BILL REQ. #: S-3179.1
| State of Washington | 63rd Legislature | 2014 Regular Session |
Read first time 01/13/14. Referred to Committee on Financial Institutions, Housing & Insurance.
AN ACT Relating to establishing the Washington publicly owned trust in order to create a financing infrastructure to implement Initiative Measure No. 502 that complies with the United States attorney general's guidance letter of August 29, 2013, thereby providing resources for public infrastructure and other public purposes; amending RCW 30.04.020, 42.56.270, 42.56.270, 42.56.400, 43.08.135, and 43.84.080; reenacting and amending RCW 42.56.400; adding a new section to chapter 39.58 RCW; adding a new section to chapter 41.06 RCW; adding a new chapter to Title 43 RCW; creating a new section; providing effective dates; providing expiration dates; and declaring an emergency.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1
(2) The legislature intends that the trust may:
(a) Facilitate investment in, and financing of, public
infrastructure systems that will increase public health, safety, and
quality of life, improve environmental conditions, and promote
community vitality and economic growth; and
(b) Leverage receipts from marijuana sales and from public
resources, and work in partnership with financial institutions,
community-based organizations, economic development organizations,
guaranty agencies, and other stakeholder groups.
(3) The mission of the trust is to act as the sole depository for
in-state marijuana producers, processers, and retailers and to use
taxable earnings from those deposits for the benefit of the people and
economy of the state. The legislature intends for the trust to apply
business strategies to manage the deposits while concurrently meeting
identified needs and strategic opportunities across the state. In
achieving its purpose of improving public infrastructure or otherwise
providing for the public benefit, the legislature intends for the trust
to adhere to the following priorities:
(a) Institutional safety and soundness;
(b) Long-term viability;
(c) Social return and monetary return on investments;
(d) Prudent and best banking and business practices;
(e) Highest ethical, accountability, and transparency standards;
and
(f) Insulation from political influence.
NEW SECTION. Sec. 2
(1) "Board" means the advisory board of the Washington publicly
owned trust.
(2) "Commission" means the Washington publicly owned trust
commission.
(3) "Department" means the department of financial institutions.
(4) "Director" means the director of the department of financial
institutions.
(5) "Marijuana" means all parts of the plant cannabis, whether
growing or not, with a THC concentration greater than 0.3 percent on a
dry weight basis; the seeds thereof; the resin extracted from any part
of the plant; and every compound, manufacture, salt, derivative,
mixture, or preparation of the plant, its seeds or resin. "Marijuana"
does not include the mature stalks of the plant, fiber produced from
the stalks, oil, or cake made from the seeds of the plant, any other
compound, manufacture, salt, derivative, mixture, or preparation of the
mature stalks (except the resin extracted therefrom), fiber, oil, or
cake, or the sterilized seed of the plant which is incapable of
germination.
(6) "Marijuana processor" means a person licensed by the state
liquor control board to process marijuana into useable marijuana and
marijuana-infused products, package and label useable marijuana and
marijuana-infused products for sale in retail outlets, and sell useable
marijuana and marijuana-infused products at wholesale to marijuana
retailers.
(7) "Marijuana producer" means a person licensed by the state
liquor control board to produce and sell marijuana at wholesale to
marijuana processors and other marijuana producers.
(8) "Marijuana-infused products" means products that contain
marijuana or marijuana extracts and are intended for human use. The
term "marijuana-infused products" does not include useable marijuana.
(9) "Marijuana retailer" means a person licensed by the state
liquor control board to sell useable marijuana and marijuana-infused
products in a retail outlet.
(10) "Public infrastructure system" means a system of a local
government or political subdivision, a special purpose district, a
public school district, an institution of higher education as defined
in RCW 28B.10.016, a federally recognized Indian tribe, or the state,
including but not limited to a system involving: Wastewater treatment;
storm water management; solid waste disposal; drinking water treatment;
flood control levees; energy efficiency enhancements; roads, streets,
and bridges; transportation infrastructure, including freight rail and
transit; broadband and telecommunications infrastructure; outdoor
recreation and habitat protection facilities; community, social
service, or public safety facilities; schools and educational
facilities; affordable housing as defined in RCW 43.63A.510; or other
public purposes that provide public benefit or public utility.
(11) "State moneys" has the same meaning as in RCW 43.85.200.
(12) "Treasurer" means the treasurer of the state of Washington.
(13) "Trust" means the Washington publicly owned trust.
