39.58.240 - Credit union as public depositary -- Conditions. - Washington Statutes

Credit union as public depositary — Conditions. (Effective July 1, 2011.)

Solely for the purpose of receiving public deposits that may total no more than one hundred thousand dollars or the maximum deposit insured by the national credit union share insurance fund, whichever is the lesser amount, a credit union is a public depositary and subject to reporting under RCW 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 means a state-chartered credit union under chapter 31.12 RCW. 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.

[2010 c 36 § 1.]

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