Chapter 30B.24 RCW



30B.24.005Prudential fiduciary standards.
30B.24.010Fee determination.
30B.24.020Disclosure of conflicts of interest.

Prudential fiduciary standards.

*** CHANGE IN 2019 *** (SEE 5107.SL) ***
(1) Except to the extent federal preemption of state law is applicable in relation to trusts governed under the federal employment retirement income security act, a state trust company acting as a trustee or other fiduciary shall comply with all applicable provisions of this title and with chapters 11.97, 11.98, 11.100, 11.102, 11.104A, 11.106, and 11.108 RCW, and with chapter 11.110 RCW, in the case of a charitable trust.
(2) The director has broad administrative authority to establish by rule or interpretation principles-based standards for examination, supervision, and enforcement of a state trust company by the department in relation to compliance with this title, including subsection (1) of this section.

Fee determination.

(1) The compensation arrangement between a client and a trustee or any other fiduciary pursuant to this title shall be at arm's length and any compensation pursuant to such arrangement shall be a reasonable amount with respect to the services rendered.
(2) This section does not apply to arrangements not involving trust or client assets.

Disclosure of conflicts of interest.

*** CHANGE IN 2019 *** (SEE 5107.SL) ***
In addition to the provisions set out in RCW 11.98.078, if a conflict of interest may reasonably be expected to have a material adverse impact on the trustee's judgment in its provision of services to such client, the trustee must provide a reasonable disclosure of such conflict to such client.