General prohibition on deposit taking.

RCW 30B.20.005
in effect
Sign in to generate a plain English summaryAsk Belisarius Agent
Except as authorized by this chapter or other governing law, a trust company may not take or hold deposits of funds in this state unless: (1) It is authorized to do business in this state as a depository institution; and (2) Complies with all applicable federal and state laws and regulations respecting the taking and handling of monetary deposits. Except as authorized by this chapter or other governing law, a trust company may not take or hold deposits of funds in this state unless: (1) It is authorized to do business in this state as a depository institution; and (2) Complies with all applicable federal and state laws and regulations respecting the taking and handling of monetary deposits.
Source: WA Statutes (Official Site)URL: https://app.leg.wa.gov/RCW/default.aspx?cite=30B.20&full=trueFetched: 6/29/2026

Starting a business in Washington? Washington LLC guide: costs and requirements