(1) A person may not engage in unauthorized trust activity in this state.
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Terms Used In Washington Code 30B.04.050

  • Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
  • Director: means the director of the Washington state department of financial institutions. See Washington Code 30B.04.005
  • Out-of-state trust institution: means a trust institution that is not a state trust company under this title. See Washington Code 30B.04.005
  • Person: means an individual, a company, or any other legal entity. 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
  • Trust business: means the performance of, or holding out by, a person to the public by advertisement, solicitation, or other means that the person is available to perform one or more of the essential functions of trust business set forth in RCW 30B. See Washington Code 30B.04.005
  • Trust institution: means a depository institution or foreign bank engaged in trust business, or a trust company. See Washington Code 30B.04.005
  • Unauthorized trust activity: means to engage in trust business in Washington state without authority or exemption under this title. See Washington Code 30B.04.005
(2) As a condition of engaging in trust business in this state, an out-of-state trust institution is required to obtain approval from the director and is subject to all other requirements of chapter 30B.38 RCW.
(3) As a condition of engaging in trust business in this state, a person, other than an out-of-state trust institution or an exempt person under RCW 30B.04.040, is required to organize and obtain a certificate of authority as a state trust company pursuant to chapter 30B.08 RCW.
(4) A person who violates the requirements of subsection (2) or (3) of this section, as applicable, engages in unauthorized trust activity and is subject to enforcement by the director as set forth in chapter 30B.10 RCW.
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