S-1868.2                   _______________________________________________

                                            SUBSTITUTE SENATE BILL 5176

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State of Washington                              53rd Legislature                             1993 Regular Session

By Senate Committee on Labor & Commerce (originally sponsored by Senators Vognild, Pelz, Moore, Wojahn and Fraser)

Read first time 03/02/93.

Concerning the cashing of government issued checks or warrants.

          AN ACT Relating to the cashing of government issued checks or warrants; and amending RCW 39.58.108.

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

        Sec. 1.  RCW 39.58.108 and 1984 c 177 s 17 are each amended to read as follows:

          Any financial institution may become a qualified depositary upon approval by the commission and segregation of collateral in the manner as set forth in this chapter, and upon compliance with all rules as promulgated by the commission.  Until such time as depositaries have submitted four consecutive reports to the commission as required by RCW 39.58.100, they shall at all times pledge and segregate eligible securities in an amount equal to not less than ten percent of all public funds on deposit in said depositary.  No financial institution may be a qualified depositary if that institution imposes a charge exceeding one dollar on a noncustomer for cashing a check or warrant issued by Washington state or the federal government.

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