NEW SECTION. Sec. 3
NEW SECTION. Sec. 4
(2) The commission may adopt rules regarding the:
(a) Safety and soundness standards of the trust;
(b) Transparency requirements for trust operations;
(c) Ethics and conflict of interest requirements for the
commission, the board, and officers and employees of the trust,
including rules to ensure that they perform their functions in
compliance with chapter 42.52 RCW; and
(d) Other topics as needed for efficient administration of the
trust.
(3) The commission shall commence trust operations by July 1, 2015.
(4) The commission may delegate to the trust president such duties
and powers as deemed necessary to carry on the business of the trust
and enforce this chapter efficiently and effectively. The commission
may not delegate its rule-making or policy-making authority.
(5) The commission may adopt policies and procedures for its own
governance.
(6) The commission may establish technical advisory committees or
consult with public and private sector experts in substantive areas
related to the trust's mission, objectives, and duties.
NEW SECTION. Sec. 5
(i) The president of the senate shall appoint one member from each
of the two largest caucuses of the senate.
(ii) The speaker of the house of representatives shall appoint one
member from each of the two largest caucuses of the house of
representatives.
(iii) The president of the senate and the speaker of the house of
representatives jointly shall appoint seven citizen members with a
background in financial issues.
(b) The president of the senate and the speaker of the house of
representatives jointly shall select the chair from among the citizen
membership. The chair shall convene the initial meeting of the trust
organizing committee within forty-five days after the effective date of
this section.
(2) The trust organizing committee shall develop and recommend the
following to the commission within the timeline established by the
commission:
(a) A start-up business plan for the trust that includes plans and
timelines for functions that are new and functions transitioning to the
trust that were previously performed by another entity;
(b) Initial capital requirements of the trust;
(c) Options for capitalizing the trust including but not limited
to: Federal transportation funds, Taft-Hartley trust funds, revenue
bond proceeds, state reserves, and other core capital reserves not
needed for liquidity; and
(d) Other items requested by the commission in order to commence
trust operations by July 1, 2015.
(3) Legislative members of the trust organizing committee must be
reimbursed for travel expenses in accordance with RCW 44.04.120.
Nonlegislative members, except those representing an employer or
organization, are entitled to be reimbursed for expenses incurred in
the discharge of their duties under chapter 43.--- RCW (the new chapter
created in section 27 of this act) in accordance with RCW 43.03.050 and
43.03.060.
(4) The trust organizing committee may appoint an interim president
and other necessary staff who are exempt from the provisions of chapter
41.06 RCW, and who serve at the committee's pleasure on such terms and
conditions as the committee determines but subject to chapter 42.52
RCW. The department must provide technical assistance to the trust
organizing committee. The committee may also contract with additional
persons who have specific technical expertise if the expertise is
necessary to carry out the requirements of this section.
(5) This section expires July 1, 2015.
NEW SECTION. Sec. 6
(2) All income earned by the trust on state moneys that are
deposited in or invested with the trust constitute income of the trust
and must be credited to the trust except as otherwise required by law.
(3) The trust may accept deposits from marijuana producers,
marijuana processors, and marijuana retailers, but is exempt from the
requirements of chapter 39.58 RCW.
(4) The trust may accept funds from any state or local public
source.
(5)(a) Administrative and strategic planning expenses of the trust
are funded from the earnings of the trust, subject to legislative
authorization, and from any other appropriations provided by the
legislature.
(b) The commission shall establish a separate administrative
account within the trust from which its administrative and strategic
planning costs must be funded. In each biennial operating budget, the
legislature shall authorize the commission to incur a maximum
expenditure from the administrative account.
(c) In an amount not to exceed the authorized expenditures, the
commission shall proportionally allocate interest earnings from
accounts and moneys under its management and shall transfer this amount
to the administrative fund. This transfer shall precede the
distribution of remaining earnings under applicable statutes.
NEW SECTION. Sec. 7
NEW SECTION. Sec. 8
NEW SECTION. Sec. 9
NEW SECTION. Sec. 10
(2) The president shall provide support to the commission and the
advisory board, carry out trust policies and programs, and exercise
additional authority as may be delegated by the commission.
(3) Subject to available funding and consistent with commission
direction, the trust president:
(a) May employ such additional personnel as are necessary to the
bank's operations. This employment shall be in accordance with the
state civil service law, chapter 41.06 RCW; and
(b) May contract with persons who have the technical expertise
needed to carry out a specific, time-limited project.
NEW SECTION. Sec. 11
(b) The governor shall appoint members of the advisory board,
subject to confirmation by the senate. The members of the advisory
board must represent a diversity of experience relevant to activities
of the trust. Six or more of the members must have expertise in
finance. Advisory board members serve at the pleasure of the governor.
