SENATE BILL REPORT

SB 5700

BYSenators von Reichbauer, Moore and Sellar; by request of Department of General Administration

Cleaning up provisions of Title 30 RCW.

Senate Committee on Financial Institutions & Insurance

Senate Hearing Date(s):February 14, 1989

Majority Report:  Do pass.

      Signed by Senators von Reichbauer, Chairman; Johnson, Vice Chairman; Fleming, McCaslin, McMullen, Rasmussen, Sellar, Smitherman, West.

Senate Staff:Benson Porter (786-7470)

                  March 6, 1989

AS PASSED SENATE, MARCH 6, 1989

BACKGROUND:

In 1986, certain sections within the state's banking code were repealed or otherwise modified.  Several internal references were not updated to reflect these changes.

Last session the Legislature increased the size of a decedent's estate from which a disposition of personal property may be made.  The estate size was increased to $30,000 from $10,000.  This change, however, was not reflected in the financial institution Individual Account Deposit Act.  Although estates under $30,000 are not subject to judicial administration, administration is required for disposition of a deposit account in excess of $10,000 from one of these estates.

SUMMARY:

Technical corrections are made to the banking code to incorporate changes adopted by past legislative action.

The Individual Account Deposit Act is amended so that individuals entitled to certain deposits limited by the homestead allowance may obtain the funds without judicial administration.

Appropriation:    none

Revenue:    none

Fiscal Note:      none requested

Senate Committee - Testified: Tom Oldfield, Division of Banking (pro); Keith Hopper, Washington Bankers Association (pro)