reglab/statecodes huggingface dataset:
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-100 - Organization and management fees

Current through Register Vol. 24-14, July 15, 2024
(1) A trust company administering a
					collective investment fund may charge reasonable expenses incurred in operating
					the collective investment fund but shall absorb the costs of establishing or
					reorganizing a collective investment fund.
(2) The trust company may charge a fee for
					the management of the collective investment fund provided (a) the fee is
					permitted under applicable law (and complies with fee disclosure requirements,
					if any) in the state in which the trust company maintains the fund; and (b) the
					amount of the fee does not exceed an amount commensurate with the value of
					legitimate services of tangible benefit to the participating fiduciary accounts
					that would not have been provided to the accounts were they not invested in the
					fund.
(3)
(a) The reasonable expenses incurred in
					servicing mortgages held by a collective investment fund may be charged against
					the income account of the fund and paid to servicing agents, including the
					trust company administering the fund.
(b) A trust company may (but shall not be
					required to) transfer up to 5 percent of the net income derived by a collective
					investment fund from mortgages held by such fund during any regular accounting
					period to a reserve account: Provided, That no such transfers shall be made
					which would cause the amount in such account to exceed 1 percent of the
					outstanding principal amount of all mortgages held in the fund. The amount of
					such reserve account, if established, shall be deducted from the assets of the
					fund in determining the fair market value of the fund for the purposes of
					admissions and withdrawals.
(c) At
					the end of each accounting period, all interest payments which are due but
					unpaid with respect to mortgages in the fund shall be charged against such
					reserve account to the extent available and credited to income distributed to
					participants. In the event of subsequent recovery of such interest payments by
					the fund, the reserve account shall be credited with the amount so
					recovered.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-110 - Certificate of interest

Current through Register Vol. 24-14, July 15, 2024
No trust company administering a collective investment fund
						shall issue any certificate or other document evidencing a direct or indirect
						interest in such fund in any form, except to provide a withdrawing account with
						an interest in a segregated investment.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-536-110, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   43.320.010, 43.329.040 and 30.04.030.
							99-01-119, § 50-36-110, filed 12/18/98, effective 1/18/99; Order 22,
							§ 50-36-110, filed 8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-536 - Administration of trust companies - Investments, etc › Section 208-536-120 - Remedy of mistake made in good faith

Current through Register Vol. 24-14, July 15, 2024
No mistake made in good faith and in the exercise of due care
						in connection with the administration of a collective investment fund shall be
						deemed to be a violation of this part if promptly after the discovery of the
						mistake the trust company takes whatever action may be practicable in the
						circumstances to remedy the mistake.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-536-120, filed 8/22/00,
							effective 9/22/00; Order 22, § 50-36-120, filed
							8/14/73.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-001 - Scope

Current through Register Vol. 24-14, July 15, 2024
This chapter establishes the rules mandated by RCW    30.04.070 for the collection of authorized fees and charges from regulated institutions.
						These rules apply unless the director makes a finding that their application in
						a specific case would be inconsistent with the division's mission to foster
						sound economic growth and sustainable economic prosperity in the state of
						Washington or with the principles of collection found in WAC
						208-544-005.
Statutory Authority: WSR
						13-23-007, §
									208-544-001, filed 11/7/2013,
						effective 12/8/2013
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-002 - Definitions

