FINAL BILL REPORT

                  HB 2144

                          C 25 L 98

                     Synopsis as Enacted

Brief Description:  Designating depositaries.

Sponsors:  Representatives Smith, L. Thomas, Wolfe, Sullivan, Wensman and Anderson.

House Committee on Financial Institutions & Insurance

Senate Committee on Financial Institutions, Insurance & Housing

Background:  The Insurance Commissioner may designate any solvent trust company or financial institution domiciled in Washington as a depositary to hold deposits of securities for the commissioner.  All funds deposited must be insured by the Federal Deposit Insurance Corporation.

Summary:  Solvent financial institution means any national or state-chartered bank or trust company, savings bank, or branches of these institutions.  The financial institution need not be domiciled in Washington, but must have trust powers in Washington.

Votes on Final Passage:

House970

Senate450

Effective:June 11, 1998