(c) The board shall choose its chair from among its membership.
(2) The term of the members is three years. Five of the initial
board members must be appointed to serve an initial term of three
years, three must be appointed to serve an initial term of two years,
and the three remaining members must be appointed to serve an initial
term of one year. All subsequent terms are three years. To ensure
that the board can continue to act, a member whose term expires shall
continue to serve until his or her replacement is appointed. In the
case of any vacancy on the board for any reason, the governor shall
appoint a new member to serve out the term of the person whose position
has become vacant. A board member may be removed for cause by the
governor.
(3) Members of the advisory board are entitled to reimbursement for
expenses incurred in the discharge of their duties under this chapter,
as provided in RCW 43.03.050 and 43.03.060.
NEW SECTION. Sec. 12
(2) The director shall examine the trust, taking into consideration
the unique circumstances of a publicly owned financial institution.
The trust shall pay the director for the reasonable costs of
examinations.
(3) The state auditor shall conduct an annual post-audit on all
accounts and financial transactions of the trust.
NEW SECTION. Sec. 13
(2) The commission shall make a report to the legislature on the
affairs of the trust by December 1st of each year.
NEW SECTION. Sec. 14
NEW SECTION. Sec. 15
NEW SECTION. Sec. 16
(2) Financial and commercial information and records submitted to
either the department or the commission for the purpose of
administering this chapter may be shared between the department and the
treasurer. These records may also be used in any suit or
administrative hearing involving any provision of this chapter.
(3) This section does not prohibit:
(a) The issuance of general statements based on the reports of
persons subject to this chapter as long as the statements do not
identify the information furnished by any person; or
(b) The publication by the director or the commission of the name
of any person violating this chapter and a statement of the manner of
the violation of that person.
NEW SECTION. Sec. 17
NEW SECTION. Sec. 18 A new section is added to chapter 39.58 RCW
to read as follows:
The Washington publicly owned trust created in section 3 of this
act may accept deposits of public funds, but is not a public depositary
and is not subject to the requirements of this chapter.
NEW SECTION. Sec. 19 A new section is added to chapter 41.06 RCW
to read as follows:
In addition to the exemptions under RCW 41.06.070, the provisions
of this chapter do not apply to the president of the Washington
publicly owned trust in section 10 of this act.
Sec. 20 RCW 30.04.020 and 2010 c 88 s 4 are each amended to read
as follows:
(1) The name of every bank shall contain the word "bank" and the
name of every trust company shall contain the word "trust," or the word
"bank." Except as provided in RCW 33.08.030 or as otherwise authorized
by this section or approved by the director, only a national bank,
federal savings bank, a bank or trust company authorized by this title,
savings bank under Title 32 RCW, bank holding company or financial
holding company, a holding company authorized by this title or Title 32
RCW, or a foreign or alien corporation or other legal person authorized
by this title to do so, shall:
(a) Use as a part of his (([or her])) or her or its name or other
business designation, as a prominent syllable within a word comprising
all or a portion of its name or other business designation, or in any
manner as if connected with his (([or her])) or her or its business or
place of business any of the following words or the plural thereof, to
wit: "bank," "banking," "banker," "bancorporation," "bancorp," or
"trust," or any foreign language designations thereof, including, by
way of example, "banco" or "banque."
(b) Use any sign, logo, or marketing message, in any media, or use
any letterhead, billhead, note, receipt, certificate, blank, form, or
any written, printed, electronic or internet-based instrument or
material representation whatsoever, directly or indirectly indicating
that the business of such person is that of a bank or trust company.
(2) A foreign corporation or other foreign domiciled legal person,
whose name contains the words "bank," "banker," "banking,"
"bancorporation," "bancorp," or "trust," or the foreign language
equivalent thereof, or whose articles of incorporation empower it to
engage in banking or to engage in a trust business, may not engage in
banking or in a trust business in this state unless the corporation or
other legal person (a) is expressly authorized to do so under this
title, under federal law, or by the director, and (b) complies with all
applicable requirements of Washington state law regarding foreign
corporations and other foreign legal persons. If an activity would not
constitute "transacting business" within the meaning of RCW
23B.15.010(1) or chapter 23B.18 RCW, then the activity shall not
constitute banking or engaging in a trust business. Nothing in this
subsection shall prevent operations by an alien bank in compliance with
chapter 30.42 RCW.