Current through Register Vol. 24-14, July 15, 2024
Unless the context clearly requires otherwise, the definitions
						used in this section apply throughout this chapter.
(1) "Agricultural lender" has the definition
					given in RCW
					   31.35.020(1).
(2) "Alien bank" has the definition given in
					RCW    30.42.020(1).
(3) "Bank" has
					the definition given in RCW 30.04.-010(2).
(4) "Bank holding company" has the definition
					given in RCW    30.04.010(3).
(5)
					"Branch" has the definition given in RCW 30.04.-010(5).
(6) "Business development company" has the
					definition given in
					RCW
					   31.24.010(6).
(7) "Commercial bank" is a bank as defined
					under subsection (3) of this section.
(8) "Department" means the department of
					financial institutions.
(9)
					"Development credit corporation" means an entity organized under chapter 31.20
					RCW.
(10) "Director" means the
					director of the division of banks of the department of financial
					institutions.
(11) "Division" means
					the division of banks of the department of financial institutions.
(12) "Financial holding company" has the
					definition given in RCW    30.04.010(8).
(13) "Foreign bank" has the definition given
					in RCW    30.04.010(9).
(14) "OCC"
					means the Office of the Comptroller of the Currency, as created under the
					National Bank Act of 1863.
(15)
					"OFM" means the office of financial management created by
					RCW
					   43.41.050.
(16) "Regulated institution" means an alien
					bank, agricultural lender, bank, bank holding company, business development
					company, commercial bank, financial holding company, foreign bank, savings
					bank, small business administration 7(a) lender, thrift holding company, trust
					company, or other institution over which the department of financial
					institutions has regulatory authority over.
(17) "Report of condition" includes the FDIC
					Call Report, or a regulated institution's quarterly balance sheet and income
					statement.
(18) "Savings bank" has
					the definition given in
					RCW
					   32.04.020(9), which includes
					a mutual savings bank and stock savings bank.
(19) "Small business administration 7(a)
					lender" means an entity licensed under chapter 31.40 RCW.
(20) "Thrift holding company" has the
					definition given in
					RCW
					   32.04.020(10).
(21) "Trust company" has the definition given
					in RCW    30.04.010(14).
Statutory Authority: WSR
						13-23-007, §
									208-544-002, filed 11/7/2013,
						effective 12/8/2013
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-005 - Determination of collection method - Principles

Current through Register Vol. 24-14, July 15, 2024
When determining the collection method for authorized fees and
						charges, the director shall consider, but not be limited to, the following
						principles:
(1) The revenue collected
					shall be sufficient to allow the division to examine institutions within all
					required time periods;
(2)
					Regulatory costs shall be apportioned in a manner consistent with the
					division's statutory mission to promote and provide the delivery of financial
					services to rural and economically distressed areas;
(3) No industry or regulated institution
					shall bear a disproportionate share of regulatory costs;
(4)
The division shall have sufficient resources to maintain a
						competent and motivated staff; and
(5) Any other principles the director deems
					relevant.
Statutory Authority: RCW
						30.04.030 and
						43.320.040. WSR 00-17-141, amended
						and recodified as §
									208-544-005, filed 8/22/00,
						effective 9/22/00. Statutory Authority: RCW    30.04.070 and 30.08.095. WSR
						91-18-054, § 50-44-005, filed 8/30/91, effective 9/30/91. WSR 13-23-007,
						§
									208-544-005, filed 11/7/2013,
						effective 12/8/2013
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-010 - Collection of examination costs - Collection method

Current through Register Vol. 24-14, July 15, 2024
The division shall collect the following :
(1) A semiannual assessment based on asset
					size in order to recoup the indirect costs related to the examination of
					regulated institutions as specified in WAC
					208-544-020;
(2) An hourly charge for the direct cost of
					examinations determined by the rate specified in WAC
					208-544-030; and
(3) Fees for services as specified in WAC
					508-544-040,
					208-544-045, and
					208-544-055.
Statutory Authority: RCW
						30.04.030 and
						43.320.040. WSR 00-17-141, amended
						and recodified as §
									208-544-010, filed 8/22/00,
						effective 9/22/00. Statutory Authority: RCW    30.04.070 and 30.08.095. WSR
						90-12-007, § 50-44-010, filed 5/25/90, effective 6/25/90. Statutory
						Authority: RCW    30.04.030. WSR 83-20-072 (Order 55), § 50-44-010, filed
						10/3/83; WSR 82-24-074 (Order 48), § 50-44-010, filed 12/1/82. Statutory
						Authority: RCW 34.04.070. WSR 82-02-037 (Order 45), § 50-44-010, filed
						12/31/81. WSR 13-23-007, §
									208-544-010, filed 11/7/2013,
						effective 12/8/2013
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-020 - Semiannual asset charge - Assessment

