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Senate Bill 6131 — State of Washington, 66th Legislature (2020 Regular Session)

Summary

Senate Bill 6131, State of Washington 66th Legislature, 2020 Regular Session, prefiled 01/03/20 by Senators Mullet, Hobbs, Short, Wilson and Das, by request of Department of Financial Institutions, and referred to the Committee on Financial Institutions, Economic Development & Trade. The bill relates to repealing the debenture company laws from the securities act of Washington. It amends RCW 21.20.810 and repeals the listed sections, among them RCW 21.20.705, 21.20.740 and 21.20.850.

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“Senate Bill 6131 — State of Washington, 66th Legislature (2020 Regular Session).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-01-16-a26165-bill-6131-c1e8876e3c/, SHA-256 9385a6222e15aa550b332eb47edf9c187e19cbe94bf6a1ae6ab29a118590b604.

Full text

     Z-0686.1

                                  SENATE BILL 6131


     State of Washington          66th Legislature     2020 Regular Session

     By Senators Mullet, Hobbs, Short, Wilson, L., and Das; by request of
     Department of Financial Institutions

     Prefiled 01/03/20. Read first time 01/13/20. Referred to Committee
     on Financial Institutions, Economic Development & Trade.




 1       AN ACT Relating to repealing the debenture company laws from the
 2   securities act of Washington; amending RCW 21.20.810; and repealing
 3   RCW 21.20.705, 21.20.710, 21.20.715, 21.20.717, 21.20.720, 21.20.725,
 4   21.20.727, 21.20.730, 21.20.732, 21.20.734, 21.20.740, 21.20.745,
 5   21.20.750, 21.20.805, 21.20.815, 21.20.820, 21.20.825, 21.20.830,
 6   21.20.835, 21.20.840, 21.20.845, and 21.20.850.


 7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:


 8       Sec. 1.   RCW 21.20.810 and 1988 c 244 s 7 are each amended to
 9   read as follows:
10       Nothing in RCW 21.20.700 ((through 21.20.750 and 21.20.815
11   through)), 21.20.702, or 21.20.855 limits the application of other
12   provisions of this chapter.


13       NEW SECTION.   Sec. 2.    The following acts or parts of acts are
14   each repealed:
15       (1) RCW 21.20.705 (Debenture companies—Definitions) and 1988 c
16   244 s 2, 1987 c 421 s 1, 1979 c 140 s 1, & 1973 1st ex.s. c 171 s 6;
17       (2) RCW 21.20.710 (Debenture companies—Capital requirements) and
18   2016 c 61 s 14, 1988 c 244 s 3, & 1973 1st ex.s. c 171 s 7;
19       (3)    RCW   21.20.715    (Debenture    companies—Maturity     date
20   requirements) and 1987 c 421 s 2 & 1973 1st ex.s. c 171 s 8;
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 1       (4) RCW 21.20.717 (Debenture           companies—Controlling    person—
 2   Exceptions) and 1987 c 421 s 3;
 3       (5) RCW 21.20.720 (Debenture companies—Prohibited activities by
 4   directors, officers, or controlling persons) and 1993 c 472 s 16,
 5   1987 c 421 s 4, 1979 ex.s. c 68 s 41, 1979 c 158 s 87, & 1973 1st
 6   ex.s. c 171 s 9;
 7       (6)   RCW   21.20.725   (Debenture   companies—Debentures    payable   on
 8   demand—Interest—Certificates of debenture) and 1988 c 244 s 4 & 1973
 9   1st ex.s. c 171 s 10;
10       (7) RCW 21.20.727 (Debenture companies—Acquisition of control—
11   Requirements—Violation—Penalty) and 2016 c 61 s 15 & 1987 c 421 s 5;
12       (8) RCW 21.20.730 (Debenture companies—Acquisition of control—
13   Grounds for disapproval) and 1987 c 421 s 6;
14       (9) RCW 21.20.732 (Debenture companies—Notice of charges—Hearing
15   —Cease and desist orders) and 1988 c 244 s 5 & 1987 c 421 s 7;
16       (10) RCW 21.20.734 (Debenture companies—Temporary            cease     and
17   desist orders) and 1988 c 244 s 6 & 1987 c 421 s 8;
18       (11) RCW 21.20.740 (Reports—Requirements) and 1997 c 101 s 1,
19   1979 ex.s. c 68 s 42, & 1973 1st ex.s. c 171 s 11;
20       (12) RCW 21.20.745 (Reports—Violations of reporting requirements
21   —Penalties—Contribution) and 1979 ex.s. c 68 s 43 & 1973 1st ex.s. c
22   171 s 12;
23       (13) RCW 21.20.750 (Reports—Suspension of sale of securities
24   until reporting requirements complied with) and 1973 1st ex.s. c 171
25   s 13;
26       (14) RCW 21.20.805 (Effective date—Construction—1973 1st ex.s. c
27   171) and 1973 1st ex.s. c 171 s 14;
28       (15) RCW 21.20.815 (Debenture companies—Equity investments) and
29   1988 c 244 s 8;
30       (16) RCW 21.20.820 (Debenture companies—Loans to any one borrower
31   —Limitations) and 1988 c 244 s 9;
32       (17) RCW 21.20.825 (Debenture companies—Bad debts) and 1988 c 244
33   s 10;
34       (18) RCW 21.20.830 (Debenture companies—Investments in unsecured
35   loans) and 1988 c 244 s 11;
36       (19) RCW 21.20.835 (Debenture companies—Debenture holders—Notice
37   of maturity date of debenture) and 1988 c 244 s 12;
38       (20)   RCW   21.20.840   (Debenture       companies—Annual     financial
39   statement) and 1988 c 244 s 13;
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1       (21) RCW 21.20.845 (Debenture companies—Rules) and 1988 c 244 s
2   14; and
3      (22) RCW 21.20.850 (Debenture companies—Record maintenance and
4   preservation—Examination) and 1988 c 244 s 15.

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