BILL REQ. #: S-3866.1
| State of Washington | 59th Legislature | 2006 Regular Session |
Read first time 01/13/2006. Referred to Committee on Financial Institutions, Housing & Consumer Protection.
AN ACT Relating to cashing checks; adding a new section to chapter 30.04 RCW; adding a new section to chapter 31.12 RCW; adding a new section to chapter 32.04 RCW; and adding a new section to chapter 33.04 RCW.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 30.04 RCW
to read as follows:
(1) A payor bank shall pay a check drawn on it against an account
with a sufficient balance at par, without regard to whether the payee
holds an account at the bank.
(2) This section does not prohibit a bank from requiring
commercially reasonable verification of the payee's identity before
settlement of the check.
(3) In addition to any remedy provided by law, the department of
financial institutions shall ensure that payor banks comply with the
requirements of this section.
NEW SECTION. Sec. 2 A new section is added to chapter 31.12 RCW
to read as follows:
(1) A payor credit union shall pay a check drawn on it against an
account with a sufficient balance at par, without regard to whether the
payee holds an account at the credit union.
(2) This section does not prohibit a credit union from requiring
commercially reasonable verification of the payee's identity before
settlement of the check.
(3) In addition to any remedy provided by law, the department of
financial institutions shall ensure that payor credit unions comply
with the requirements of this section.
NEW SECTION. Sec. 3 A new section is added to chapter 32.04 RCW
to read as follows:
(1) A payor savings bank shall pay a check drawn on it against an
account with a sufficient balance at par, without regard to whether the
payee holds an account at the savings bank.
(2) This section does not prohibit a savings bank from requiring
commercially reasonable verification of the payee's identity before
settlement of the check.
(3) In addition to any remedy provided by law, the department of
financial institutions shall ensure that payor savings banks comply
with the requirements of this section.
NEW SECTION. Sec. 4 A new section is added to chapter 33.04 RCW
to read as follows:
(1) A payor savings and loan association shall pay a check drawn on
it against an account with a sufficient balance at par, without regard
to whether the payee holds an account at the savings and loan
association.
(2) This section does not prohibit a savings and loan association
from requiring commercially reasonable verification of the payee's
identity before settlement of the check.
(3) In addition to any remedy provided by law, the department of
financial institutions shall ensure that payor savings and loan
associations comply with the requirements of this section.