H-4706.1 _______________________________________________
SUBSTITUTE HOUSE BILL 2891
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State of Washington 52nd Legislature 1992 Regular Session
By House Committee on Commerce & Labor (originally sponsored by Representatives Day, Heavey, Lisk, Grant, R. Meyers, Fuhrman, R. Fisher, D. Sommers, Wilson, Rayburn, Franklin, Wynne, Wood, Hochstatter and May)
Read first time 02/07/92.
AN ACT Relating to bank concentration levels; adding a new section to chapter 19.86 RCW; creating a new section; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1. It is the intent of the legislature to retain a competitive financial base within the banking industry in Washington state. It is also the intent of the legislature to protect the best interests of the people and businesses in Washington by retaining competitive banking services throughout the state.
NEW SECTION. Sec. 2. A new section is added to chapter 19.86 RCW to read as follows:
(1) Notwithstanding the provisions of RCW 19.86.170 and 19.86.920, an acquisition of a commercial bank doing business within the state shall be presumed to substantially lessen competition in violation of RCW 19.86.060 if such acquisition would give the acquiring entity control over thirty percent or more of the deposits held by commercial banks in the state.
(2) The provisions of this section are retroactive and shall apply to any acquisition of a commercial bank closing after January 1, 1992.
NEW SECTION. Sec. 3. If any provision of this act or its application to any person or circumstance is held invalid, the remainder of the act or the application of the provision to other persons or circumstances is not affected.
NEW SECTION. Sec. 4. This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect immediately.