will comply with the provisions of United States generally accepted accounting principles as required by federal law or rule of the director. In adopting rules to implement this section, the director shall consider, among other relevant factors, whether to transition small credit unions to generally accepted accounting principles over a period of time.
[ 2010 c 87 § 7; 2001 c 83 § 30; 1997 c 397 § 50.]
NOTES:
Effective date—1997 c 397 § 50: "Section 50 of this act takes effect January 1, 1999." [ 1997 c 397 § 91.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.571 - Notice of intent to establish branch—Another state or foreign jurisdiction.

RCW 31.12.571
Notice of intent to establish branch—Another state or foreign jurisdiction.
A credit union desiring to establish a branch in another state or a foreign jurisdiction shall submit to the director a notice of intent to establish the branch at least thirty days before conducting business at the branch.
[ 2001 c 83 § 31; 1997 c 397 § 51; 1994 c 92 § 190; 1984 c 31 § 23. Formerly RCW 31.12.215.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.575 - Removal or prohibition orders—Director's authority—Notice.

RCW 31.12.575
Removal or prohibition orders—Director's authority—Notice.
The director may issue and serve a credit union director, supervisory committee member, officer, or employee with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the credit union or any other depositary institution, trust company, bank holding company, thrift holding company, or financial holding company doing business in Washington state in accordance with RCW 31.12.625 whenever, in the opinion of the director:
(1)(a) The person has committed a material violation of law or an unsafe or unsound practice; or
(b) The person has committed a violation or practice involving personal dishonesty, recklessness, or incompetence; and
(2)(a) The credit union has suffered or is likely to suffer substantial financial loss or other damage; or
(b) The interests of the credit union's share account holders and depositors could be seriously prejudiced by reason of the violation or practice.
[ 2015 c 114 § 17; 2010 c 87 § 8; 2001 c 83 § 32; 1997 c 397 § 52; 1994 c 92 § 210; 1984 c 31 § 59.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.580 - Contents of notice under RCW 31.12.575—Hearing—Order.

RCW 31.12.580
Contents of notice under RCW 31.12.575—Hearing—Order.
(1) A notice under RCW 31.12.575 must contain a statement of the facts that constitute grounds for removal or prohibition and must fix a time and place at which a hearing will be held. If the notice under RCW 31.12.575 is accompanied by a notice of suspension under RCW 31.12.372, the notice of suspension must reference the statement of facts in the notice under RCW 31.12.575 as the basis for its issuance.
(2) The hearing must be set not earlier than ten days after the date of service of the notice 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 credit union director, supervisory committee member, officer, or employee for good cause shown or of the attorney general of the state.
(3) Unless the credit union director, supervisory committee member, officer, or employee, after being served with the notice, appears at the hearing personally or by a duly authorized representative, the person is 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 orders of removal from office or prohibition from participation in the conduct of the affairs of the credit union or any other depositary institution, trust company, bank holding company, thrift holding company, or financial holding company doing business in Washington state as the director may consider appropriate.
(4) An order becomes effective at the expiration of ten days after service upon the credit union and the credit union director, supervisory committee member, officer, or employee concerned, except that an order issued upon consent becomes effective at the time specified in the order.
(5) An order remains effective except to the extent it is stayed, modified, terminated, or set aside by the director or a reviewing court.
[ 2015 c 114 § 18.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.585 - Prohibited acts—Notice—Cease and desist order.

RCW 31.12.585
Prohibited acts—Notice—Cease and desist order.
(1) The director may issue and serve any person regulated by this chapter with a written notice of charges and intent to issue a cease and desist order if, in the opinion of the director, the person has committed or is about to commit:
(a) A material violation of law; or
(b) An unsafe or unsound practice.
(2) Upon taking effect, the order may require the person and its directors, supervisory committee members, officers, employees, and agents to cease and desist from the violation or practice and may require them to take affirmative action to correct the conditions resulting from the violation or practice.
[ 2015 c 114 § 19; 2010 c 87 § 9; 2001 c 83 § 33; 1997 c 397 § 53; 1994 c 92 § 211; 1984 c 31 § 60.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.595 - Temporary cease and desist order—Notice—Principal place of business—Superior court.

