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Can you summarize WARC 30A.12.070?
Officers, employees, and stockholders. > Unsafe loans and discounts to directors or officers.
Short Summary
This provision, found in the Revised Code of Washington under the Washington Commercial Bank Act, pertains to banks and their directors, officers, and stockholders. It allows a director to require a bank to seek their approval for loans or discounts made to directors, officers, or the directors/officers of the bank’s holding company, as well as to any corporation, copartnership, or association in which the director has a financial interest. The director can request information about the desirability and safety of such loans or discounts, as well as the financial condition of the borrower and any collateral offered as security. The director’s written approval is required for such loans or discounts to be made. No specific penalties are mentioned in this provision.
Whom does it apply to?
Banks and their directors, officers, and stockholders
What does it govern?
Unsafe loans and discounts to directors or officers
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Washington