Washington Administrative Code › Title 389 - State Treasurer's Office (Public Deposit Protection Commission) › Chapter 389-12 - Practice and procedure - Public depositaries › Section 389-12-020 - Definitions

Current through Register Vol. 24-14, July 15, 2024
Unless the context requires otherwise:
"Alien bank" for the purposes of these rules means a financial
						institution organized under the laws of a foreign country and having its
						principal place of business in that country, the majority of the beneficial
						ownership and control of which is vested in citizens of countries other than
						the United States of America.
"Commission report" means a formal accounting rendered by all
						public depositaries to the commission, which details pertinent information of
						each public depositary in a format supplied by the commission.
"Commission report date" means the last day of each calendar
						quarter.
"Commission report due date" means the commission report is due
						in the office of the commission no later than one business day after the date a
						public depositary's financial report is due to its federal regulatory
						authority.
"Date of loss" means the date on which a loss shall be deemed
						to have occurred within the meaning of the act, and shall be the first to
						happen of the following:
* The date of the taking of possession of the financial
						institution by a supervisory agency;
* The date of the appointment of the receiver or conservator
						for a financial institution;
* The date of the commencement of a voluntary liquidation
						proceeding for a financial institution;
* The date of an order issued by a regulatory authority or a
						court of competent jurisdiction restraining a financial institution from making
						payments on deposit liabilities; or
* The date on which the commission declares that a financial
						institution no longer has the ability to repay public deposits in full.
"Depositary pledge agreement" means the same as defined in RCW  39.58.010, on a form supplied by the commission, wherein a financial
						institution, in compliance with the act and as a condition precedent to
						becoming or continuing to be a public depositary, transfers and delivers
						securities which are eligible collateral to a trustee approved by the
						commission, which agrees to safekeep such securities for the primary benefit of
						the commission under the terms and conditions of the agreement and for the
						purposes set forth by the act and the regulations of the commission. Such
						agreement shall be executed on behalf of the commission by the chairman. The
						agreement shall be approved by the board of directors or loan committee of the
						financial institution. Copies of the meeting minutes which reflect the approval
						are to be provided to the commission.
"Financial report" means the consolidated reports of condition
						and income required by the Federal Financial Institutions Examination
						Council.
"Monthly report" means a report prepared by all public
						depositaries to the commission, which details insured and uninsured public
						deposits and other pertinent information of each public depositary in a format
						supplied by the commission.
"Monthly report date" means the last day of each calendar
						month.
"Monthly report due date" means the monthly report is due in
						the office of the commission no later than eight business days after the
						monthly report date or other date as set by the commission.
"Net worth" of a public depositary means the same as defined in
						RCW  39.58.010, except that net worth for public depositaries with facilities
						outside Washington state may be adjusted by the commission to reflect the
						public depositaries' proportional net worth position in Washington
						state.
" Out-of-state bank" for the purposes of these rules means a
						financial institution located outside the state of Washington.
"Segregation of collateral" means the transfer and delivery of
						eligible securities by a public depositary to a trustee pursuant to a
						depositary pledge agreement or delivery of a letter of credit to the
						commission.
"Uninsured public deposits" means public deposits not backed by
						the full faith and credit of the United States government.
Statutory Authority: Chapter 39.58 RCW and RCW  39.58.040. 09-16-010, §
										389-12-020, filed 7/23/09, effective 8/23/09; 99-20-082, §
										389-12-020, filed 10/5/99, effective 11/5/99. Statutory Authority: RCW  39.58.040. 86-14-005 (Order 86-I, Resolution No. 86-003), §
										389-12-020, filed 6/19/86; 84-21-036 (Order 84-II, Resolution No. 84-004), §
										389-12-020, filed 10/11/84; 84-03-037 (Order 84-01), §
										389-12-020, filed 1/13/84; 78-12-075 (Order 78-XIV, Resolution No. 78-XIV), §
										389-12-020, filed 12/5/78; Order 77-XIII, §
										389-12-020, filed 9/27/77; Order II, §
										389-12-020, filed 6/13/73; Order 1, §
										389-12-020, filed 2/9/70.