RCW 19.230.005 Intent. It is the intent of the legislature to establish a state system of licensure and regulation to ensure the safe and sound operation of money transmission and currency exchange businesses, to ensure that these businesses are not used for criminal purposes, to promote confidence in the state’s financial system, and to protect […]
RCW 19.230.010 Definitions. The definitions in this section apply throughout this chapter unless the context clearly requires otherwise. (1) “Affiliate” means any person who directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, another person. (2) “Annual assessment due date” means the date specified in rule […]
RCW 19.230.020 Application of chapter—Exclusions. This chapter does not apply to: (1) The United States or a department, agency, or instrumentality thereof; (2) The United States postal service or a contractor on behalf of the United States postal service; (3) A state, county, city, or a department, agency, or instrumentality thereof; (4) A financial institution […]
RCW 19.230.030 Money transmitter license required. (1) A person may not engage in the business of money transmission, or advertise, solicit, or hold itself out as providing money transmission, unless the person is: (a) Licensed as a money transmitter under this chapter; (b) An authorized delegate of a person licensed as a money transmitter under […]
RCW 19.230.033 Multistate licensing system—Director’s discretion. Applicants may be required to make application through a multistate licensing system as prescribed by the director. Existing licensees may be required to transition onto a multistate licensing system as prescribed by the director. [ 2012 c 17 § 17.]
RCW 19.230.040 Application for a money transmitter license. (1) A person applying for a money transmitter license under this chapter shall do so in a form and in a medium prescribed in rule by the director. The application must state or contain: (a) The legal name, business addresses, and residential address, if applicable, of the […]
RCW 19.230.050 Money transmitters—Surety bond. (1) Each money transmitter licensee shall maintain a surety bond in an amount based on the previous year’s money transmission dollar volume; and the previous year’s payment instrument dollar volume. The minimum surety bond must be at least ten thousand dollars, and not to exceed five hundred fifty thousand dollars. […]
RCW 19.230.055 Online currency exchangers—Surety bond. (1) Each online currency exchanger licensee shall maintain a surety bond in an amount based on the previous year’s currency exchange dollar volume. The minimum surety bond must be at least ten thousand dollars, and not to exceed fifty thousand dollars. The director may adopt rules to implement this […]
RCW 19.230.060 Tangible net worth for money transmitter. A money transmitter licensed under this chapter shall maintain a tangible net worth, determined in accordance with generally accepted accounting principles, as determined in rule by the director. The director shall require a tangible net worth of at least ten thousand dollars and not more than three […]
RCW 19.230.070 Issuance of money transmitter license. (1) When an application for a money transmitter license is filed under this chapter, the director or the director’s designee shall investigate the applicant’s financial condition and responsibility, financial and business experience, competence, character, and general fitness. The director or the director’s designee may conduct an on-site investigation […]
RCW 19.230.080 Currency exchange license required. (1) A person may not engage in the business of currency exchange or advertise, solicit, or hold itself out as able to engage in currency exchange for which the person receives revenue equal to or greater than five percent of total revenues, unless the person is: (a) Licensed to […]
RCW 19.230.090 Application for a currency exchange license. (1) A person applying for a currency exchange license under this chapter shall do so in a form and in a medium prescribed in rule by the director. The application must state or contain: (a) The legal name, business addresses, and residential address, if applicable, of the […]
RCW 19.230.100 Issuance of a currency exchange license—Surrender of license. (1) When an application for a currency exchange license is filed under this chapter, the director or the director’s designee shall investigate the applicant’s financial condition and responsibility, financial and business experience, competence, character, and general fitness. The director or the director’s designee may conduct […]
RCW 19.230.110 Annual assessment and annual report. (1) A licensee shall pay an annual assessment as established in rule by the director no later than the annual assessment due date or, if the annual assessment due date is not a business day, on the next business day. A licensee shall pay an annual assessment based […]
RCW 19.230.120 Relationship between licensee and authorized delegate. (1) In this section, “remit” means to make direct payments of money to a licensee or its representative authorized to receive money or to deposit money in a bank in an account specified by the licensee. (2) A contract between a licensee and an authorized delegate must […]
RCW 19.230.130 Authority to conduct examinations and investigations. (1) For the purpose of discovering violations of this chapter or rules adopted under this chapter, discovering unsafe and unsound practices, or securing information lawfully required under this chapter, the director may at any time, either personally or by designee, investigate or examine the business and, wherever […]
RCW 19.230.133 Subpoena authority—Application—Contents—Notice—Fees. (1) The director or authorized assistants may apply for and obtain a superior court order approving and authorizing a subpoena in advance of its issuance. The application may be made in the county where the subpoenaed person resides or is found, or the county where the subpoenaed documents, records, or evidence […]
RCW 19.230.140 Examinations—Joint and concurrent examinations. (1) The director may: Conduct an on-site examination, participate in a joint or concurrent examination with other state or federal agencies, or investigate the books, accounts, records, papers, documents, files, and other information used in the business of every licensee or its authorized delegates in conjunction with representatives of […]
RCW 19.230.150 Reports. (1) A licensee shall file with the director within thirty days any material changes in information provided in a licensee’s application as prescribed in rule by the director. If this information indicates that the licensee is no longer in compliance with this chapter, the director may take any action authorized under this […]
RCW 19.230.152 Reports—Nationwide licensing system. Each licensee shall submit reports of condition through a nationwide licensing system which must be in the form and must contain the information as the director may require. [ 2017 c 30 § 13; 2014 c 36 § 4.]
