Washington Code 30B.10.180 – Emergency order — Judicial review
Current as of: 2023 | Check for updates
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(1) When the director finds it necessary for one or more of the purposes set forth in subsection (2) of this section, the director may issue and serve an emergency order upon:
Terms Used In Washington Code 30B.10.180
- 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.
- Company: includes a bank, trust company, corporation, limited liability company, partnership, association, business trust, or another trust. See Washington Code 30B.04.005
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Respondent: means a person against whom the director has issued a notice and statement of charges pursuant to this chapter. See Washington Code 30B.10.003
- 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
- State trust company: means a corporation or a limited liability company organized or reorganized under this title, including a trust company organized under the laws of Washington state before January 5, 2015. 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
(a) A state trust institution, its affiliate, a director, officer, manager, employee, or agent of such state trust institution or its affiliate, or any person subject to the authority of this title, requiring the respondent to take immediate affirmative action or immediately cease and desist from any act, practice, or omission or failure to act; or
(b) A director, officer, manager, or employee of a state trust company or its affiliate to suspend or remove such person from his or her office or employment with the state trust company or its affiliate pursuant to RCW 30B.10.080.
(2) Such emergency order may be issued to:
(a) Ensure the safety or soundness of the authorized trust institution;
(b) Prevent the state trust institution’s insolvency or inability to pay its obligations in the ordinary course of business;
(c) Prevent significant or critical undercapitalization or substantial dissipation of assets;
(d) Compel timely compliance with a supervisory agreement, supervisory directive, or order of the director;
(e) Compel production of or access to its books, papers, records, or affairs as directed by the department or other applicable financial services regulator;
(f) Prevent immediate and irreparable harm to the public interest, interests of the trustors or beneficiaries, or condition of the state trust institution; or
(g) Prevent fraudulent activity.
(3) The emergency order must:
(a) Be served upon each entity or person subject to the order by personal delivery or registered or certified mail, return receipt requested, to the entity or person’s last known address;
(b) State the specific acts or omissions at issue and require the entity or person to immediately comply with the order; and
(c) Contain a notice that a request for hearing may be filed by the respondent within ten days of service with the superior court, as set forth in subsection (5) of this section.
(4) Unless a respondent against whom the order is directed files a petition for judicial review with the court within ten days after the order is served under this section, the order is nonappealable and any right to a hearing is deemed conclusively waived as to that respondent.
(5) A petition for judicial review must:
(a) Be filed with the superior court of the county of the principal place of business of the respondent or, in the case of the respondent not being domiciled in Washington state, the Thurston county superior court;
(b) State the specific respondents seeking review of the order;
and
(c) State the specific grounds and authority to set aside or
modify the order.
(6) Upon receipt of a timely filed petition for review, the court shall set the time and place of a hearing, no later than ten business days after the petition for review is filed, unless otherwise agreed by the parties.
(7) The department shall bear the burden of proof by a preponderance of evidence.
(8) Pending judicial review, the emergency order shall continue in full force and effect unless the order is stayed by the department.
[ 2019 c 389 § 25.]