Descriptive Statement pursuant to RCW 34.05.230(4)
The securities administrator has adopted interpretive statements under the Securities Act of Washington, chapter 21.20 RCW, and the Franchise Investment Protection Act, chapter 19.100 RCW, interpreting the definition of "accredited investor" as it pertains to natural persons in WAC 460-44A-501 and 460-80-108 to allow the exclusion of the amount of indebtedness secured by the primary residence up to its fair market value in calculating a person's net worth. Any indebtedness secured by a natural person's primary residence that is in excess of the fair market value of the residence shall be considered a liability and deducted from the person's net worth.
To receive a copy of SAIS 23 or FIS 06, contact Cheryl Pearson, Securities Division, P.O. Box 9033, Olympia, WA 98507-9033, (360) 902-8760, email@example.com.
William M. Beatty
Director of Securities