Section 30B.46.005. Supervisory direction.

(1) If upon examination or at any other time it appears to the director that a state trust company is in an unsafe condition and its condition is such as to render the continuance of its business hazardous to the public or to its clients, or if the state trust company appears to have exceeded its powers or has failed to comply with the law, or if the state trust company gives its consent, then the director shall upon his or her determination (a) notify the state trust company of his or her determination, (b) furnish to the state trust company a written list of the director's requirements to abate his or her determination, and (c) if the director makes further determination to directly supervise, he or she shall notify the state trust company that it is under the supervisory direction of the director and that the director is invoking the provisions of this chapter. If placed under supervisory direction the state trust company shall comply with the lawful requirements of the director within such time as provided in the notice of the director, subject however, to the provisions of this chapter. If the state trust company fails to comply within such time the director may appoint a conservator.

(2) To the greatest extent consistent with this title, the standards, terms and conditions, and procedures of supervisory direction, and abatement therefrom, shall be consistent with chapter 30A.46 RCW related to supervisory direction of banks.

(3) The director may establish rules related to supervisory direction consistent with this section.

[ 2014 c 37 § 385.]

2014 c 37 § 385.