H-861                _______________________________________________

                                                    HOUSE BILL NO. 341

                        _______________________________________________

State of Washington                              50th Legislature                              1987 Regular Session

By Representatives Dellwo, Nutley, Chandler, Silver, Lux, Meyers, P. King, Ferguson, Betrozoff, C. Smith and May

Read first time 1/26/87 and referred to Committee on Financial Institutions & Insurance.

AN ACT Relating to banks and banking; adding a new section to chapter 30.08 RCW; repealing RCW 30.04.200; 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 30.08 RCW to read as follows:

          In addition to the powers under RCW 30.08.140, a bank may exercise the power or authority of and engage in any activity which is authorized for any other financial institution chartered pursuant to the laws of this state, the deposits or accounts of which are insured by an agency of the United States of America, but only with the prior authorization of the supervisor.

NEW SECTION. Sec. 2.  Section 30.04.200, chapter 33, Laws of 1955 and RCW 30.04.200 are each repealed.

NEW SECTION. Sec. 3.     This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect immediately.