RCW 31.12.595
Temporary cease and desist order—Notice—Principal place of business—Superior court.
(1) If the director determines that the violation or practice specified in RCW 31.12.585 is likely to cause an unsafe or unsound condition at a credit union or a credit union service organization, or the public is likely to be substantially injured by delay in issuing a cease and desist order, the director may immediately issue and serve a temporary cease and desist order upon the credit union, credit union service organization, or other applicable person identified in RCW 31.12.545(3). The order may require the credit union, credit union service organization, or other applicable person under RCW 31.12.545(3), and its directors, supervisory committee members, officers, employees, and agents, to cease and desist from the violation or practice and may require them to take affirmative action to correct the conditions resulting from the violation or practice.
(2) With the temporary order, the director shall serve a notice of charges and intent to issue a cease and desist order under RCW 31.12.585 in the matter.
(3) The temporary order becomes effective upon service on the person and remains effective until completion of the administrative proceedings under the notice issued under subsection (2) of this section.
(4) Within ten days after a person has been served with a temporary order, the credit union may apply to the superior court in the county of its principal place of business for an injunction setting aside, limiting, or suspending the order pending the completion of the administrative proceedings under the notice issued under subsection (2) of this section.
(5) In the case of a violation or threatened violation of a temporary order, the director may apply to the superior court of the county of the principal place of business of the person for an injunction to enforce the order, and the court shall issue an injunction if it determines that there has been a violation or threatened violation.
(6) For the purposes of this section, the principal place of business of a foreign or out-of-state credit union, out-of-state credit union service organization, or other out-of-state person under RCW 31.12.545(3) is Thurston county.
[ 2015 c 114 § 20; 2010 c 87 § 10; 2001 c 83 § 34; 1997 c 397 § 54; 1994 c 92 § 212; 1984 c 31 § 61.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.625 - Administrative hearing—Procedures.

RCW 31.12.625
Administrative hearing—Procedures.
An administrative hearing on the notice provided for in RCW 31.12.575 and 31.12.585 must be conducted in accordance with chapter 34.05 RCW, and may be conducted by the director or the director's designee. To the extent the requirements of this chapter are inconsistent with chapter 34.05 RCW, this chapter will govern. The hearing may be held at such place as is designated by the director. The hearing shall be private unless the director determines that a public hearing is necessary to protect the public interest after fully considering the views of the party afforded the hearing.
[ 2010 c 87 § 11; 2001 c 83 § 35; 1997 c 397 § 56; 1994 c 92 § 214; 1984 c 31 § 64.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.630 - Authority of director to call special meeting of board.

RCW 31.12.630
Authority of director to call special meeting of board.
The director may request a special meeting of the board of a credit union if the director believes that a special meeting is necessary for the welfare of the credit union or the purposes of this chapter. The director's request for a special board meeting must be made in writing to the secretary of the board. On receipt of such a request, the secretary shall designate a time and place for the special board meeting, which shall be held within thirty days after receipt of the request. The director may require the attendance of all of the directors at the special board meeting, and an absence unexcused by the director constitutes a violation of this chapter.
[ 2013 c 34 § 11; 1997 c 397 § 58; 1994 c 92 § 216; 1984 c 31 § 67. Formerly RCW 31.12.655.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.633 - Authority of director to attend meetings of the board.

RCW 31.12.633
Authority of director to attend meetings of the board.
The director may attend a meeting of the board of a credit union if the director believes that attendance at the meeting is necessary for the welfare of the credit union, or the purposes of this chapter, or if the board has requested the director's attendance. The director shall provide reasonable notice to the board before attending a meeting.
[ 1997 c 397 § 59; 1994 c 92 § 217; 1984 c 31 § 68. Formerly RCW 31.12.665.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.637 - Intervention by director—Conditions.

