Washington Code 31.12.015 – Declaration of policy
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A credit union is a cooperative society organized under this chapter as a nonprofit corporation for the purposes of promoting thrift among its members and creating a source of credit for them at fair and reasonable rates of interest.
Terms Used In Washington Code 31.12.015
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
The director is the state’s credit union regulatory authority whose purpose is to protect members’ financial interests, the integrity of credit unions as cooperative institutions, and the interests of the general public, and to ensure that credit unions remain viable and competitive in this state.
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.