5176-S AMH FII H2385.1

SSB 5176 - H COMM AMD ADOPTED 4-8-93

By Committee on Financial Institutions & Insurance

    Strike everything after the enacting clause and insert the following:

    "NEW SECTION. Sec. 1.  The supervisor of banking and the supervisor of savings and loan in conjunction with the state treasurer's office and the department of social and health services shall study methods by which the state of Washington can facilitate the movement of funds to individuals who receive public assistance including but not limited to:  Methods to limit the fees charged by financial institutions and other entities for the cashing of government checks and warrants; methods to ensure that presenters of government checks and warrants are properly identified; methods to encourage the offering by financial institutions of low cost checking accounts; and methods to encourage the development and use of debit cards and similar automated systems for the transfer of government funds to persons receiving public assistance.  The supervisor of banking and supervisor of savings and loan shall report their findings and recommendations to the legislature by January 1, 1994."

EFFECT:  Replaces requirements that public depositories cash government checks for one dollar with a study by state financial institution regulators and others on methods to inexpensively transfer government funds to persons receiving public assistance.

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