Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-444 - Miscellaneous credit union rules
Section 208-444-020 - Prohibited fees
Universal Citation: WA Admin Code 208-444-020
Current through Register Vol. 24-18, September 15, 2024
(1) Except as otherwise provided herein, no official or employee of a credit union, or immediate family member of an official or employee of a credit union, may receive, directly or indirectly, any commission, fee, or other compensation in connection with any loan made by the credit union.
(2) This section does not prohibit:
(a) Payment, by a credit union, of salary to
employees;
(b) Payment, by a credit
union, of an incentive or bonus to an employee based on the credit union's
overall financial performance;
(c)
Payment, by a credit union, of an incentive or bonus to an employee, other than
a senior management employee, in connection with a loan or loans made by the
credit union, provided that the board of directors of the credit union
establishes written policies and internal controls in connection with such
incentive or bonus and monitors compliance with such policies and controls at
least annually.
(d) Receipt of
compensation from a person outside a credit union by a volunteer official or
nonsenior management employee of the credit union, or an immediate family
member of a volunteer official or employee of the credit union, for a service
or activity performed outside the credit union, provided that no referral has
been made by the credit union or the official, employee, or family
member.
(3) For purposes of this section, "official" means any member of the board of directors or a volunteer committee.
Statutory Authority: RCW 31.12.535 and 43.320.040. 97-23-071, § 208-444-020, filed 11/19/97, effective 3/19/98 by letter filed as WSR 98-10-072.
Disclaimer: These regulations may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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