Revised Code of Washington
2023 Archive

Chapter 31.12 RCW
WASHINGTON STATE CREDIT UNION ACT
PDF of Chapter Digest
PDF of Complete Chapter
Sections
31.12.003Findings—Intent—1997 c 397.
31.12.005Definitions.
CREDIT UNION ORGANIZATION
31.12.015Declaration of policy.
31.12.025Use of words in name.
31.12.035Application for permission to organize—Approval.
31.12.055Manner of organizing—Articles of incorporation—Submission to director.
31.12.065Bylaws—Submission to director.
31.12.075Approval, denial of proposed credit union—Appeal.
31.12.085Filing upon approval—Fee—Notice to director—Authority to commence business.
CORPORATE GOVERNANCE
31.12.105Amendment to articles of incorporation—Approval of director—Procedure.
31.12.115Amendment to bylaws—Approval of director required—Procedure.
31.12.185Annual membership meetings.
31.12.195Special membership meetings.
31.12.225Board of directors—Election of directors—Terms—Vacancies—Meetings—Rules.
31.12.235Directors—Qualifications—Operating officers and employees may serve.
31.12.246Removal of directors and supervisory committee members—Interim directors and supervisory committee members.
31.12.251Removal of directors—No quorum.
31.12.255Board of directors—Powers and duties.
31.12.265Officers.
31.12.267Officials—Fiduciary duty—Information relied on—Definition.
31.12.269Directors and committee members—Limitations on personal liability—Exceptions.
31.12.285Suspension of members of board or supervisory committee by board—For cause.
31.12.326Supervisory committee—Membership—Terms—Vacancies—Operating officers and employees may not serve—Audit committee alternative.
31.12.335Supervisory committee—Duties.
31.12.345Suspension of members of a committee or members of the board by supervisory committee—For cause.
31.12.365Directors and supervisory committee members—Compensation—Reimbursement—Rules.
31.12.367Risk—Bond coverage—Notice to director—Timing.
31.12.372Director may suspend any person, reason—Notice—Injunctions.
MEMBERSHIP
31.12.382Limitation on membership.
31.12.384Membership.
31.12.386Voting rights—Methods—Proxy—Under eighteen years of age.
31.12.388Expulsion of member—Challenge—Share and deposit accounts.
POWERS OF CREDIT UNIONS
31.12.402Powers.
31.12.404Additional powers—Authority of director.
31.12.408Insurance required after December 31, 1998—Federal share insurance program or an equivalent share insurance program—Director's findings.
31.12.413Low-income credit unions—Director's approval required—Powers—Rules.
MEMBERS' ACCOUNTS
31.12.416Shares and deposits governed by chapter 30.22 RCW—Limitation on shares and deposits—Notice of withdrawal—Lien rights.
31.12.418Dividends.
LOANS TO MEMBERS
31.12.426Loans—Secured or unsecured loans.
31.12.428Limit on loan amount.
INVESTMENTS
31.12.436Investment of funds—When investment later becomes impermissible.
31.12.438Investment in real property or leasehold interests—Limitations—Rules.
MERGERS, CONVERSIONS, AND VOLUNTARY LIQUIDATIONS
31.12.461Mergers.
31.12.464Merger or conversion of state into federal, out-of-state, or foreign credit union, or other type of financial institution.
31.12.467Merger or conversion of federal, out-of-state, or foreign to state credit union.
31.12.471Authority of out-of-state or foreign credit union to operate in this state—Conditions—Rules.
31.12.474Liquidation—Disposition of unclaimed funds.
EXAMINATION AND SUPERVISION
31.12.516Powers of director.
31.12.518Powers of director under chapter 19.144 RCW.
31.12.545Examinations and investigations—Reports—Access to records—Oaths—Subpoenas.
31.12.565Examination reports and specified other information confidential—Exceptions—Penalty.
31.12.567Reports—Financial and statistical data—As required by director.
31.12.569Generally accepted accounting principles.
31.12.571Notice of intent to establish branch—Another state or foreign jurisdiction.
31.12.575Removal or prohibition orders—Director's authority—Notice.
31.12.580Contents of notice under RCW 31.12.575—Hearing—Order.
31.12.585Prohibited acts—Notice—Cease and desist order.
31.12.595Temporary cease and desist order—Notice—Principal place of business—Superior court.
31.12.625Administrative hearing—Procedures.
31.12.630Authority of director to call special meeting of board.
31.12.633Authority of director to attend meetings of the board.
31.12.637Intervention by director—Conditions.
31.12.641Supervision by director—Notice—Compliance—Costs.
31.12.644Supervision by director—Certain acts prohibited.
31.12.647Supervision by director—Credit union request for review.
31.12.651Conservator—Authorized actions—Costs.
31.12.654Actions by conservator—Review.
31.12.657Lawsuits during period of conservatorship.
31.12.661Conservator serves until purposes are accomplished.
31.12.664Liquidation—Suspension or revocation of articles—Placement in involuntary liquidation—Appointment of liquidating agent—Notice—Procedure—Effect.
31.12.667Order directing involuntary liquidation—Procedure.
31.12.671Receivership—Appointment of receiver by director—Notice—Act without bond.
31.12.674Director's orders—Notice to director of hearing—Hearing—Principal place of business—Superior court.
31.12.677Powers and duties of receiver.
31.12.681Claims against credit union in receivership—Notice.
31.12.684Receiver shall inventory assets—File lists of assets and claims—Objections to approved claims.
31.12.687Expenses incurred by receiver.
31.12.691Liquidation dividends—Approval of court.
31.12.694Remaining assets—Distribution.
31.12.697Unclaimed liquidation dividends.
31.12.701Personal property—Receiver's duties.
31.12.704Proceeds of sale—Deposit or payment by receiver.
31.12.707Completion of receivership—Merger, purchase, or liquidation—Secretary of state.
31.12.711Director may terminate receivership—Expenses.
31.12.714Receivership files.
31.12.717Pendency of proceedings for review of appointment of receiver—Liabilities of credit union—Availability of relevant data.
31.12.721Appointment by court of temporary receiver—Notice to director.
31.12.724Actions that are void—Felonious conduct—Penalties.
31.12.726Conservator or receiver may terminate or adopt executory contracts—Timing—Binding terms—Liability.
31.12.728Applicability of general receivership law.
MISCELLANEOUS
31.12.850Prohibited acts—Criminal penalties.
31.12.853Prohibited acts—Civil penalties—Rules.
31.12.860Taxation of credit unions.
31.12.890Satellite facilities.
31.12.891Automated teller machines and night depositories security.
31.12.902Short title.
31.12.906Effective date—1997 c 397.
31.12.909Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.
31.12.910Effective date—2010 c 87.
NOTES:
Business license system exemption: RCW 19.02.800.
Fairness in lending act: RCW 30A.04.500 through 30A.04.515.