RCW 31.12.637
Intervention by director—Conditions.
The director may place a credit union under supervisory direction in accordance with RCW 31.12.641 through 31.12.647, appoint a conservator for a credit union in accordance with RCW 31.12.651 through 31.12.661, appoint a liquidating agent for a credit union in accordance with RCW 31.12.664 and 31.12.667, or appoint a receiver for a credit union in accordance with RCW 31.12.671 through 31.12.724, if the credit union:
(1) Consents to the action;
(2) Has failed to comply with the requirements of the director while the credit union is under supervisory direction;
(3) Has committed or is about to commit a material violation of law or an unsafe or unsound practice, and such violation or practice has caused or is likely to cause an unsafe or unsound condition at the credit union; or
(4) Is in an unsafe or unsound condition.
[ 1997 c 397 § 60.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.641 - Supervision by director—Notice—Compliance—Costs.

RCW 31.12.641
Supervision by director—Notice—Compliance—Costs.
(1) As authorized by RCW 31.12.637, the director may determine to place a credit union under supervisory direction. Upon such a determination, the director shall notify the credit union in writing of:
(a) The director's determination; and
(b) Any requirements that must be satisfied before the director shall terminate the supervisory direction.
(2) The credit union must comply with the requirements of the director as provided in the notice. If the credit union fails to comply with the requirements, the director may appoint a conservator, liquidating agent, or receiver for the credit union, in accordance with this chapter. The director may appoint a representative to supervise the credit union during the period of supervisory direction.
(3) All costs incident to supervisory direction will be a charge against the assets of the credit union to be allowed and paid as the director may determine.
[ 1997 c 397 § 61.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.644 - Supervision by director—Certain acts prohibited.

RCW 31.12.644
Supervision by director—Certain acts prohibited.
During the period of supervisory direction, the director may prohibit the credit union from engaging in any of the following acts without prior approval:
(1) Disposing of, conveying, or encumbering any of its assets;
(2) Withdrawing any of its accounts at other financial institutions;
(3) Lending any of its funds;
(4) Investing any of its funds;
(5) Transferring any of its property; or
(6) Incurring any debt, obligation, or liability.
[ 1997 c 397 § 62.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.647 - Supervision by director—Credit union request for review.

RCW 31.12.647
Supervision by director—Credit union request for review.
During the period of supervisory direction, the credit union may request the director to review an action taken or proposed to be taken by the representative, specifying how the action is not in the best interests of the credit union. The request stays the action, pending the director's review of the request.
[ 1997 c 397 § 63.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.651 - Conservator—Authorized actions—Costs.

RCW 31.12.651
Conservator—Authorized actions—Costs.
(1) As authorized by RCW 31.12.637, the director may, upon due notice and hearing conducted by the director or the director's designee, appoint a conservator for a credit union. The director may appoint himself or herself or another qualified party as conservator of the credit union. The conservator shall immediately take charge of the credit union and all of its property, books, records, and effects.
(2) The conservator shall conduct the business of the credit union and take such steps toward the removal of the causes and conditions that have necessitated the appointment of a conservator, as the director may direct. The conservator is authorized to, without limitation:
(a) Take all necessary measures to preserve, protect, and recover any assets or property of the credit union, including any claim or cause of action belonging to or which may be asserted by the credit union, and administer the same in his or her own name as conservator; and
(b) File, prosecute, and defend any suit that has been filed or may be filed by or against the credit union that is deemed by the conservator to be necessary to protect all of the interested parties or a property affected thereby.
The conservator shall make such reports to the director from time to time as may be required by the director.
(3) All costs incident to conservatorship will be a charge against the assets of the credit union to be allowed and paid as the director may determine.
(4) If at any time the director determines that the credit union is not in condition to continue business under the conservator in the interest of its share account holders, depositors, or creditors, and grounds exist under RCW 31.12.637, the director may proceed with appointment of a liquidating agent or receiver in accordance with this chapter.
(5) The director, the department and its employees, and third parties acting as conservators are not subject to liability for actions under this section, and no departmental funds may be required to be expended on behalf of the credit union, or its creditors, employees, members, or any other party or entity.
[ 2010 c 87 § 12; 1997 c 397 § 64.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.654 - Actions by conservator—Review.

RCW 31.12.654
Actions by conservator—Review.
During the period of conservatorship, the credit union may request the director to review an action taken or proposed to be taken by the conservator, specifying how the action is not in the best interest of the credit union. The request stays the action, pending the director's review of the request.
[ 1997 c 397 § 65.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.657 - Lawsuits during period of conservatorship.

