RCW 31.12.413
149 words·~1 min read·
/wa/title-31/chapter-31-12/31-12-413·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A credit union may apply in writing to the director for designation as a low-income credit union. To qualify for approval of this designation, the credit union must provide evidence satisfactory to the director that at least fifty percent of a substantial and well-defined segment of the credit union's members or potential primary members are low-income members.
(2)Among other powers and authorities, a low-income credit union may:
(a)Issue secondary capital accounts approved in advance by the director upon application of the credit union; and
(b)Accept and maintain shares and deposits from nonmembers.
(3)The director may adopt rules for the organization and operation of low-income credit unions including, but not limited to, rules concerning secondary capital accounts and requiring disclosures to the purchasers of the accounts.
[ 2017 c 61 s 11 ; 2015 c 114 s 10 ; 2001 c 83 s 16 .]