(3) This section shall not prevent a lender approved by the United
States secretary of housing and urban development for participation in
any mortgage insurance program under the National Housing Act from
using the words "mortgage banker" or "mortgage banking" in the conduct
of its business, but only if both words are used together in either of
the forms which appear in quotations in this sentence.
(4) This section does not prevent the Washington publicly owned
trust created in section 3 of this act from being called a trust or
from providing banking services without being called a bank.
(5) Any individual or legal person, or director, officer(([,])), or
manager of such legal person, who knowingly violates any provision of
this section shall be guilty of a gross misdemeanor.
Sec. 21 RCW 42.56.270 and 2011 1st sp.s. c 14 s 15 are each
amended to read as follows:
The following financial, commercial, and proprietary information is
exempt from disclosure under this chapter:
(1) Valuable formulae, designs, drawings, computer source code or
object code, and research data obtained by any agency within five years
of the request for disclosure when disclosure would produce private
gain and public loss;
(2) Financial information supplied by or on behalf of a person,
firm, or corporation for the purpose of qualifying to submit a bid or
proposal for (a) a ferry system construction or repair contract as
required by RCW 47.60.680 through 47.60.750 or (b) highway construction
or improvement as required by RCW 47.28.070;
(3) Financial and commercial information and records supplied by
private persons pertaining to export services provided under chapters
43.163 and 53.31 RCW, and by persons pertaining to export projects
under RCW 43.23.035;
(4) Financial and commercial information and records supplied by
businesses or individuals during application for loans or program
services provided by chapters 43.325, 43.163, 43.160, 43.330, 43.---(the new chapter created in section 27 of this act) and 43.168 RCW, or
during application for economic development loans or program services
provided by any local agency;
(5) Financial information, business plans, examination reports, and
any information produced or obtained in evaluating or examining a
business and industrial development corporation organized or seeking
certification under chapter 31.24 RCW;
(6) Financial and commercial information supplied to the state
investment board by any person when the information relates to the
investment of public trust or retirement funds and when disclosure
would result in loss to such funds or in private loss to the providers
of this information;
(7) Financial and valuable trade information under RCW 51.36.120;
(8) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by the clean Washington
center in applications for, or delivery of, program services under
chapter 70.95H RCW;
(9) Financial and commercial information requested by the public
stadium authority from any person or organization that leases or uses
the stadium and exhibition center as defined in RCW 36.102.010;
(10)(a) Financial information, including but not limited to account
numbers and values, and other identification numbers supplied by or on
behalf of a person, firm, corporation, limited liability company,
partnership, or other entity related to an application for a horse
racing license submitted pursuant to RCW 67.16.260(1)(b), liquor
license, gambling license, or lottery retail license;
(b) Internal control documents, independent auditors' reports and
financial statements, and supporting documents: (i) Of house-banked
social card game licensees required by the gambling commission pursuant
to rules adopted under chapter 9.46 RCW; or (ii) submitted by tribes
with an approved tribal/state compact for class III gaming;
(11) Proprietary data, trade secrets, or other information that
relates to: (a) A vendor's unique methods of conducting business; (b)
data unique to the product or services of the vendor; or (c)
determining prices or rates to be charged for services, submitted by
any vendor to the department of social and health services for purposes
of the development, acquisition, or implementation of state purchased
health care as defined in RCW 41.05.011;
(12)(a) When supplied to and in the records of the department of
commerce:
(i) Financial and proprietary information collected from any person
and provided to the department of commerce pursuant to RCW
43.330.050(8); and
(ii) Financial or proprietary information collected from any person
and provided to the department of commerce or the office of the
governor in connection with the siting, recruitment, expansion,
retention, or relocation of that person's business and until a siting
decision is made, identifying information of any person supplying
information under this subsection and the locations being considered
for siting, relocation, or expansion of a business;
(b) When developed by the department of commerce based on
information as described in (a)(i) of this subsection, any work product
is not exempt from disclosure;
(c) For the purposes of this subsection, "siting decision" means
the decision to acquire or not to acquire a site;
(d) If there is no written contact for a period of sixty days to
the department of commerce from a person connected with siting,
recruitment, expansion, retention, or relocation of that person's
business, information described in (a)(ii) of this subsection will be
available to the public under this chapter;
(13) Financial and proprietary information submitted to or obtained
by the department of ecology or the authority created under chapter
70.95N RCW to implement chapter 70.95N RCW;
(14) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by the life sciences
discovery fund authority in applications for, or delivery of, grants
under chapter 43.350 RCW, to the extent that such information, if
revealed, would reasonably be expected to result in private loss to the
providers of this information;
