BILL REQ. #: S-4292.1
| State of Washington | 61st Legislature | 2010 Regular Session |
READ FIRST TIME 01/28/10.
AN ACT Relating to the deposit of public funds with credit unions; adding a new section to chapter 39.58 RCW; and providing an effective date.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
NEW SECTION. Sec. 1 A new section is added to chapter 39.58 RCW
to read as follows:
Solely for the purpose of receiving public deposits that may total
no more than one hundred thousand dollars or the maximum deposit
insured by the national credit union share insurance fund, whichever is
the lesser amount, a credit union is a public depositary and subject to
reporting under RCW 39.58.100. The maximum deposit applies to all
funds attributable to any one depositor of public funds in any one
credit union. A credit union means a state-chartered credit union
under chapter 31.12 RCW. A credit union is not a public depositary for
any other purpose under this chapter, including but not limited to
inclusion in the single public depositary pool under RCW 39.58.200.
NEW SECTION. Sec. 2 This act takes effect July 1, 2011.