Section 39.58.240. Credit union as public depositary—Conditions.

(1) Solely for the purpose of receiving public deposits that may total no more than the maximum deposit insured by the national credit union share insurance fund, a credit union is a public depositary subject to RCW 39.58.040 and 39.58.100. The maximum deposit applies to all funds attributable to any one depositor of public funds in any one credit union. A credit union is not a public depositary for any other purpose under this chapter, including but not limited to inclusion in the single public depositary pool under RCW 39.58.200.

(2) For the purposes of this section, a credit union includes a state-chartered credit union chartered under chapter 31.12 RCW, or a credit union chartered under federal law.

[ 2012 c 26 § 1; 2010 c 36 § 1.]

NOTES:

Effective date—2010 c 36: "This act takes effect July 1, 2011." [ 2010 c 36 § 2.]

2012 c 26 § 1; 2010 c 36 § 1.