Washington Code 31.12.438 – Investment in real property or leasehold interests — Limitations — Rules
Current as of: 2023 | Check for updates
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(1) A credit union may invest in real property or leasehold interests including, but not limited to, structures and fixtures attached to real property for use in conducting its business or the business of a credit union service organization, subject to the following limitations:
Terms Used In Washington Code 31.12.438
- Board: means the board of directors of a credit union. See Washington Code 31.12.005
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Credit union service organization: means an organization that a credit union has invested in pursuant to RCW 31. See Washington Code 31.12.005
- Director: means the director of financial institutions. See Washington Code 31.12.005
- Net worth: means a credit union's capital, less the allowance for loan and lease losses. See Washington Code 31.12.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(a) The credit union’s net worth equals at least five percent of the total of its share and deposit accounts;
(b) The board approves the investment; and
(c) The aggregate of all such investments does not exceed seven and one-half percent of the total of its share and deposit accounts.
(2) The director may, upon written application, waive any of the limitations listed in subsection (1) of this section, and the director may adopt rules to interpret this section.
[ 2022 c 15 § 5; 2013 c 34 § 9; 2001 c 83 § 20; 1997 c 397 § 37. Prior: 1994 c 256 § 87; 1994 c 92 § 198; 1984 c 31 § 45. Formerly RCW 31.12.435.]
NOTES:
Findings—Construction—1994 c 256: See RCW 43.320.007.