Washington Code 30A.42.170 – Advertising, status of federal insurance on deposits to be included — Gifts for new deposits
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(1) An alien bank that advertises the services of its branch in the state of Washington shall indicate on all advertising materials whether or not deposits placed with its branch are insured by the federal deposit insurance corporation.
Terms Used In Washington Code 30A.42.170
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(2) A branch shall not make gifts to a new deposit customer of a greater value than five dollars in total. The value of the gifts shall be the cost to the branch of acquiring said gift.
[ 1973 1st ex.s. c 53 § 17. Formerly RCW 30.42.170.]