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Can you summarize Chapter 31.12 WARC?
MISCELLANEOUS LOAN AGENCIES > Washington state credit union act.
Short Summary
The provided legal document content pertains to the definitions used in the Washington state credit union act. It defines various terms and concepts related to credit unions, credit union service organizations, and financial institutions. The document specifies the meanings of terms such as ‘board,’ ‘board officer,’ ‘branch,’ ‘capital,’ ‘credit union,’ ‘credit union service organization,’ ‘department,’ ‘director,’ ‘federal credit union,’ ‘financial institution,’ ‘foreign credit union,’ ‘insolvency,’ ’loan,’ ’low-income member,’ ‘material violation of law,’ ’net worth,’ ‘operating officer,’ ‘organization,’ ‘out-of-state credit union,’ ‘person,’ ‘principally’ or ‘primarily,’ ‘senior operating officer,’ ‘significantly undercapitalized,’ ‘small credit union,’ ‘unsafe or unsound condition,’ and ‘unsafe or unsound practice.’ The document does not mention any specific penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Persons applying for the organization of a credit union
What does it govern?
Definitions used in the Washington state credit union act
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
No specific penalties are mentioned
Jurisdiction
Washington