(15) Financial and commercial information provided as evidence to
the department of licensing as required by RCW 19.112.110 or
19.112.120, except information disclosed in aggregate form that does
not permit the identification of information related to individual fuel
licensees;
(16) Any production records, mineral assessments, and trade secrets
submitted by a permit holder, mine operator, or landowner to the
department of natural resources under RCW 78.44.085;
(17)(a) Farm plans developed by conservation districts, unless
permission to release the farm plan is granted by the landowner or
operator who requested the plan, or the farm plan is used for the
application or issuance of a permit;
(b) Farm plans developed under chapter 90.48 RCW and not under the
federal clean water act, 33 U.S.C. Sec. 1251 et seq., are subject to
RCW 42.56.610 and 90.64.190;
(18) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by a health sciences and
services authority in applications for, or delivery of, grants under
RCW 35.104.010 through 35.104.060, to the extent that such information,
if revealed, would reasonably be expected to result in private loss to
providers of this information;
(19) Information gathered under chapter 19.85 RCW or RCW 34.05.328
that can be identified to a particular business;
(20) Financial and commercial information submitted to or obtained
by the University of Washington, other than information the university
is required to disclose under RCW 28B.20.150, when the information
relates to investments in private funds, to the extent that such
information, if revealed, would reasonably be expected to result in
loss to the University of Washington consolidated endowment fund or to
result in private loss to the providers of this information; and
(21) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by innovate Washington in
applications for, or delivery of, grants and loans under chapter 43.333
RCW, to the extent that such information, if revealed, would reasonably
be expected to result in private loss to the providers of this
information.
Sec. 22 RCW 42.56.270 and 2013 c 305 s 14 are each amended to
read as follows:
The following financial, commercial, and proprietary information is
exempt from disclosure under this chapter:
(1) Valuable formulae, designs, drawings, computer source code or
object code, and research data obtained by any agency within five years
of the request for disclosure when disclosure would produce private
gain and public loss;
(2) Financial information supplied by or on behalf of a person,
firm, or corporation for the purpose of qualifying to submit a bid or
proposal for (a) a ferry system construction or repair contract as
required by RCW 47.60.680 through 47.60.750 or (b) highway construction
or improvement as required by RCW 47.28.070;
(3) Financial and commercial information and records supplied by
private persons pertaining to export services provided under chapters
43.163 and 53.31 RCW, and by persons pertaining to export projects
under RCW 43.23.035;
(4) Financial and commercial information and records supplied by
businesses or individuals during application for loans or program
services provided by chapters 43.325, 43.163, 43.160, 43.330, 43.---(the new chapter created in section 27 of this act) and 43.168 RCW, or
during application for economic development loans or program services
provided by any local agency;
(5) Financial information, business plans, examination reports, and
any information produced or obtained in evaluating or examining a
business and industrial development corporation organized or seeking
certification under chapter 31.24 RCW;
(6) Financial and commercial information supplied to the state
investment board by any person when the information relates to the
investment of public trust or retirement funds and when disclosure
would result in loss to such funds or in private loss to the providers
of this information;
(7) Financial and valuable trade information under RCW 51.36.120;
(8) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by the clean Washington
center in applications for, or delivery of, program services under
chapter 70.95H RCW;
(9) Financial and commercial information requested by the public
stadium authority from any person or organization that leases or uses
the stadium and exhibition center as defined in RCW 36.102.010;
(10)(a) Financial information, including but not limited to account
numbers and values, and other identification numbers supplied by or on
behalf of a person, firm, corporation, limited liability company,
partnership, or other entity related to an application for a horse
racing license submitted pursuant to RCW 67.16.260(1)(b), liquor
license, gambling license, or lottery retail license;
(b) Internal control documents, independent auditors' reports and
financial statements, and supporting documents: (i) Of house-banked
social card game licensees required by the gambling commission pursuant
to rules adopted under chapter 9.46 RCW; or (ii) submitted by tribes
with an approved tribal/state compact for class III gaming;
(11) Proprietary data, trade secrets, or other information that
relates to: (a) A vendor's unique methods of conducting business; (b)
data unique to the product or services of the vendor; or (c)
determining prices or rates to be charged for services, submitted by
any vendor to the department of social and health services for purposes
of the development, acquisition, or implementation of state purchased
health care as defined in RCW 41.05.011;
(12)(a) When supplied to and in the records of the department of
commerce:
(i) Financial and proprietary information collected from any person
and provided to the department of commerce pursuant to RCW
43.330.050(8); and
(ii) Financial or proprietary information collected from any person
and provided to the department of commerce or the office of the
governor in connection with the siting, recruitment, expansion,
retention, or relocation of that person's business and until a siting
