| Passed by the Senate February 9, 2012 YEAS 43 ________________________________________ President of the Senate Passed by the House February 27, 2012 YEAS 80 ________________________________________ Speaker of the House of Representatives | I, Thomas Hoemann, Secretary of the Senate of the State of Washington, do hereby certify that the attached is SENATE BILL 5913 as passed by the Senate and the House of Representatives on the dates hereon set forth. ________________________________________ Secretary | |
| Approved ________________________________________ Governor of the State of Washington | Secretary of State State of Washington |
| State of Washington | 62nd Legislature | 2011 Regular Session |
Read first time 04/05/11. Referred to Committee on Financial Institutions, Housing & Insurance.
AN ACT Relating to increasing the permissible deposit of public funds with credit unions and authorizing the deposit of public funds at federally chartered credit unions; and amending RCW 39.58.240.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1 RCW 39.58.240 and 2010 c 36 s 1 are each amended to read
as follows:
(1) 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 39.58.040 and
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.
(2) For the purposes of this section, a credit union includes a
state-chartered credit union chartered under chapter 31.12 RCW, or a
credit union chartered under federal law.