LegalFix
Sign In

31.35.060 Responsibility of agricultural lender—Recordkeeping—Loan loss reserve.

WA Rev Code § 31.35.060 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

RCW 31.35.060 Responsibility of agricultural lender—Recordkeeping—Loan loss reserve.

(1) An agricultural lender shall keep books, accounts, and other records in such form and manner as required by the director. These records shall be kept at such place and shall be preserved for such length of time as specified by the director by rule.

(2) Not more than ninety days after the close of each calendar year, or within a period specified by the director, an agricultural lender shall file with the director a report containing the following:

(a) Financial statements, including the balance sheet, the statement of income or loss, the statement of changes in capital accounts, and the statement of changes in financial position; and

(b) Other information that the director may require.

(3) Each agricultural lender shall provide for a loan loss reserve sufficient to cover projected loan losses that are not guaranteed by the United States government or any agency thereof.

[ 1994 c 92 § 255; 1990 c 134 § 6.]

Previous Section
31.35.050 Costs of supervision—Fees.
Next Section
31.35.070 Examination of agricultural lender.