(1) Except as provided in subsection (3) of this section, a debenture company shall not loan or invest in a loan or loans to any one borrower more than two and one-half percent of the debenture company's assets without prior written consent of the director.
(2) For the purpose of this section, loans made to affiliates of the borrower are deemed to have been made to the borrower.
(3)(a) If good cause is shown, the director may waive in whole or in part the limitation in subsection (1) of this section.
(b) A loan or obligation shall not be subject to the limitation in subsection (1) of this section to the extent that the loan is secured or covered by guarantee, or by commitment or agreement to take over or to purchase the loan, made by any federal reserve bank or by the United States or any department, bureau, board, commission, or establishment of the United States, including any corporation wholly owned directly or indirectly by the United States.
[1988 c 244 § 9.]
Severability—Effective date—Implementation—Application—1988 c 244:
See notes following RCW 21.20.700