Washington Administrative Code
Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460)
Chapter 208-690 - Regulation of money services providers
Part G - RECEIPTS AND DISCLOSURES
Section 208-690-205 - What disclosures must I provide to consumers?
Universal Citation: WA Admin Code 208-690-205
Current through Register Vol. 24-18, September 15, 2024
(1) Disclosures may be provided electronically.
(2) For all transactions. You must disclose to the consumer prior to the transaction that fraudulent transactions may result in the loss of their money with no recourse.
(3) For virtual currency transactions. When applicable, you must make the following disclosures in a clear and conspicuous manner:
(a) A schedule
of all fees and charges you may assess on a transaction, how the fees and
charges will be calculated if not set in advance and disclosed, and the timing
of the fees and charges.
(b)
Whether the product or service provided is insured or guaranteed by an agency
of the United States, such as the federal deposit insurance corporation or the
securities investor protection corporation or by private insurance against
theft or loss, including cyber theft or theft by other means.
(c) A notice that the transfer of virtual
currency or digital units is irrevocable and any exception to the
irrevocability of transfer.
(d) A
notice describing your liability for unauthorized, mistaken, or accidental
transfers and, describing the consumer's responsibility for providing notice of
such mistake to you, and the general error-resolution rights applicable to any
transaction.
(e) A disclosure prior
to the transaction that informs the consumer that the nature of virtual
currency may lead to an increased risk of fraud or cyber attack and the
consumer's virtual currency value may be irretrievably stolen. See also WAC
208-690-270.
(f) The disclosures required in (a) through
(e) of this subsection may be disclosed together but must be disclosed
separately from any other information required.
(4) For currency exchange transactions. If the currency being sought has limited convertibility, you must provide a disclosure to the consumer indicating the limited convertibility.
Disclaimer: These regulations may not be the most recent version. Washington may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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