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Can you summarize Chapter 208-512A WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > Limits on loans and extensions of credit.
Short Summary
These legal documents govern the limits on loans and extensions of credit for financial institutions, banks, state insured banks, state member banks, and limited liability companies. The documents provide guidelines and requirements for calculating lending limits, attributing loans or extensions of credit to separate persons or entities, and granting exceptions to lending limits based on extenuating circumstances. They also address specific exemptions for loans or extensions of credit secured by U.S. bonds or obligations guaranteed by the United States, loans or extensions of credit backed by unconditional takeout commitments or guarantees from federal government entities or wholly owned corporations, loans or extensions of credit secured by segregated deposit accounts in the lending bank, and loans or extensions of credit fully secured by readily marketable collateral. The documents do not mention any specific penalties for non-compliance or violations.
Whom does it apply to?
Financial institutions, banks, state insured banks, state member banks, limited liability companies
What does it govern?
Limits on loans and extensions of credit
What are exemptions?
Loans or extensions of credit secured by U.S. bonds or obligations guaranteed by the United States, loans or extensions of credit backed by unconditional takeout commitments or guarantees from federal government entities or wholly owned corporations, loans or extensions of credit secured by segregated deposit accounts in the lending bank, loans or extensions of credit fully secured by readily marketable collateral
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Washington