decision is made, identifying information of any person supplying
information under this subsection and the locations being considered
for siting, relocation, or expansion of a business;
(b) When developed by the department of commerce based on
information as described in (a)(i) of this subsection, any work product
is not exempt from disclosure;
(c) For the purposes of this subsection, "siting decision" means
the decision to acquire or not to acquire a site;
(d) If there is no written contact for a period of sixty days to
the department of commerce from a person connected with siting,
recruitment, expansion, retention, or relocation of that person's
business, information described in (a)(ii) of this subsection will be
available to the public under this chapter;
(13) Financial and proprietary information submitted to or obtained
by the department of ecology or the authority created under chapter
70.95N RCW to implement chapter 70.95N RCW;
(14) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by the life sciences
discovery fund authority in applications for, or delivery of, grants
under chapter 43.350 RCW, to the extent that such information, if
revealed, would reasonably be expected to result in private loss to the
providers of this information;
(15) Financial and commercial information provided as evidence to
the department of licensing as required by RCW 19.112.110 or
19.112.120, except information disclosed in aggregate form that does
not permit the identification of information related to individual fuel
licensees;
(16) Any production records, mineral assessments, and trade secrets
submitted by a permit holder, mine operator, or landowner to the
department of natural resources under RCW 78.44.085;
(17)(a) Farm plans developed by conservation districts, unless
permission to release the farm plan is granted by the landowner or
operator who requested the plan, or the farm plan is used for the
application or issuance of a permit;
(b) Farm plans developed under chapter 90.48 RCW and not under the
federal clean water act, 33 U.S.C. Sec. 1251 et seq., are subject to
RCW 42.56.610 and 90.64.190;
(18) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by a health sciences and
services authority in applications for, or delivery of, grants under
RCW 35.104.010 through 35.104.060, to the extent that such information,
if revealed, would reasonably be expected to result in private loss to
providers of this information;
(19) Information gathered under chapter 19.85 RCW or RCW 34.05.328
that can be identified to a particular business;
(20) Financial and commercial information submitted to or obtained
by the University of Washington, other than information the university
is required to disclose under RCW 28B.20.150, when the information
relates to investments in private funds, to the extent that such
information, if revealed, would reasonably be expected to result in
loss to the University of Washington consolidated endowment fund or to
result in private loss to the providers of this information;
(21) Financial, commercial, operations, and technical and research
information and data submitted to or obtained by innovate Washington in
applications for, or delivery of, grants and loans under chapter 43.333
RCW, to the extent that such information, if revealed, would reasonably
be expected to result in private loss to the providers of this
information; and
(22) Market share data submitted by a manufacturer under RCW
70.95N.190(4).
Sec. 23 RCW 42.56.400 and 2013 c 277 s 5 and 2013 c 65 s 5 are
each reenacted and amended to read as follows:
The following information relating to insurance and financial
institutions is exempt from disclosure under this chapter:
(1) Records maintained by the board of industrial insurance appeals
that are related to appeals of crime victims' compensation claims filed
with the board under RCW 7.68.110;
(2) Information obtained and exempted or withheld from public
inspection by the health care authority under RCW 41.05.026, whether
retained by the authority, transferred to another state purchased
health care program by the authority, or transferred by the authority
to a technical review committee created to facilitate the development,
acquisition, or implementation of state purchased health care under
chapter 41.05 RCW;
(3) The names and individual identification data of either all
owners or all insureds, or both, received by the insurance commissioner
under chapter 48.102 RCW;
(4) Information provided under RCW 48.30A.045 through 48.30A.060;
(5) Information provided under RCW 48.05.510 through 48.05.535,
48.43.200 through 48.43.225, 48.44.530 through 48.44.555, and 48.46.600
through 48.46.625;
(6) Examination reports and information obtained by the department
of financial institutions from banks under RCW 30.04.075, from savings
banks under RCW 32.04.220, from savings and loan associations under RCW
33.04.110, from credit unions under RCW 31.12.565, from the Washington
publicly owned trust under chapter 43.--- RCW (the new chapter created
in section 27 of this act) from check cashers and sellers under RCW
31.45.030(3), and from securities brokers and investment advisers under
RCW 21.20.100, all of which is confidential and privileged information;
(7) Information provided to the insurance commissioner under RCW
48.110.040(3);
(8) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.02.065, all of which are confidential and
privileged;
(9) Confidential proprietary and trade secret information provided
to the commissioner under RCW 48.31C.020 through 48.31C.050 and
48.31C.070;
(10) Data filed under RCW 48.140.020, 48.140.030, 48.140.050, and
7.70.140 that, alone or in combination with any other data, may reveal
the identity of a claimant, health care provider, health care facility,
insuring entity, or self-insurer involved in a particular claim or a
collection of claims. For the purposes of this subsection:
(a) "Claimant" has the same meaning as in RCW 48.140.010(2).