RCW 31.12.657
Lawsuits during period of conservatorship.
Any suit filed against a credit union or its conservator, during the period of conservatorship, must be brought in the superior court of Thurston county. A conservator for a credit union may file suit in any superior court or other court of competent jurisdiction against any person for the purpose of preserving, protecting, or recovering any asset or property of the credit union, including, but not limited to, any claims or causes of action belonging to or asserted by the credit union.
[ 1997 c 397 § 66.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.661 - Conservator serves until purposes are accomplished.

RCW 31.12.661
Conservator serves until purposes are accomplished.
The conservator shall serve until the purposes of the conservatorship have been accomplished. If rehabilitated, the credit union must be returned to management or new management under such conditions as the director may determine.
[ 1997 c 397 § 67.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.664 - Liquidation—Suspension or revocation of articles—Placement in involuntary liquidation—Appointment of liquidating agent—Notice—Procedure—Effect.

RCW 31.12.664
Liquidation—Suspension or revocation of articles—Placement in involuntary liquidation—Appointment of liquidating agent—Notice—Procedure—Effect.
(1) As authorized by RCW 31.12.637, the director may appoint a liquidating agent for a credit union. Before appointing a liquidating agent, the director shall issue and serve notice on the credit union an order directing the credit union to show cause why its articles of incorporation should not be suspended or revoked, in accordance with chapter 34.05 RCW.
(2) If the credit union fails to adequately show cause, the director shall serve the credit union with an order directing the suspension or revocation of the articles of incorporation, placing the credit union in involuntary liquidation, appointing a liquidating agent under this section and RCW 31.12.667, and providing a statement of the findings on which the order is based.
(3) The suspension or revocation must be immediate and complete. Once the articles of incorporation are suspended or revoked, the credit union shall cease conducting business. The credit union may not accept any payment to share or deposit accounts, may not grant or pay out any new or previously approved loans, may not invest any of its assets, and may not declare or pay out any previously declared dividends. The liquidating agent of a credit union whose articles have been suspended or revoked may accept payments on loans previously paid out and may accept income from investments already made.
[ 1997 c 397 § 68; 1994 c 92 § 218; 1984 c 31 § 69. Formerly RCW 31.12.675.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.667 - Order directing involuntary liquidation—Procedure.

RCW 31.12.667
Order directing involuntary liquidation—Procedure.
(1) On receipt of the order placing the credit union in involuntary liquidation, the officers and directors of the credit union shall deliver to the liquidating agent possession and control of all books, records, assets, and property of the credit union.
(2) The liquidating agent shall proceed to convert the assets to cash, collect all debts due to the credit union and wind up its affairs in accordance with any instructions and procedures issued by the director. If a liquidating agent agrees to absorb and serve the membership of the credit union, the director may approve a pooling of assets and liabilities rather than a distribution of assets.
(3) Each share account holder and depositor at the credit union is entitled to a proportionate allocation of the assets in liquidation after all shares, deposits, and debts have been paid.
The proportionate allocation shall be based on account balances as of a date determined by the board. For the purposes of liquidation, shares and deposits are equivalent.
(4) The liquidating agent shall cause a notice of liquidation to be published once a week for three consecutive weeks in a newspaper of general circulation in the county in which the principal place of business of the credit union is located. The notice of liquidation must inform creditors of the credit union on how to make a claim upon the liquidating agent, and that if a claim is not made upon the liquidating agent within thirty days of the last date of publication, the creditor's claim is barred. The liquidating agent shall provide personal notice of liquidation to the creditors of record, informing them that if they fail to make a claim upon the liquidating agent within thirty days of the service of the notice, the creditor's claim is barred. If a creditor fails to make a claim upon the liquidating agent within the times required to be specified in the notices of liquidation, the creditor's claim is barred. All contingent liabilities of the credit union are discharged upon the director's order to liquidate the credit union. The liquidating agent shall, upon completion, certify to the director that the distribution or pooling of assets of the credit union is complete.
[ 1997 c 397 § 69; 1994 c 92 § 219; 1984 c 31 § 70. Formerly RCW 31.12.685.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.671 - Receivership—Appointment of receiver by director—Notice—Act without bond.

