Washington Code 30B.20.005 – General prohibition on deposit taking
Current as of: 2023 | Check for updates
|
Other versions
Except as authorized by this chapter or other governing law, a trust company may not take or hold deposits of funds in this state unless:
Terms Used In Washington Code 30B.20.005
- Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
- Depository institution: means any company chartered to act as a fiduciary and included for any purpose within any of the definitions of "insured depository institution" as set forth in 12 U. See Washington Code 30B.04.005
- State: means a state of the United States, the District of Columbia, a territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands. See Washington Code 30B.04.005
(1) It is authorized to do business in this state as a depository institution; and
(2) Complies with all applicable federal and state laws and regulations respecting the taking and handling of monetary deposits.
[ 2014 c 37 § 360.]