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Can you summarize Chapter 208-444 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > Miscellaneous credit union rules.
Short Summary
The provided legal document content consists of miscellaneous credit union rules. These rules apply to officials and employees of credit unions, immediate family members of officials and employees of credit unions, volunteer officials or nonsenior management employees of credit unions, and immediate family members of volunteer officials or employees of credit unions. The document prohibits the receipt of any commission, fee, or other compensation in connection with any loan made by the credit union, except for certain exemptions. These exemptions include the payment of salary to employees, payment of incentive or bonus based on the credit union’s overall financial performance, payment of incentive or bonus to an employee (other than a senior management employee) in connection with a loan or loans made by the credit union (subject to written policies and internal controls established by the board of directors), and receipt of compensation from a person outside the credit union for a service or activity performed outside the credit union (provided no referral has been made by the credit union or the official, employee, or family member). The document does not specify any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Officials and employees of credit unions, immediate family members of officials and employees of credit unions, volunteer officials or nonsenior management employees of credit unions, and immediate family members of volunteer officials or employees of credit unions
What does it govern?
Miscellaneous credit union rules
What are exemptions?
The payment of salary to employees, payment of incentive or bonus based on the credit union's overall financial performance, payment of incentive or bonus to an employee (other than a senior management employee) in connection with a loan or loans made by the credit union (subject to written policies and internal controls established by the board of directors), and receipt of compensation from a person outside the credit union for a service or activity performed outside the credit union (provided no referral has been made by the credit union or the official, employee, or family member)
What are the Penalties?
The document does not specify any specific penalties for non-compliance or violation of its provisions
Jurisdiction
Washington