Current through Register Vol. 24-14, July 15, 2024
(1) The semiannual assessment shall be
					computed using the asset value reflected in the most recent report of
					condition. The director may adjust such rates if the director determines that a
					disproportionate amount of revenue is being collected. The rate of charge is
					set forth in the following schedules:
(a)
					Commercial banks, savings banks, savings associations, and alien banks.
If the institution's total assets are:
The semiannual assessment is:
Over this amount (in millions)
But less than this amount (in millions)
This amount
Plus the excess over (in millions)
Multiplied by this rate
$0
$500
----
----
.000017464
$500
$1,000
$8,732
$500
.000016746
$1,000
$10,000
$17,105
$1,000
.000016495
$10,000
----
$165,560
$10,000
.000
The semiannual assessment is capped at
									$165,560.
(b)
					Trust companies.
Total assets under management
Semiannual assessment charge
$0-125 million
$125
$125-250 million
$250
$250-500 million
$500
$500 million - 1 billion
$1,000
Total assets under management
Semiannual assessment charge
$1-2 billion
$2,000
$2-3 billion
$3,000
$3-4 billion
$4,000
$4-5 billion
$5,000
Trust companies pay $1,000 for each additional
									$1 billion under management. Annual assessments are capped at $100,000.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-030 - Hourly fees and charges - Regular, including extraordinary examination and special examinations

Current through Register Vol. 24-14, July 15, 2024
(1)
					Each regulated institution shall pay to the division hourly fees in the amount
					of eighty-three dollars for regular examinations. This includes safety and
					soundness, information technology, trust, and any other examination requiring
					specialized expertise.
(a) The hourly rate
					applies to extraordinary examinations for the purpose of examining unusual
					conditions or circumstances, extensions of regular examinations, and any other
					reviews as determined by the director.
(b) The division may charge the actual cost
					of examinations performed under personal service contracts by third
					parties.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-040 - Certificate and secretary of state filing fees

Current through Register Vol. 24-14, July 15, 2024
(1) The division shall collect one hundred
					dollars for issuing each of the following:
(a)
					Branch certificates;
(b)
					Certificates of increase or decrease of capital stock;
(c) Certificates of authority;
(d) Certificates of corporate existence; and
(e) Any other certificates issued
					by the division.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-045 - Additional services fees

Current through Register Vol. 24-14, July 15, 2024
(1) The
					division shall collect hourly fees in the amount of eighty-three dollars plus
					actual expenses for all services attendant to:
(a) The chartering of a new regulated
					institution;
(b) The conversion of
					an existing nonstate chartered institution to a Washington state chartered
					institution;
(c) The establishment
					of an office or bureau by an alien bank in Washington state;
(d) The acquisition and control of more than
					five percent of the shares of voting stock or substantially all of the assets
					of a bank, trust company, national banking association, or bank holding
					company, where the principal operations are conducted within this state by an
					out-of-state bank holding company;
(e) The issuance or filing of a notice of
					change of control;
(f) Requests for
					division approval to use words indicating bank or trust company in a company
					name under RCW    30.04.020;
(g)
					Meeting attendance by division personnel with the board of directors or senior
					management of a regulated institution;
(h) Off-site monitoring of a regulated
					institution;
(i) Voluntary or
					involuntary liquidation under chapter 30.44 RCW;
(j) Acting as conservator of a bank or trust
					company under chapter 30.46 RCW;
(k) Investigation into, and the resolution
					of, consumer complaints;
(l) Any
					inquiry made to the division by a person, company, or regulated institution
					that is not in the normal course of business;
(m) Investigation into, and subsequent
					enforcement action(s) against, individuals, companies, or otherwise, that are
					operating an unlicensed bank or trust business in the state of Washington;
(n) Applications submitted to the
					division by an existing regulated institution to:
(i) Merge, consolidate, reorganize, or
					convert to another charter type;
(ii) Establish a new branch;
(iii) Relocate the main office or an existing
					branch;
(iv) Purchase or sell an
					existing branch;
(v) Confer trust
					powers on an existing state-chartered bank;
(vi) Change the legal name of the regulated
					institution.
(o) Any
					other activity the director deems relevant or necessary.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-055 - Legal fees

