Washington Code 39.58.210 – Failure to furnish information — Failure to comply with chapter — Revocation of authority — Costs for noncompliance
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If a depositary neglects or refuses to promptly and accurately furnish, or to allow verification of, any required information requested by the commission or by the director of the department of financial institutions when acting on behalf of the commission pursuant to this chapter, or if a public depositary otherwise fails to comply with this chapter or any rules or policies of the commission, the commission may at its option deny or revoke the authority of such depositary to act as a public depositary pursuant to this chapter, or otherwise suspend such depositary from receiving or holding public deposits until such time as the depositary receives the information or complies with the commission’s rules and policies. The commission shall have the authority to assess by rule costs for a depositary’s noncompliance with this chapter and rules and resolutions adopted pursuant to this chapter.
[ 2009 c 9 § 15.]
NOTES:
Effective date—2009 c 9: See note following RCW 39.58.010.
Terms Used In Washington Code 39.58.210
- Commission: means the Washington public deposit protection commission created under RCW 39. See Washington Code 39.58.010
- Director of the department of financial institutions: means the Washington state director of the department of financial institutions;
Washington Code 39.58.010Public 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