Revised Code of Washington
Chapter 43.320 - Department of Financial Institutions.
43.320.090 - Borrowing money by director, deputy, or employee—Penalty.

RCW 43.320.090
Borrowing money by director, deputy, or employee—Penalty.

(1) It shall be unlawful for the director of financial institutions, any deputized assistant of the director, or any employee of the department of financial institutions to borrow money from any bank, consumer loan company, credit union, foreign bank branch, savings bank, savings and loan association, or trust company or department, securities broker-dealer or investment advisor, or similar lending institution under the department's direct jurisdiction unless the extension of credit:
(a) Is made on substantially the same terms (including interest rates and collateral) as, and following credit underwriting procedures that are not less stringent than, those prevailing at the time for comparable transactions by the financial institution with other persons that are not employed by either the department or the institution; and
(b) Does not involve more than the normal risk of repayment or present other unfavorable features.
(2) Every person who knowingly violates this section shall forfeit his or her office or employment and be guilty of a gross misdemeanor.

[ 2019 c 147 § 4; 1993 c 472 § 23; 1965 c 8 § 43.19.080. Prior: 1917 c 80 § 11; RRS § 3218. Formerly RCW 43.19.080.]

Structure Revised Code of Washington

Revised Code of Washington

Title 43 - State Government—Executive

Chapter 43.320 - Department of Financial Institutions.

43.320.005 - Finding.

43.320.007 - Regulatory reform—Findings—Construction—1994 c 256.

43.320.010 - Department created.

43.320.011 - Department of general administration and department of licensing powers and duties transferred.

43.320.017 - Collective bargaining agreements.

43.320.020 - Director—Salary—Powers and duties—Examiners, assistants, personnel.

43.320.030 - Director—Qualifications—Conflicts of interest.

43.320.040 - Director's authority to adopt rules.

43.320.045 - Director's duties—Dissemination of information.

43.320.050 - Assistant directors—Divisions—"FDIC" defined.

43.320.060 - Deputization of assistant to exercise powers and duties of director.

43.320.070 - Oath of examiners—Liability for acts performed in good faith.

43.320.080 - Director to maintain office in Olympia—Record of receipts and disbursements—Deposit of funds.

43.320.090 - Borrowing money by director, deputy, or employee—Penalty.

43.320.100 - Annual report—Contents.

43.320.110 - Financial services regulation fund.

43.320.115 - Securities prosecution fund.

43.320.140 - Mortgage lending fraud prosecution account—Created.

43.320.150 - Financial literacy and education programs.

43.320.1501 - Financial literacy—Report to governor and legislature.

43.320.180 - Review of retirement account products proposed for inclusion in the Washington small business retirement marketplace.

43.320.190 - Confidential information—Public records act exemption.

43.320.500 - Financial institution service providers—Definitions.

43.320.510 - Financial institution service providers—Examination.

43.320.520 - Financial institution service providers—Reports of examination from other agencies.

43.320.530 - Financial institution service providers—Confidentiality of reports of examination.

43.320.540 - Financial institution service providers—Examination and information sharing agreements.

43.320.550 - Financial institution service providers—Enforcement.

43.320.560 - Financial institution service providers—Power of director—Rule making.

43.320.900 - Effective date—1993 c 472.