Current through Register Vol. 24-14, July 15, 2024
The division may collect the following legal fees:
(1) Hourly fees in the amount of eighty-three
					dollars for legal opinions rendered interpreting statutes and rules;
(2) Pass-through costs for legal assistance
					rendered by an assistant attorney general or special counsel related to a
					specific regulated institution.
(a) The
					division shall notify a regulated institution before the division incurs
					expense for legal assistance that may be charged to the regulated institution
					under this section.
(b) The charges
					shall be paid no later than thirty days after the billing date of the rendered
					legal assistance.
(c) This section
					shall not govern the claim of attorney's fees in a judicial proceeding between
					the division and a regulated institution. Legal fees relating to such actions
					are governed by the Washington Administrative Procedure Act,
					chapter
					34.05 RCW.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-544 - Schedule of costs of examinations › Section 208-544-060 - Banking fund - Minimum cash balance

Current through Register Vol. 24-14, July 15, 2024
(1) The director may make a finding that a
					minimum cash balance of at least one month's allotment be maintained in the
					banking fund as set out in
					RCW
					   43.320.110. One month's allotment is the
					current biennium budget divided by twenty-four months.
(2) In the event the banking fund balance
					drops below the required amount, the director may declare the next semiannual
					asset assessment due. The department shall bill each institution based on the
					most current report of condition . Payment is due within thirty days of such
					declaration and shall be in lieu of the next regularly scheduled asset
					assessment.
Statutory Authority: RCW
						30.04.030 and
						43.320.040. WSR 00-17-141, amended
						and recodified as §
									208-544-060, filed 8/22/00,
						effective 9/22/00. Statutory Authority: RCW    30.04.070 and 30.08.095. WSR
						91-18-054, § 50-44-060, filed 8/30/91, effective 9/30/91. WSR 13-23-007,
						§
									208-544-060, filed 11/7/2013,
						effective 12/8/2013
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-010 - Authority and purpose

Current through Register Vol. 24-14, July 15, 2024
These regulations are promulgated pursuant to section 9,
						chapter 157, Laws of 1983, to establish a procedure under which an out-of-state
						bank holding company which desires to acquire more than five percent of the
						shares of the voting stock, or all or substantially all of the assets, of a
						bank, trust company, national banking association or bank holding company, the
						principal operations of which are conducted within this state, may apply to the
						director for approval of such acquisition.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-548-010, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-010, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-020 - Joint application

Current through Register Vol. 24-14, July 15, 2024
An application for approval of such acquisition shall be
						submitted jointly by the acquiring bank holding company and the domestic
						institution or bank holding company to be acquired. The application need not be
						in any particular format, but must set forth all the information required under
						these regulations. The application shall include a copy of the agreement
						setting forth the plan of merger or acquisition, including certified copies of
						the resolutions of the respective boards of directors of parties to the
						agreement approving same. The application shall also include a statement
						authorizing any federal or state regulatory agency to make available to the
						director any and all information which such agency may have relating to the
						applicants or any of their subsidiaries.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-548-020, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.12.060. 85-19-052 (Order 62),
							§ 50-48-020, filed 9/13/85. Statutory Authority: RCW    30.04.230 as amended
							by 1983 c 157 § 9. 83-20-073 (Order 56), § 50-48-020, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-030 - Information required - Identity of applicant parties and operating subsidiaries - Designation of representative of each applicant

