Revised Code of Washington (RCW) (Last Updated: August 9, 2016) |
Title 31. MISCELLANEOUS LOAN AGENCIES |
Chapter 31.12. Washington state credit union act. |
Section 31.12.413. Low-income credit unions—Director's approval required—Powers—Rules.
Latest version.
- (1) A credit union may apply in writing to the director for designation as a low-income credit union. The criteria for approval of this designation are as follows:(a) At least fifty percent of a substantial and well-defined segment of the credit union's members or potential primary members are low-income members;(b) The credit union must submit an acceptable written plan on marketing to and serving the well-defined segment;(c) The credit union must agree to submit annual reports to the director on its service to the well-defined segment; and(d) The credit union must submit other information and satisfy other criteria as may be required by the director.(2)(a) Among other powers and authorities, a low-income credit union may:(i) Issue secondary capital accounts approved in advance by the director upon application of the credit union; and(ii) Accept shares and deposits from nonmembers.(b) A secondary capital account is:(i) Over one hundred thousand dollars, or a higher amount as established by the director;(ii) Nontransactional;(iii) Owned by a nonnatural person; and(iv) Subordinate to other creditors.(3) The director may adopt rules for the organization and operation of low-income credit unions including, but not limited to, rules concerning secondary capital accounts and requiring disclosures to the purchasers of the accounts.