Washington Code 30B.10.070 – Administrative orders — Penalties for violation
Current as of: 2023 | Check for updates
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In addition to any other powers conferred by this title, the director shall have the power, consistent with the requirements of this chapter, to order:
Terms Used In Washington Code 30B.10.070
- Affiliate: means the same as defined in RCW 30B. See Washington Code 30B.10.003
- Agent: means the same as defined in RCW 30B. See Washington Code 30B.10.003
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Director: means the director of the Washington state department of financial institutions. See Washington Code 30B.04.005
- Manager: means a person elected to the board of a limited liability trust company. See Washington Code 30B.04.005
- Officer: means the presiding officer of the board, the principal executive officer, or another officer appointed by the board of a state trust company or other company, or a person or group of persons acting in a comparable capacity for the state trust company or other company. See Washington Code 30B.04.005
- Person: means an individual, a company, or any other legal entity. See Washington Code 30B.04.005
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- 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 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
(1) Any person, its affiliate, or any director, officer, manager, employee, or agent of such person or its affiliate, subject to the authority of RCW 30B.10.050, to cease and desist engaging in any unauthorized trust activity or violating any provision of this title or any lawful rule;
(2) Any state trust institution, its affiliate, or any director, officer, manager, employee, or agent of the state trust institution or its affiliate to cease and desist from a course of conduct that is unsafe or unsound or which is likely to cause insolvency or dissipation of assets or is likely to jeopardize or otherwise seriously prejudice the interests of the public in their relationship with the state trust institution;
(3) Any person, its affiliate, or any director, officer, manager, employee, or agent of such person or its affiliate, subject to the authority of RCW 30B.10.050, to take affirmative action to avoid or refrain from unauthorized trust activity, an unsafe or unsound practice, or other violation of this title;
(4) The imposition of fines;
(5) Restitution to beneficiaries, trustors, or other aggrieved persons;
(6) Costs and expenses related to investigation and enforcement, including attorney fees; and
(7) Other remedies authorized by law.