Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-630 - Regulation of check cashers and sellers and small loans (payday lenders)
LICENSING REQUIREMENTS
Section 208-630-240 - What is the amount of bond needed for licensees engaging only in check selling?
The penal sum of the surety bond for a person with a check seller license shall not be less than the amount established in the following table:
|
Highest Monthly Liability* |
Required Bond |
Plus Percentage of Excess |
|
Up to $50,000 |
Highest Monthly Liability or $10,000, whichever is greater |
$0 |
|
$50,001 to $100,000 |
$50,000 |
.5 above $50,000 |
|
$100,001 and above |
$75,000 |
.25 above $100,000 |
* The monthly liability is the total sum of checks for a given month. The "highest monthly liability" shall be determined by multiplying the highest monthly liability of checks from the preceding calendar year by seventy-five percent.
Statutory Authority: RCW 31.04.165, 43.320.040, 31.45.030, 31.45.050, 31.45.200. 05-22-009, § 208-630-240, filed 10/21/05, effective 11/21/05.