RCW 31.12.671
Receivership—Appointment of receiver by director—Notice—Act without bond.
(1) As authorized by RCW 31.12.637, the director may without prior notice appoint a receiver to take possession of a credit union. The director may appoint the national credit union administration or other qualified party as receiver. Upon appointment, the receiver is authorized to act without bond. Upon acceptance of the appointment, the receiver shall have and possess all the powers and privileges provided by the laws of this state with respect to the receivership of a credit union, and be subject to all the duties of and restrictions applicable to such a receiver, except insofar as such powers, privileges, duties, or restrictions are in conflict with any applicable provision of the federal credit union act.
Upon taking possession of the credit union, the receiver shall give written notice to the directors of the credit union and to all persons having possession of any assets of the credit union. No person with knowledge of the taking of possession by the receiver shall have a lien or charge for any payment advanced, clearance made, or liability incurred against any of the assets of the credit union, after the receiver takes possession, unless approved by the receiver.
(2) The director, the department and its employees, and any third-party receiver acting on behalf of the department are not subject to liability for actions taken pursuant to appointment of a receiver under this section. Funds of the department may not be required to be expended on behalf of the credit union or its members, directors, officers, employees, or any other person.
[ 2010 c 87 § 13; 1997 c 397 § 70.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.674 - Director's orders—Notice to director of hearing—Hearing—Principal place of business—Superior court.

RCW 31.12.674
Director's orders—Notice to director of hearing—Hearing—Principal place of business—Superior court.
(1) Within ten days after the director issues an order of involuntary liquidation of a credit union pursuant to RCW 31.12.664(2) or order appointing a receiver for a credit union pursuant to RCW 31.12.671, the credit union may serve a notice upon the director to appear at a hearing before the superior court of the county in which the principal place of business of the credit union is located and at a time to be fixed by the court, which may not be less than five or more than fifteen days from the date of the service of the notice. At the hearing, the credit union has the burden to show cause why the director's action ordering involuntary liquidation or appointing a receiver should not be affirmed.
(2) The court shall summarily hear and dismiss the complaint if it finds that the order of involuntary liquidation or order appointing receiver was issued for cause. However, if the court finds that no cause existed for the order of involuntary liquidation or order appointing receiver, the court shall require the director to restore the credit union to possession of its assets and enjoin the director from involuntary liquidation of the credit union or further appointment of a receiver for the credit union without cause.
(3) Failure of the credit union to serve notice of show cause hearing on the director as required under subsection (1) of this section bars a credit union from any judicial review of a director's order of involuntary liquidation under RCW 31.12.664(2) or of a director's appointment of receiver under RCW 31.12.671.
(4) For the purposes of this section, the principal place of business of a foreign or out-of-state credit union is Thurston county.
[ 2015 c 114 § 21; 2010 c 87 § 14; 1997 c 397 § 71.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.677 - Powers and duties of receiver.

RCW 31.12.677
Powers and duties of receiver.
Upon taking possession of a credit union, the receiver shall proceed to collect the assets of the credit union and preserve, administer, and liquidate its business and assets.
With the approval of the Thurston county superior court or the superior court of the county in which the principal place of business of the credit union is located, the receiver may sell, compound, or compromise bad or doubtful debts, and upon such terms as the court may direct, borrow, mortgage, pledge, or sell all or any part of the real and personal property of the credit union. The receiver may deliver to each purchaser or lender an appropriate deed, mortgage, agreement of pledge, or other instrument of title or security. The receiver may employ an attorney or other assistants to assist in carrying out the receivership, subject to such surety bond as the director may require. The premium for any such bond must be paid out of the assets of the credit union.
In carrying out the receivership, the receiver may without limitation arrange for the merger or consolidation of the credit union in receivership with another credit union, out-of-state credit union, or federal credit union, or may arrange for the purchase of the credit union's assets and the assumption of its liabilities by such a credit union, in whole or in part, or may arrange for such a transaction with another type of financial institution as may be otherwise permitted by law. The receiver shall give preference to transactions with a credit union or a federal credit union that has its principal place of business in this state.
[ 1997 c 397 § 72.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.681 - Claims against credit union in receivership—Notice.

