On May 13, 2019, Governor Inslee signed SB 5107 - legislation updating and modernizing the Washington Trust Institutions Act, Title 30B RCW – into law.
The revisions made to the Act introduce important protections for consumers who rely on trust companies operating in Washington State. It provides a clear process for liquidating a trust should that become necessary and provides clear, concise, and comprehensive laws for existing and future trust companies.
Beginning in April 2018, the Division of Banks management team along with Chief of Regulatory Affairs Joseph Vincent started meeting monthly with stakeholders to discuss and draft updates to Title 30A RCW - The Commercial Bank Act and Title 32 RCW – The Savings Bank Act.
We continue to work with stakeholders to draft proposed updates to the banking statutes in Washington State with an emphasis on modernizing, cleaning up, and updating antiquated and cumbersome statutes.