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PDFWAC 208-690-041

Surety bondOnline currency exchangers.

What are the bonding requirements?
(1) You must continuously maintain a surety bond as required by RCW 19.230.055, issued by a company authorized to do surety business in this state, as a surety. The surety may not be a wholly owned subsidiary or affiliate of the applicant or licensee.
(2) The penal sum of the bond must be calculated quarterly during the first year of licensing and thereafter annually. The calculation must be based on the previous twelve months' online currency exchange dollar volume. The bond amount must be calculated at ten thousand dollars for every one million dollars of currency exchange dollar volume. The minimum surety bond amount is ten thousand dollars. The maximum surety bond amount is fifty thousand dollars.
(3) The initial bond amount will be ten thousand dollars and must be reevaluated based on the schedule set forth in subsection (2) of this section.
(4) The bond must cover claims for at least one year after the date of an online currency exchanger licensee's violation of the chapter or the licensee ceases to provide online currency exchange services in this state, whichever is longer.
(5) The director may provide an alternative to a bond under certain circumstances.
[Statutory Authority: RCW 43.320.040 and 19.230.310. WSR 18-13-108, § 208-690-041, filed 6/19/18, effective 8/1/18.]
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