S-1595.1                   _______________________________________________

                                                     SENATE BILL 5796

                              _______________________________________________

State of Washington                              53rd Legislature                             1993 Regular Session

By Senators Moore and Pelz

Read first time 02/15/93.  Referred to Committee on Labor & Commerce.

Prohibiting sellers of securities from charging customers due to a low number of transactions in an account or for transferring

          AN ACT Relating to securities; adding a new section to chapter 21.20 RCW; and declaring an emergency.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 21.20 RCW to read as follows:

          It is unlawful for a broker-dealer, salesperson, investment adviser, or investment adviser salesperson to:

          (1) Charge a customer a fee based on the lack of or low number of transactions in a customer's account; or

          (2) Charge a customer a fee for transferring securities or closing or transferring an account.

NEW SECTION. Sec. 2.  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.

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