The commission shall have the power and broad administrative discretion:

Washington Code 39.58.010

Collateral: means the particular assets pledged as security to insure payment or performance of the obligations under this chapter as enumerated in RCW 39. See Washington Code 39.58.010

Commission: means the Washington public deposit protection commission created under RCW 39. See Washington Code 39.58.010

Liquidity: means the measure or measures of liquidity of a depositary applying for designation as or operating as a public depositary pursuant to this chapter, based upon regulatory standards of financial institution liquidity adopted by rule or resolution of the commission after consultation with the director of the department of financial institutions;

Washington Code 39.58.010

Loss: means the issuance of an order by a regulatory or supervisory authority or a court of competent jurisdiction (a) restraining a public depositary from making payments of deposit liabilities or (b) appointing a receiver for a public depositary;

Washington Code 39.58.010

Public depositary: means a financial institution that has been approved by the commission to hold public deposits, and has segregated, for the benefit of the commission, eligible collateral having a value of not less than its maximum liability;

Washington Code 39.58.010

Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.

(1) To make and enforce regulations necessary and proper to the full and complete performance of its functions under this chapter;

(2) To require any public depositary to furnish such information dealing with public deposits and the exact status of its capitalization, collateral, liquidity, and net worth as the commission shall request;

(3) To take such action as it deems best for the protection, collection, compromise or settlement of any claim arising in case of loss;

(4) To fix by rule or resolution, consistent with this chapter, the requirements for initial and continued qualification of financial institutions as public depositaries on the basis of a depositary’s financial condition, including its capitalization, collateral, liquidity, and net worth, and fixing other terms and conditions consistent with this chapter, under which public deposits may be received and held;

(5) To make and enforce rules setting forth criteria for the establishment by policy of standards governing matters that are subject to the commission’s powers to fix requirements, terms, and conditions under subsection (4) of this section for a public depositary, and, if these standards are not met, providing for additional collateral or other conditional or unconditional requirements or restrictions applicable to the public depositary’s right to receive or hold public deposits;

(6) To require additional or different types and amounts of collateral, or to restrict a public depositary’s right to receive or hold public deposits if the standards for the financial condition of public depositaries are not met;

(7) To fix the official date on which any loss shall be deemed to have occurred taking into consideration the orders, rules, and regulations of the supervisory authority of a public depositary’s primary regulatory authority and federal deposit insurer as they affect the failure or inability of a public depositary to repay public deposits in full;

(8) In case loss occurs in more than one public depositary, to determine the allocation and time of payment of any sums due to public depositors under this chapter; and

(9) To make and enforce sanctions against a public depositary for noncompliance with the provisions of this chapter and rules or policies of the commission.

Effective date—2009 c 9: See note following RCW 39.58.010.

Severability—1983 c 66: See note following RCW 39.58.010.