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PDFWAC 208-690-060

Tangible net worth.

What are the rules for my tangible net worth requirements?
(1) A money transmitter applicant or licensee must demonstrate and maintain tangible net worth calculated at ten thousand dollars for every one million dollars of total company-wide money transmission and payment instrument dollar volume over the previous twelve months. The minimum tangible net worth is ten thousand dollars; the maximum required amount is three million dollars.
(2) The minimum tangible net worth if the company provides virtual currency storage is one hundred thousand dollars. See the definition of virtual currency storage.
(3) The director may increase the amounts specified in subsections (1) and (2) of this section up to a maximum of three million dollars if the director determines that a higher net worth is necessary to achieve the purposes of this chapter based on the:
(a) Nature and volume of the projected or established business activities;
(b) Amount, nature, quality, and liquidity of the company's assets;
(c) Amount and nature of the company's liabilities;
(d) History of the company's operations and prospects for earning and retaining income;
(e) Quality of the company's operations;
(f) Quality of the company's management;
(g) Nature and quality of the company's principals, responsible individuals, and persons in control;
(h) History of the company's compliance with applicable state and federal law; and
(i) Any other factor the director considers relevant.
(4) Determinations of tangible net worth must be made according to generally accepted accounting principles.
[Statutory Authority: RCW 43.320.040 and 19.230.310. WSR 18-13-108, § 208-690-060, filed 6/19/18, effective 8/1/18; WSR 16-14-022, § 208-690-060, filed 6/27/16, effective 8/1/16; WSR 13-24-021, § 208-690-060, filed 11/22/13, effective 1/1/14. Statutory Authority: RCW 43.320.040, 19.230.310, 2010 c 37. WSR 10-20-123, § 208-690-060, filed 10/5/10, effective 11/5/10. Statutory Authority: RCW 19.230.310 and 43.320.040. WSR 04-15-005, § 208-690-060, filed 7/7/04, effective 8/7/04.]
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