S-1989               _______________________________________________

                                         SUBSTITUTE SENATE BILL NO. 5258

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Senate Committee on Financial Institutions (originally sponsored by Senators Moore and McDermott)

Read first time 3/5/87.

AN ACT Relating to banks; adding a new section to chapter 30.08 RCW; and repealing RCW 30.04.200.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION. Sec. 1.  A new section is added to chapter 30.08 RCW to read as follows:

          In addition to the powers under RCW 30.08.140, a bank may exercise the power or authority of and engage in any activity which is authorized for any other financial institution chartered pursuant to the laws of this state, the deposits or accounts of which are insured by the Federal Deposit Insurance Corporation, but only with the prior authorization of the supervisor:  PROVIDED, That a bank may engage in insurance agency activities if (1) otherwise authorized by state law or (2) authorized by federal law for any bank and authorized by the supervisor by rule.

NEW SECTION. Sec. 2.  Section 30.04.200, chapter 33, Laws of 1955 and RCW 30.04.200 are each repealed.