S-3745.2                   _______________________________________________

                                                     SENATE BILL 6171

                              _______________________________________________

State of Washington                              53rd Legislature                             1994 Regular Session

By Senators Vognild, Loveland, Ludwig, Franklin and Hargrove

Read first time 01/14/94.  Referred to Committee on Labor & Commerce.

Cashing of government issued checks or warrants.

          AN ACT Relating to the cashing of government issued checks or warrants; and amending RCW 39.58.108.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  RCW 39.58.108 and 1984 c 177 s 17 are each amended to read as follows:

          Any financial institution may become a qualified depositary upon approval by the commission and segregation of collateral in the manner as set forth in this chapter, and upon compliance with all rules as promulgated by the commission.  Until such time as depositaries have submitted four consecutive reports to the commission as required by RCW 39.58.100, they shall at all times pledge and segregate eligible securities in an amount equal to not less than ten percent of all public funds on deposit in said depositary.  In order to be a qualified public depositary, a financial institution must cash, upon presentation of proper identification, checks and warrants issued by Washington state or the federal government for a noncustomer free of charge, or for a fee that does not exceed one dollar.

                                                           --- END ---