Current through Register Vol. 24-14, July 15, 2024
Unless included in other information required by this chapter,
						the application shall set forth the name and main office address of all
						operating subsidiaries of both the acquiring bank holding company and the bank,
						trust company, national banking association or domestic bank holding company to
						be acquired. In addition, the application shall set forth the name, office
						address, and telephone of one or more persons designated by each applicant to
						be its official representative in connection with the application. All contact
						between the director's office and the applicant should, except in extraordinary
						circumstances, be through such representatives.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-548-030, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-030, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-050 - Information required from acquiring applicant

Current through Register Vol. 24-14, July 15, 2024
The applicant out-of-state bank holding company shall submit
						with the application each of the following items of information:
(a) A copy of its most recent audited
					financial statement, its most recently prepared statement of assets and
					liabilities, including footnotes and explanations, and its most recent income
					and expense report.
(b) A statement
					of its then existing business plan, both short-range and long-range, for
					operation of the bank, trust company, national banking association or domestic
					bank holding company to be acquired. Such statement shall include comments by
					the acquiror as to how the proposed acquisition will meet the needs and
					convenience of the people of the state of Washington.
(c) A list of any other notices pursuant to
					the change in Bank Control Act (12 U.S.C. §
									1817(j)) filed on its behalf
					involving any other bank, trust company, national banking association or bank
					holding company which is presently pending. Such list shall include the date
					and place of filing each notice and the name and address of the institution to
					which each notice pertains.
(d) A
					statement as to what part, if any, of the funds to be used in making the
					acquisition or merger are borrowed from sources other than its own
					subsidiaries. With respect to any such funds, the applicant shall state: (1)
					The amount and source of borrowed funds; (2) collateral pledged, if any; (3)
					terms of the loan, including interest rates, amortization requirements,
					guarantors, endorsers, and any other arrangements or agreements among the
					parties to such loan transaction; (4) proposed source of funds for debt
					service; (5) whether and to what extent the acquiring party intends to rely on
					dividends, fees, etc. from the institution being acquired for debt servicing
					requirements.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-548-050, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-050, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-060 - Information to be made available by acquiring applicant

Current through Register Vol. 24-14, July 15, 2024
The applicant out-of-state bank holding company shall make
						available for review by the division of banks the following:
(a) Any current file which it or its
					principal banking subsidiary or subordinate is required to maintain by
					regulations promulgated by the appropriate federal financial supervisory
					authority (as defined in  12 U.S.C. §
									2902(1)) for purposes of the
					Community Reinvestment Act (12 U.S.C. §
									2902  et seq.).
(b) Copies of all internal documents having
					to do with the proposed merger or acquisition, including, without limitation,
					memoranda or analyses together with conclusions and recommendations to
					management and all financial or other information from which such memoranda,
					analyses, conclusions, recommendations or other documents were
					prepared.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-548-060, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-060, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-070 - Information to be made available by applicant to be acquired

Current through Register Vol. 24-14, July 15, 2024
The bank, trust company, national banking association or
						domestic bank holding company to be acquired shall make available to the
						director all internally generated reports relating to the operation of any or
						all operating subsidiaries during the immediately preceding two-year
						period.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-548-070, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-070, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-080 - Application to include statement of interlocking management or ownership

Current through Register Vol. 24-14, July 15, 2024
The application must state whether any management official (as
						defined in  12 U.S.C. §
									3201(4)) of the acquiring out-of-state bank
						holding company or any of its affiliated corporations (as the term "affiliated"
						is defined by  12 U.S.C. §
									3201(3)) is also a management official of any
						other depository institution or holding company other than the bank, trust
						company, or national banking association being acquired, or whether any person,
						partnership or corporation who owns or controls, directly or indirectly, ten
						percent or more of the outstanding voting shares of the acquiring applicant
						also owns, directly or indirectly, ten percent or more of the outstanding
						voting shares of any other depository institution or holding company. If such
						circumstances do exist, the application shall include: (1) The name of such
						person or persons, partnerships or corporations; (2) name and address of the
						depository institution or holding company; (3) relationship triggering this
						reporting requirement; and (4) nature and extent of ownership interest held by
						such person, partnership or corporation in the applicant and other depository
						institution or holding company.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, recodified
							as §
										208-548-080, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-080, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-090 - Director may consult with and obtain information from appropriate federal regulatory authority

