Washington Code 39.58.108 – Requirements to become depositary
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Any financial institution may become, and thereafter operate as, a public depositary upon approval by the commission and segregation of collateral in the manner as set forth in this chapter, and subject to compliance with all rules and policies adopted by the commission. A public depositary shall at all times pledge and segregate eligible collateral in an amount established by the commission by rule or noticed resolution.
[ 2016 c 152 § 4; 2009 c 9 § 10; 1996 c 256 § 13; 1984 c 177 § 17; 1983 c 66 § 15; 1975 1st ex.s. c 77 § 6.]
NOTES:
Effective date—2009 c 9: See note following RCW 39.58.010.
Severability—1983 c 66: See note following RCW 39.58.010.
Terms Used In Washington Code 39.58.108
- 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
- Eligible collateral: means the securities or letters of credit enumerated in RCW 39. See Washington Code 39.58.010
- Financial institution: means any national or state chartered commercial bank or trust company, savings bank, savings association, or federal or state chartered credit union, or branch or branches thereof, located in this state and lawfully engaged in business;
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