Washington § 31.12.413 Low-income credit unions—Director's approval required—Powers—Rules.

Washington Statutes

§ 31.12.413 — Low-income credit unions—Director's approval required—Powers—Rules.

Washington § 31.12.413

Title 31MISCELLANEOUS LOAN AGENCIES

Ch. 31.12WASHINGTON STATE CREDIT UNION ACT

This text of Washington § 31.12.413 (Low-income credit unions—Director's approval required—Powers—Rules.) is published on Counsel Stack Legal Research, covering Washington primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wash. Rev. Code § 31.12.413 (2026).

Text

(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 requir

Free access — add to your briefcase to read the full text and ask questions with AI

(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.