Current through Register Vol. 24-14, July 15, 2024
The director may consult with appropriate federal regulatory
						agencies in connection with any application filed hereunder and shall consider
						any information received from such agency or agencies in ruling upon the
						application.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-548-090, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.230 as amended by 1983 c 157
							§ 9. 83-20-073 (Order 56), § 50-48-090, filed
							10/3/83.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-548 - Acquisition of banks, trust companies, national banking associations of bank holding companies by out-of-state bank holding companies › Section 208-548-100 - Interstate acquisition reciprocity - States possessing

Current through Register Vol. 24-14, July 15, 2024
The director of the department of financial institutions,
						having reviewed the laws of the following states as they relate to a domestic
						(Washington) bank holding company acquiring more than five percent of the
						shares of the voting stock or all or substantially all of the assets of a bank,
						trust company, or national banking association the principal operations of
						which are conducted within such states, has determined, pursuant to RCW
						   30.04.232, that the laws of such states allow a domestic bank holding company
						to acquire a bank, trust company, or national banking association, the
						principal operations of which are conducted within such states, and permit the
						operation of the acquired bank, trust company, or national banking association
						within such states on terms and conditions no less favorable than other banks,
						trust companies, or national banking associations doing a banking business
						within such states: (1) Alaska, (2) Arizona, (3) California, (4) Colorado, (5)
						Connecticut, (6) Idaho, (7) Illinois, (8) Kentucky, (9) Louisiana, (10) Maine,
						(11) Massachusetts, (12) Michigan, (13) Nebraska, (14) Nevada, (15) New
						Hampshire, (16) New Jersey, (17) New Mexico, (18) New York, (19) North Dakota,
						(20) Ohio, (21) Oklahoma, (22) Oregon, (23) Pennsylvania, (24) Rhode Island,
						(25) South Dakota, (26) Tennessee, (27) Texas, (28) Utah, (29) Vermont, (30)
						West Virginia, and (31) Wyoming.
Other states not listed shall be reviewed on a case-by-case
						basis.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-548-100, filed 8/22/00,
							effective 9/22/00. Statutory Authority: RCW    30.04.232(1)(c). 93-07-113, §
							50-48-100, filed 3/23/93, effective 4/23/93. Statutory Authority: RCW
							   30.04.232. 87-13-015 (Order 68), § 50-48-100, filed 6/9/87; 87-10-047
							(Order 67), § 50-48-100, filed
							5/5/87.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-010 - Purpose

Current through Register Vol. 24-14, July 15, 2024
The purpose of this chapter shall be to provide guidelines for
						application for a license to operate a nondepository small business lending
						venture under the auspices of the federal Small Business Administration (SBA)
						guaranty program known as the 7(a) loan guaranty program. Specifics of the
						program are set forth in section 7(a) of the federal "Small Business Investment
						Act of 1958,"  15 U.S.C., part 636(a) . These rules also establish other
						regulatory oversight guidelines and provide for fees. These rules are
						promulgated under the general rule-making authority of the state director of
						the department of financial institutions, and are required under legislation
						passed by the legislature (section 3(1), chapter 212, Laws of
						1989.)
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-556-010, filed 8/22/00,
							effective 9/22/00. Statutory Authority: 1989 c 212 §3(1). 90-01-001,
							§ 50-56-010, filed 12/7/89, effective
							1/7/90.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-020 - Application procedures

Current through Register Vol. 24-14, July 15, 2024
An application for state license to operate a nondepository
						small business lending venture to qualify for participation in the SBA 7(a)
						program shall be filed with the director of the department of financial
						institutions and shall include such fees as established elsewhere in these
						rules. As a matter of general procedure, it is recommended that interested
						parties visit the office of the director prior to submitting their application
						to review statutory and other requirements for this action.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-556-020, filed 8/22/00,
							effective 9/22/00. Statutory Authority: 1989 c 212 §3(1). 90-01-001,
							§ 50-56-020, filed 12/7/89, effective
							1/7/90.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-030 - Application format