RCW 31.12.681
Claims against credit union in receivership—Notice.
The receiver shall publish once a week for four consecutive weeks in a newspaper of general circulation in the county where the credit union's principal place of business is located, a notice requiring all persons having claims against the credit union to file proof of claim not later than ninety days from the date of the first publication of the notice. The receiver shall mail similar notices to all persons whose names appear as creditors upon the books of the credit union. The assets of the credit union are not subject to contingent claims.
After the expiration of the time fixed in the notice, the receiver has no power to accept any claim except the claim of a depositor or share account holder, and all other claims are barred. Claims of depositors or share account holders may be presented after the expiration of the time fixed in the notice and may be approved by the receiver. If such a claim is approved, the depositor or share account holder is entitled to its proportion of prior liquidation dividends, if sufficient funds are available for it, and will share in the distribution of the remaining assets.
The receiver may approve or reject any claim, but shall serve notice of rejection upon the claimant by mail or personally. An affidavit of service of the notice of rejection will serve as prima facie evidence that notice was given. No action may be brought on any claim after three months from the date of service of the notice of rejection.
[ 1997 c 397 § 73.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.684 - Receiver shall inventory assets—File lists of assets and claims—Objections to approved claims.

RCW 31.12.684
Receiver shall inventory assets—File lists of assets and claims—Objections to approved claims.
Upon taking possession of the credit union, the receiver shall make an inventory of the assets and file the list in the office of the county clerk. Upon the expiration of the time fixed for the presentation of claims, the receiver shall make a list of claims presented, segregating those approved and those rejected, to be filed in the office of the county clerk. The receiver shall also make and file with the office of the county clerk a supplemental list of claims at least fifteen days before the declaration of any liquidation dividend, and in any event at least every six months.
Objection may be made by any interested person to any claim approved by the receiver. Objections to claims approved by the receiver will be resolved by the court after providing notice to both the claimant and objector, as the court may prescribe.
[ 1997 c 397 § 74.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.687 - Expenses incurred by receiver.

RCW 31.12.687
Expenses incurred by receiver.
All expenses incurred by the receiver in relation to the receivership of a credit union, including, but not limited to, reasonable attorneys' fees, become a first charge upon the assets of the credit union. The charges shall be fixed and determined by the receiver, subject to the approval of the court.
[ 1997 c 397 § 75.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.691 - Liquidation dividends—Approval of court.

RCW 31.12.691
Liquidation dividends—Approval of court.
At any time after the expiration of the date fixed for the presentation of claims, the receiver, subject to the approval of the court, may declare one or more liquidation dividends out of the funds remaining after the payment of expenses.
[ 1997 c 397 § 76.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.694 - Remaining assets—Distribution.

RCW 31.12.694
Remaining assets—Distribution.
When all expenses of the receivership have been paid, as well as all proper claims of share account holders, depositors, and other creditors, and proper provision has been made for unclaimed or unpaid debts and liquidation dividends, and assets of the credit union still remain, the receiver shall wind up the affairs of the credit union and distribute its assets to those entitled to them. Each share account holder and depositor at the credit union is entitled to a proportionate share of the assets remaining. The proportionate allocation shall be based on account balances as of a date determined by the board. For the purposes of liquidation, shares and deposits are equivalent.
[ 1997 c 397 § 77.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.697 - Unclaimed liquidation dividends.

RCW 31.12.697
Unclaimed liquidation dividends.
Any liquidation dividends to share account holders, depositors, or other creditors of the credit union remaining uncalled for and unpaid in the hands of the receiver for six months after the order of final distribution, must be deposited in a financial institution to each share account holder's, depositor's, or creditor's credit. The funds must be held in trust for the benefit of the persons entitled to the funds and, subject to the supervision of the court, must be paid by the receiver to them upon presentation of satisfactory evidence of their right to the funds.
[ 1997 c 397 § 78.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.701 - Personal property—Receiver's duties.

