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

Full text of Washington Revised Code of Washington § 31.12.413 — Low-income credit unions — Director's approval required — Powers — Rules., with citation guidance and answers to common questions.

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

(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.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 31.12.413

What does Revised Code of Washington § 31.12.413 cover?

Section 31.12.413 ("Low-income credit unions — Director's approval required — Powers — Rules.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

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