Current through Register Vol. 24-14, July 15, 2024
Applicants may use the same documentation as required by the
						SBA for their approval of the lender to the extent that such documentation
						meets the requirements of statute and these rules unless waived by the
						director. The application must contain the following:
(1) Applicant's name, address, and telephone
					number.
(2) A statement that the
					applicant is incorporated under the Washington Business Corporation Act or the
					Washington Nonprofit Corporation Act and a copy of applicant's Articles of
					Incorporation and Bylaws, properly certified.
(3) A list of officers, directors,
					associates, and all holders of ten or more percent of any class of the
					applicant's capital stock.
(4) A
					statement of personal history of all those listed in subsection (3) of this
					section. SBA Form 1081 or its equivalent may be used.
(5) A copy of the most recent audited
					financial statement of any entity other than a natural person holding ten or
					more percent of any class of stock of the applicant.
(6) An organizational chart showing the
					relationship of the applicant to its affiliates, as well as the applicant's
					internal organizational structure.
(7) Copies of the last three audited
					financial statements of the applicant, and supporting tax returns.
(8) Applicant's business plan which should
					include at a minimum:
(a) A detailed pro forma
					financial projection for at least three years of operations.
(b) A market study of the intended
					geographical area of operations.
(c) An explanation of applicant's method of
					funding loans, including the unguaranteed portion.
(d) An outline of loan servicing procedures
					proposed.
(e) Copies of written
					policies and procedures to be used, which must include policies requiring
					disclosure of conflicts of interest of affiliates, directors, officers, and
					employees; prohibiting false statements or representations to the director; and
					preventing fraud or undue influence by the licensee.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-040 - Continuing operations

Current through Register Vol. 24-14, July 15, 2024
Licensees shall maintain an adequate financial
						condition.
(1) Minimum capital
					(unimpaired paid-in capital, surplus, and undivided profits) shall be in the
					amount of five hundred thousand dollars or five and one-half percent of total
					assets, whichever is greater, or a greater amount should the director determine
					that applicant's business plan or economic conditions require a greater amount
					to conduct the business of a 7(a) lender. The director may consider and include
					the net worth of any corporate shareholder of the applicant if the shareholder
					agrees to unconditionally guarantee the liabilities of the applicant and that
					shareholder agrees to the reporting requirements set forth in WAC
					208-556-060.
(2) Capital below the required amount
					precludes the presentation of additional loans to the SBA for guaranty without
					the written consent of the director.
(3) Licensees shall maintain a reserve for
					anticipated loan losses appropriate to its needs, based on the following
					factors:
(a) The volume and mix of the
					existing loan portfolio, including the volume and severity of nonperforming
					loans and adversely classified credits, as well as an analysis of net
					charge-offs experienced on previously classified loans.
(b) The extent to which loan renewals and
					extensions are used to maintain loans on a current basis and the degree of risk
					associated with such loans.
(c) The
					trend in loan growth, including any rapid increase in loan volume within a
					relatively short time period.
(d)
					General and local economic conditions affecting the collectibility of the
					licensee's loans.
(e) Previous loan
					loss experience by loan type, including net charge-offs as a percent of average
					loans over the past several years.
(f) The relationship and trend over the past
					several years of recoveries as a percent of previous year's
					charge-offs.
(g) Available outside
					information of a comparable nature regarding the loan portfolios of other such
					lenders.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-050 - Records

Current through Register Vol. 24-14, July 15, 2024
Licensees shall maintain records in a fashion consistent with a
						financial institution and shall have them at all times readily accessible to
						the director. Records shall be preserved under the following schedule:
(1) Preserve permanently:
(a) All general and subsidiary ledgers
					reflecting asset, liability, capital stock and surplus and income and expense
					accounts.
(b) All general and
					special journals or other records forming the basis for entries in such
					ledgers.
(c) Articles of
					incorporation, bylaws, stock registers, licenses, and minutes of board of
					directors meetings.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-060 - Reports