(b) "Health care facility" has the same meaning as in RCW
48.140.010(6).
(c) "Health care provider" has the same meaning as in RCW
48.140.010(7).
(d) "Insuring entity" has the same meaning as in RCW 48.140.010(8).
(e) "Self-insurer" has the same meaning as in RCW 48.140.010(11);
(11) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.135.060;
(12) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.37.060;
(13) Confidential and privileged documents obtained or produced by
the insurance commissioner and identified in RCW 48.37.080;
(14) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.37.140;
(15) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.17.595;
(16) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.102.051(1) and 48.102.140 (3) and (7)(a)(ii);
(17) Documents, materials, or information obtained by the insurance
commissioner in the commissioner's capacity as receiver under RCW
48.31.025 and 48.99.017, which are records under the jurisdiction and
control of the receivership court. The commissioner is not required to
search for, log, produce, or otherwise comply with the public records
act for any records that the commissioner obtains under chapters 48.31
and 48.99 RCW in the commissioner's capacity as a receiver, except as
directed by the receivership court;
(18) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.13.151;
(19) Data, information, and documents provided by a carrier
pursuant to section 1, chapter 172, Laws of 2010;
(20) Information in a filing of usage-based insurance about the
usage-based component of the rate pursuant to RCW 48.19.040(5)(b);
(21) Data, information, and documents, other than those described
in RCW 48.02.210(2), that are submitted to the office of the insurance
commissioner by an entity providing health care coverage pursuant to
RCW 28A.400.275 and 48.02.210; ((and))
(22) Data, information, and documents obtained by the insurance
commissioner under RCW 48.29.017; and
(23) Information not subject to public inspection or public
disclosure under RCW 48.43.730(5).
Sec. 24 RCW 42.56.400 and 2013 c 65 s 5 are each amended to read
as follows:
The following information relating to insurance and financial
institutions is exempt from disclosure under this chapter:
(1) Records maintained by the board of industrial insurance appeals
that are related to appeals of crime victims' compensation claims filed
with the board under RCW 7.68.110;
(2) Information obtained and exempted or withheld from public
inspection by the health care authority under RCW 41.05.026, whether
retained by the authority, transferred to another state purchased
health care program by the authority, or transferred by the authority
to a technical review committee created to facilitate the development,
acquisition, or implementation of state purchased health care under
chapter 41.05 RCW;
(3) The names and individual identification data of either all
owners or all insureds, or both, received by the insurance commissioner
under chapter 48.102 RCW;
(4) Information provided under RCW 48.30A.045 through 48.30A.060;
(5) Information provided under RCW 48.05.510 through 48.05.535,
48.43.200 through 48.43.225, 48.44.530 through 48.44.555, and 48.46.600
through 48.46.625;
(6) Examination reports and information obtained by the department
of financial institutions from banks under RCW 30.04.075, from savings
banks under RCW 32.04.220, from savings and loan associations under RCW
33.04.110, from credit unions under RCW 31.12.565, from the Washington
publicly owned trust under chapter 43.--- RCW (the new chapter created
in section 27 of this act) from check cashers and sellers under RCW
31.45.030(3), and from securities brokers and investment advisers under
RCW 21.20.100, all of which is confidential and privileged information;
(7) Information provided to the insurance commissioner under RCW
48.110.040(3);
(8) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.02.065, all of which are confidential and
privileged;
(9) Confidential proprietary and trade secret information provided
to the commissioner under RCW 48.31C.020 through 48.31C.050 and
48.31C.070;
(10) Data filed under RCW 48.140.020, 48.140.030, 48.140.050, and
7.70.140 that, alone or in combination with any other data, may reveal
the identity of a claimant, health care provider, health care facility,
insuring entity, or self-insurer involved in a particular claim or a
collection of claims. For the purposes of this subsection:
(a) "Claimant" has the same meaning as in RCW 48.140.010(2).
(b) "Health care facility" has the same meaning as in RCW
48.140.010(6).
(c) "Health care provider" has the same meaning as in RCW
48.140.010(7).
(d) "Insuring entity" has the same meaning as in RCW 48.140.010(8).
