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Can you summarize Chapter 208-528 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > New state banks and trust companiesApplication and investigation.
Short Summary
The provided legal document outlines the requirements and guidelines for incorporating a bank or trust company in the state of Washington. It specifies that a notice of intention to organize must be filed with the Director of the Department of Financial Institutions, accompanied by the necessary documentation and a Cashier’s Check to cover the cost of investigation. The document emphasizes the need for complete and timely submission of all required information. It states that a field investigation will be conducted promptly upon submission, provided that all required documentation is complete. If any substantive matters are missing or incomplete, the notice of intent and submitted documents may be returned for correction. The document also provides guidelines for the application and investigation process, including the evaluation of factors such as financial history, capital structure, future earnings prospects, management, community needs, and corporate powers. It requires the submission of proposed articles of incorporation, bylaws, and details of any proposed affiliates. The document does not mention any specific penalties or exemptions. Overall, it provides a comprehensive framework for the organization of state banks and trust companies in Washington.
Whom does it apply to?
The document applies to persons desiring to incorporate a bank or trust company in Washington.
What does it govern?
The document governs the application and investigation process for the organization of a state bank or trust company in the state of Washington.
What are exemptions?
No exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Washington