RCW 31.12.701
Personal property—Receiver's duties.
(1) The receiver shall inventory, package, and seal uncalled for and unclaimed personal property left with the credit union, including, but not limited to, property held in safe deposit boxes, and arrange for the packages to be held in safekeeping. The credit union, its directors and officers, and the receiver, shall be relieved of responsibility and liability for the property held in safekeeping. The receiver shall promptly send to each person in whose name the property stood on the books of the credit union, at the person's last known address, a registered letter notifying the person that the property will be held in the person's name for a period of not less than two years.
(2) After the expiration of two years from the date of mailing the notice, the receiver shall promptly send to each person in whose name the property stood on the books of the credit union, at the person's last known address, a registered letter providing notice of sale. The letter must indicate that the receiver will sell the property set out in the notice, at a public auction at a specified time and place, not less than thirty days after the date of mailing the letter. The receiver may sell the property unless the person, prior to the sale, presents satisfactory evidence of the person's right to the property. A notice of the time and place of the sale must be published once within ten days prior to the sale in a newspaper of general circulation in the county where the sale is to be held.
(3) Any property, for which the address of the owner or owners is not known, may be sold at public auction after it has been held by the receiver for two years. A notice of the time and place of the sale must be published once within ten days prior to the sale in a newspaper of general circulation in the county where the sale is to be held.
(4) Whenever the personal property left with the credit union consists either wholly or in part, of documents, letters, or other papers of a private nature, the documents, letters, or papers may not be sold, but must be retained by the receiver and may be destroyed after a period of five years.
[ 1997 c 397 § 79.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.704 - Proceeds of sale—Deposit or payment by receiver.

RCW 31.12.704
Proceeds of sale—Deposit or payment by receiver.
The proceeds of the sale less any amounts for costs and charges incurred in safekeeping and sale must be deposited by the receiver in a financial institution, in trust for the benefit of the person entitled to the property. The sale proceeds must be paid by the receiver to the person upon presentation of satisfactory evidence of the person's right to the funds.
[ 1997 c 397 § 80.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.707 - Completion of receivership—Merger, purchase, or liquidation—Secretary of state.

RCW 31.12.707
Completion of receivership—Merger, purchase, or liquidation—Secretary of state.
Upon the completion of a receivership through merger, purchase of assets and assumption of liabilities, or liquidation, the director shall terminate the credit union's authority to conduct business and certify that fact to the secretary of state. Upon certification, the credit union shall cease to exist and the secretary of state shall note that fact upon his or her records.
[ 1997 c 397 § 81.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.711 - Director may terminate receivership—Expenses.

RCW 31.12.711
Director may terminate receivership—Expenses.
If at any time after a receiver is appointed, the director determines that all material deficiencies at the credit union have been corrected, and that the credit union is in a safe and sound condition to resume conducting business, the director may terminate the receivership and permit the credit union to reopen upon such terms and conditions as the director may prescribe. Before being permitted to reopen, the credit union must pay all of the expenses of the receiver.
[ 1997 c 397 § 82.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.714 - Receivership files.

RCW 31.12.714
Receivership files.
The receiver or director, as appropriate, may at any time after the expiration of one year from the order of final distribution, or from the date when the receivership has been completed, destroy any of the remaining files, records, documents, books of account, or other papers of the credit union that appear to be obsolete or unnecessary for future reference as part of the receivership files.
[ 1997 c 397 § 83.]
2023 Revised Code of Washington › Title 31 - Miscellaneous Loan Agencies › Chapter 31.12 - Washington State Credit Union Act. › 31.12.717 - Pendency of proceedings for review of appointment of receiver—Liabilities of credit union—Availability of relevant data.

RCW 31.12.717
Pendency of proceedings for review of appointment of receiver—Liabilities of credit union—Availability of relevant data.
The pendency of any proceedings for judicial review of the appointment of a receiver may not operate to prevent the payment or acquisition of the share and deposit liabilities of the credit union by the national credit union administration or other insurer or guarantor of the share and deposit liabilities of the credit union. During the pendency of the proceedings, the receiver shall make credit union facilities, books, records, and other relevant credit union data available to the insurer or guarantor as may be necessary or appropriate to enable the insurer or guarantor to pay out or to acquire the insured or guaranteed share and deposit liabilities of the credit union. The national credit union administration and any other insurer or guarantor of the credit union's share and deposit liabilities, together with their directors, officers, agents, and employees, and the director and receiver and their agents and employees, will be free from liability to the credit union, its directors, members, and creditors, for or on account of any action taken in connection with the receivership.
[ 1997 c 397 § 84.]