Washington Code 30B.38.090 – Functionally unregulated out-of-state trust institutions
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Notwithstanding any other provision of this chapter, an out-of-state trust institution engaging in trust business in Washington state, which is not an exempt person under RCW 30B.04.040 and which by reason of the laws of its home state is not, in the opinion of the director, subject to supervision, examination, or other safety and soundness oversight by a home state regulator, shall be subject to all the requirements of a state trust company under this title.
Terms Used In Washington Code 30B.38.090
- 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
- Home state: means :
Washington Code 30B.04.005Home state regulator: means the trust institutions supervisory agency with primary responsibility for chartering and supervising an out-of-state trust institution. 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 Oversight: Committee review of the activities of a Federal agency or program. 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