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RCW 31.12.575

Removal or prohibition orders—Director's authority—Notice.

Known as the Washington State Credit Union Act

The act spans §§ 31–31 (99 sections).

Applied in 2 court decisions — leading case 89 Wash. App. 474 - Aitken v. Reed (1998)

Most recently applied in Save Columbia CU Committee v. Columbia Community Credit Union (July 2006)

2015 c 114 s 17; 2010 c 87 s 8; 2001 c 83 s 32; 1997 c 397 s 52; 1994 c 92 s 210; 1984 c 31 s 59.

The director may issue and serve a credit union director, supervisory committee member, officer, or employee with written notice of intent to remove the person from office or employment or to prohibit the person from participating in the conduct of the affairs of the credit union or any other depositary institution, trust company, bank holding company, thrift holding company, or financial holding company doing business in Washington state in accordance with RCW 31.12.625 whenever, in the opinion of the director:

(1)(a) The person has committed a material violation of law or an unsafe or unsound practice; or

(b) The person has committed a violation or practice involving personal dishonesty, recklessness, or incompetence; and

(2)(a) The credit union has suffered or is likely to suffer substantial financial loss or other damage; or

(b) The interests of the credit union's share account holders and depositors could be seriously prejudiced by reason of the violation or practice.

Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.