Concerning banks, trust companies, savings banks, and savings associations, and making technical amendments to the laws governing the department of financial institutions.
Summary
Permits the Department of Financial Institutions (Department) to collect from financial institutions a semiannual assessment, as well as fees for services.
Modifies provisions related to bank and trust lending limits, including the transactions that constitute loans and extensions of credit, treatment of nonconforming loans, and authority to grant exceptions to lending limits.
Modifies provisions related to federal parity and cross-parity with out-of-state charters and other institutions for banks, savings banks, trust companies, and savings and loan associations.
Permits an out-of-state bank to establish or acquire a branch in Washington under the same circumstances as a state-chartered bank.
Applies requirements for engaging in a trust business to individuals and entities other than corporations, and grants the Department authority to prohibit a person from engaging in trust business.
Immunizes conservators from liability for acts done in good faith, and provides for supervisory direction and conservatorships over trust companies.
From the Engrossed Substitute House Bill Report (ESHB 1325), written by the Legislature's nonpartisan staff. Read the full report ↗
AN ACT Relating to banks, trust companies, savings banks, and savings associations, and making technical amendments to the laws governing the department of financial institutions;