Current through Register Vol. 24-14, July 15, 2024
Licensees shall submit the following reports to the
						director:
(1) Annual audits prepared
					in accordance with generally accepted accounting principles which shall be
					certified unless the director makes other provision in writing in
					advance.
(2) Quarterly financial
					reports which shall include a balance sheet and income and expense statement
					for both the period and year to date.
(3) A notification of any suit or proceeding
					involving fraud or dishonesty where the licensee or an employee may be a party,
					or where an adverse judgment could contribute materially to the impairment of
					the licensee's capital. Such notification must be forwarded with copies of the
					complaint within thirty days of the filing of such action.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-556-060, filed 8/22/00,
							effective 9/22/00. Statutory Authority: 1989 c 212 §3(1). 90-01-001,
							§ 50-56-060, filed 12/7/89, effective
							1/7/90.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-070 - Examinations

Current through Register Vol. 24-14, July 15, 2024
The director will conduct examinations of licensees as provided
						by statute and will forward a report of examination to the licensee's board of
						directors for information and action as appropriate. These examination reports
						and all subsequent and related correspondence are the property of the director
						and will be subject to the same confidentiality requirements as established for
						financial institutions regulated by the division of banks.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 00-17-141, amended and
							recodified as §
										208-556-070, filed 8/22/00,
							effective 9/22/00. Statutory Authority: 1989 c 212 §3(1). 90-01-001,
							§ 50-56-070, filed 12/7/89, effective
							1/7/90.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-556 - Small business administration 7(A) loan guaranty program nondepository lenders - Licensing and regulation › Section 208-556-080 - Fees

Current through Register Vol. 24-14, July 15, 2024
The cost of regulation of nondepositary lenders licensed under
						Title
						31 RCW, shall be borne by the
						licensees under the following schedule:
(1) Application fee. A fee of two thousand
					dollars must accompany an application for this license to cover the cost of
					investigation.
(2) Acquisition of
					control approval fee. A fee of two thousand dollars must accompany any request
					for acquisition of control of a licensee to cover the cost of investigation
					which will be conducted to the same degree as an initial application
					approval.
(3) Business combination
					fee. Other business combinations must be approved by the director. Costs of
					investigation will be borne by the licensee and will be based on actual staff
					costs of the division of banks, which are fifty dollars per hour per examiner
					assigned.
(4) Examination and
					supervision fees. Examination and supervision fees shall be billed based on
					rates charged commercial banks for examination costs and semiannual asset
					charges in chapter 208-544 WAC.
Statutory Authority: RCW 30.04.030 and
							43.320.040. 01-06-024, §
										208-556-080, filed 2/27/01,
							effective 3/30/01; 00-17-141, amended and recodified as §
										208-556-080, filed 8/22/00,
							effective 9/22/00. Statutory Authority: 1989 c 212 §3(1). 90-01-001,
							§ 50-56-080, filed 12/7/89, effective
							1/7/90.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-586 - Examination and supervision fees for savings and loan associations › Section 208-586-020 - Collection of examination and supervision costs - Collection method

Current through Register Vol. 24-14, July 15, 2024
The requirement of
						RCW
						   33.28.020 that the director collect from each
						savings and loan association the actual costs of examinations and supervision
						shall be met in accordance with the procedures established in this chapter. The
						fee shall consist of three elements: (1) An hourly charge for the number of
						hours spent by division personnel in conducting an examination of the
						association, (2) a semiannual asset charge; and (3) an hourly charge for the
						number of hours of extraordinary or special services.
Statutory Authority:
							RCW
							33.04.025 and
							43.320.040. 00-17-140, amended and
							recodified as §
										208-586-020, filed 8/22/00,
							effective 9/22/00. Statutory Authority:
							RCW
							   33.28.020. 83-20-028 (Order 83-5), §
							419-14-020, filed 9/26/83; 82-13-015 (Order 82-4), § 419-14-020, filed
							6/7/82.