Washington Code 30B.10.150 – Notice of charges
Current as of: 2023 | Check for updates
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(1) The director may issue and serve a notice of charges upon:
Terms Used In Washington Code 30B.10.150
- 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
- Department: means the Washington state department of financial institutions. See Washington Code 30B.04.005
- Director: means the director of the Washington state department of financial institutions. See Washington Code 30B.04.005
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
(a) A state trust institution;
(b) An affiliate of a state trust institution;
(c) A director, officer, manager, employee, or agent of a state trust institution or its affiliate; or
(d) Any other person subject to the jurisdiction of the department under this title including, without limitation, a person engaged in unauthorized trust activity.
(2) Such notice of charges may be issued to and served upon any person or entity described in subsection (1) of this section whenever such person or entity:
(a) Has engaged in an unsafe or unsound practice;
(b) Has violated any provision of RCW 30B.10.050; or
(c) Is planning, attempting, or currently conducting any act prohibited in (a) or (b) of this subsection.
(3) The notice shall contain a statement of the facts constituting the acts or omissions specified in subsection (2) of this section.
(4) The notice shall set a time and place at which a hearing will be held to determine whether the following remedies should be granted:
(a) An order to cease and desist any of the acts or omissions specified in subsection (2) of this section;
(b) An order compelling affirmative action to redress any of the acts or omissions specified in subsection (2) of this section;
(c) An order imposing fines as authorized by RCW 30B.10.070;
(d) Restitution to beneficiaries, trustors, or other aggrieved persons;
(e) Costs and expenses related to investigation and enforcement, including attorney fees; and
(f) Other remedies authorized by law.
[ 2019 c 389 § 21.]