(e) "Self-insurer" has the same meaning as in RCW 48.140.010(11);
(11) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.135.060;
(12) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.37.060;
(13) Confidential and privileged documents obtained or produced by
the insurance commissioner and identified in RCW 48.37.080;
(14) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.37.140;
(15) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.17.595;
(16) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.102.051(1) and 48.102.140 (3) and (7)(a)(ii);
(17) Documents, materials, or information obtained by the insurance
commissioner in the commissioner's capacity as receiver under RCW
48.31.025 and 48.99.017, which are records under the jurisdiction and
control of the receivership court. The commissioner is not required to
search for, log, produce, or otherwise comply with the public records
act for any records that the commissioner obtains under chapters 48.31
and 48.99 RCW in the commissioner's capacity as a receiver, except as
directed by the receivership court;
(18) Documents, materials, or information obtained by the insurance
commissioner under RCW 48.13.151;
(19) Data, information, and documents provided by a carrier
pursuant to section 1, chapter 172, Laws of 2010;
(20) Information in a filing of usage-based insurance about the
usage-based component of the rate pursuant to RCW 48.19.040(5)(b);
(21) Data, information, and documents, other than those described
in RCW 48.02.210(2), that are submitted to the office of the insurance
commissioner by an entity providing health care coverage pursuant to
RCW 28A.400.275 and 48.02.210; and
(22) Data, information, and documents obtained by the insurance
commissioner under RCW 48.29.017.
Sec. 25 RCW 43.08.135 and 2009 c 549 s 5044 are each amended to
read as follows:
The state treasurer shall maintain at all times cash, or demand
deposits in the Washington publicly owned trust created in section 3 of
this act or qualified public depositaries in an amount needed to meet
the operational needs of state government: PROVIDED, That the state
treasurer shall not be considered in violation of RCW 9A.56.060(1) if
he or she maintains demand accounts in public depositaries in an amount
less than all treasury warrants issued and outstanding.
Sec. 26 RCW 43.84.080 and 1982 c 148 s 1 are each amended to read
as follows:
Subject to the limitations in section 7 of this act, wherever there
is in any fund or in cash balances in the state treasury more than
sufficient to meet the current expenditures properly payable therefrom,
the state treasurer may invest or reinvest such portion of such funds
or balances as the state treasurer deems expedient in the following
defined securities or classes of investments:
(1) Certificates, notes, or bonds of the United States, or other
obligations of the United States or its agencies, or of any corporation
wholly owned by the government of the United States;
(2) In state, county, municipal, or school district bonds, or in
warrants of taxing districts of the state. Such bonds and warrants
shall be only those found to be within the limit of indebtedness
prescribed by law for the taxing district issuing them and to be
general obligations. The state treasurer may purchase such bonds or
warrants directly from the taxing district or in the open market at
such prices and upon such terms as it may determine, and may sell them
at such times as it deems advisable;
(3) In motor vehicle fund warrants when authorized by agreement
between the state treasurer and the department of transportation
requiring repayment of invested funds from any moneys in the motor
vehicle fund available for state highway construction;
(4) In federal home loan bank notes and bonds, federal land bank
bonds and federal national mortgage association notes, debentures and
guaranteed certificates of participation, or the obligations of any
other government sponsored corporation whose obligations are or may
become eligible as collateral for advances to member banks as
determined by the board of governors of the federal reserve system;
(5) Bankers' acceptances purchased on the secondary market;
(6) Negotiable certificates of deposit of any national or state
commercial or mutual savings bank or savings and loan association doing
business in the United States: PROVIDED, That the treasurer shall
adhere to the investment policies and procedures adopted by the state
investment board;
(7) Commercial paper: PROVIDED, That the treasurer shall adhere to
the investment policies and procedures adopted by the state investment
board.
NEW SECTION. Sec. 27 Sections 1 through 4 and 6 through 17 of
this act constitute a new chapter in Title
NEW SECTION. Sec. 28 Section 21 of this act expires January 1,
2014.
NEW SECTION. Sec. 29 Section 23 of this act expires July 1,
2017.
NEW SECTION. Sec. 30 Section 22 of this act takes effect January
1, 2014.
NEW SECTION. Sec. 31 Section 24 of this act takes effect July 1,
2017.
NEW SECTION. Sec. 32 Sections 1 through 21, 23, 25, and 26 of
this act are necessary for the immediate preservation of the public
peace, health, or safety, or support of the state government and its
existing public institutions, and take effect immediately.
NEW SECTION. Sec. 33 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.