Washington State

Office of the Attorney General

Attorney General

Bob Ferguson

AGLO 1978 NO. 9 > Mar 14 1978

A state regulated credit union may legally take action which will have the effect of extending a loan beyond the applicable four-year or eight-year statutory limit without violating RCW 31.12.270, but only so long as the extension is and remains at the discretion of the credit union and does not become, in some manner, a contractual right of the borrower.

AGLO 1977 NO. 28 > Jul 7 1977

The establishment and operation of a "share draft" program, as herein described, by state regulated credit unions is prohibited by so much of RCW 31.12.260 as provides that no such credit unions shall ". . . carry . . . checking accounts . . ."

AGLO 1977 NO. 40 > Sep 29 1977

The establishment and operation of an alternative share draft program, as herein described, by state‑regulated credit unions would not be prohibited by the provisions of RCW 32.12.260 as earlier construed and applied in AGLO 1977 No. 28 [[to Jim Matson, State Senator, on July 7, 1977, an Informal Opinion, AIR-77528]], dealing with a significantly different credit union "share draft" scheme.

AGLO 1975 NO. 89 > Nov 17 1975

School district funds, including associated student body funds, may not legally be deposited in a credit union.

AGO 1951 NO. 179 > Nov 28 1951

A state chartered credit union may make loans to other state chartered or Federal credit unions within the State of Washington only if such other credit unions are members of the lending credit union.

AGO 1956 NO. 258 > May 1 1956

Whenever a declaration of dividends is otherwise proper, credit unions must make such declaration annually or semiannually.

AGO 1956 NO. 285 > Jun 13 1956

Assignments of future wages must have written consent of wife before they can be accepted as collateral for credit union loans.

AGO 1950 NO. 356 > Oct 3 1950

Subject to express exclusions therein set forth, form of policy submitted indemnifies assured members of Washington Credit Unions' League against loss sustained as mortgagees under chattel mortgages of automobiles and furniture, through being prevented from enforcing such instruments "solely as the result of the failure of the assured duly to record or file the instrument with the proper public officer or public office."  Nevertheless, there must be full compliance with the provisions of section 6312-7, Rem. Rev. Stat., relating to chattel mortgage on automobiles.