2005 Washington Revised Code RCW 39.58.105: Investigation of financial institution applying to become public depositary — Report.

The commission may require the state auditor or the director of financial institutions to thoroughly investigate and report to it concerning the condition of any financial institution which makes application to become a public depositary, and may also as often as it deems necessary require such investigation and report concerning the condition of any financial institution which has been designated as a public depositary. The expense of all such investigations or reports shall be borne by the financial institution examined. In lieu of any such investigation or report, the commission may rely upon information made available to it or the director of financial institutions by the office of the comptroller of the currency, the office of thrift supervision, the federal deposit insurance corporation, the federal reserve board, or any state bank or thrift regulatory agency.

     The director of financial institutions shall in addition advise the commission of any action he or she has directed any public depositary to take which will result in a reduction of greater than ten percent of the net worth of such depositary as shown on the most recent report it submitted pursuant to RCW 39.58.100.

[1996 c 256 § 12; 1983 c 66 § 14; 1975 1st ex.s. c 77 § 5.]

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