Z-0686.1

SENATE BILL 6131

State of Washington
66th Legislature
2020 Regular Session
BySenators Mullet, Hobbs, Short, Wilson, L., and Das; by request of Department of Financial Institutions
Prefiled 01/03/20.Read first time 01/13/20.Referred to Committee on Financial Institutions, Economic Development & Trade.
AN ACT Relating to repealing the debenture company laws from the securities act of Washington; amending RCW 21.20.810; and repealing RCW 21.20.705, 21.20.710, 21.20.715, 21.20.717, 21.20.720, 21.20.725, 21.20.727, 21.20.730, 21.20.732, 21.20.734, 21.20.740, 21.20.745, 21.20.750, 21.20.805, 21.20.815, 21.20.820, 21.20.825, 21.20.830, 21.20.835, 21.20.840, 21.20.845, and 21.20.850.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:
Sec. 1. RCW 21.20.810 and 1988 c 244 s 7 are each amended to read as follows:
Nothing in RCW 21.20.700 ((through 21.20.750 and 21.20.815 through)), 21.20.702, or 21.20.855 limits the application of other provisions of this chapter.
NEW SECTION.  Sec. 2. The following acts or parts of acts are each repealed:
(1) RCW 21.20.705 (Debenture companiesDefinitions) and 1988 c 244 s 2, 1987 c 421 s 1, 1979 c 140 s 1, & 1973 1st ex.s. c 171 s 6;
(2) RCW 21.20.710 (Debenture companiesCapital requirements) and 2016 c 61 s 14, 1988 c 244 s 3, & 1973 1st ex.s. c 171 s 7;
(3) RCW 21.20.715 (Debenture companiesMaturity date requirements) and 1987 c 421 s 2 & 1973 1st ex.s. c 171 s 8;
(4) RCW 21.20.717 (Debenture companiesControlling personExceptions) and 1987 c 421 s 3;
(5) RCW 21.20.720 (Debenture companiesProhibited activities by directors, officers, or controlling persons) and 1993 c 472 s 16, 1987 c 421 s 4, 1979 ex.s. c 68 s 41, 1979 c 158 s 87, & 1973 1st ex.s. c 171 s 9;
(6) RCW 21.20.725 (Debenture companiesDebentures payable on demandInterestCertificates of debenture) and 1988 c 244 s 4 & 1973 1st ex.s. c 171 s 10;
(7) RCW 21.20.727 (Debenture companiesAcquisition of controlRequirementsViolationPenalty) and 2016 c 61 s 15 & 1987 c 421 s 5;
(8) RCW 21.20.730 (Debenture companiesAcquisition of controlGrounds for disapproval) and 1987 c 421 s 6;
(9) RCW 21.20.732 (Debenture companiesNotice of chargesHearingCease and desist orders) and 1988 c 244 s 5 & 1987 c 421 s 7;
(10) RCW 21.20.734 (Debenture companiesTemporary cease and desist orders) and 1988 c 244 s 6 & 1987 c 421 s 8;
(11) RCW 21.20.740 (ReportsRequirements) and 1997 c 101 s 1, 1979 ex.s. c 68 s 42, & 1973 1st ex.s. c 171 s 11;
(12) RCW 21.20.745 (ReportsViolations of reporting requirementsPenaltiesContribution) and 1979 ex.s. c 68 s 43 & 1973 1st ex.s. c 171 s 12;
(13) RCW 21.20.750 (ReportsSuspension of sale of securities until reporting requirements complied with) and 1973 1st ex.s. c 171 s 13;
(14) RCW 21.20.805 (Effective dateConstruction1973 1st ex.s. c 171) and 1973 1st ex.s. c 171 s 14;
(15) RCW 21.20.815 (Debenture companiesEquity investments) and 1988 c 244 s 8;
(16) RCW 21.20.820 (Debenture companiesLoans to any one borrowerLimitations) and 1988 c 244 s 9;
(17) RCW 21.20.825 (Debenture companiesBad debts) and 1988 c 244 s 10;
(18) RCW 21.20.830 (Debenture companiesInvestments in unsecured loans) and 1988 c 244 s 11;
(19) RCW 21.20.835 (Debenture companiesDebenture holdersNotice of maturity date of debenture) and 1988 c 244 s 12;
(20) RCW 21.20.840 (Debenture companiesAnnual financial statement) and 1988 c 244 s 13;
(21) RCW 21.20.845 (Debenture companiesRules) and 1988 c 244 s 14; and
(22) RCW 21.20.850 (Debenture companiesRecord maintenance and preservationExamination) and 1988 c 244 s 15.
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