reglab/statecodes huggingface dataset:
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 C - LICENSING › Section 208-690-060 - Tangible net worth

Current through Register Vol. 24-14, July 15, 2024
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.
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 C - LICENSING › Section 208-690-071 - Other license actions

Current through Register Vol. 24-14, July 15, 2024
When may the department take other action against my
							license?
The director may revoke or suspend a license and issue an
							order to cease and desist operations as a money services licensee if:
(1) Another jurisdiction initiates an adverse
						action against the money services license of the licensee;
(2) Upon finding the existence of any
						condition or fact that would have led to denial of a license if known by the
						director during the processing of the application; or
(3)The licensee violates the act.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-075 - Books and records

Current through Register Vol. 24-14, July 15, 2024
(1) In addition
						to the records required to be retained under
						RCW
						   19.230.170, you must keep records in
						compliance with federal law. You must maintain a record of money transmittals
						in accordance with applicable sections of Financial Record-keeping and
						Reporting of Currency and Foreign Transactions,
						Title
						31, Code of Federal
						Regulations, Part 103, as now appearing or hereafter amended.
(2) Abandoned records. If records are not
						maintained as required, the licensee is responsible for the costs of
						collection, storage, conversion to electronic format, or proper destruction of
						the records.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-075, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-075, filed 7/7/04,
								effective 8/7/04.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-080 - Audited annual financial statement

Current through Register Vol. 24-14, July 15, 2024
When must I provide audited financial
							statements?
(1) You are
						required to have an audited financial statement prepared annually by a licensed
						or certified individual or firm in accordance with generally accepted
						accounting principles. The financials must be submitted prior to or with the
						annual assessment. The financials may be submitted through the NMLS. The
						director may waive the requirements of this subsection for licensees with
						minimal or no business activity conducted under their license.
(2) Applicants with no business operations
						prior to application must submit a copy of unconsolidated financial statements
						for the current fiscal year, whether audited or not. Audited annual financial
						statements are required in all future years of operation.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-080, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-080, filed 7/7/04,
								effective 8/7/04.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-085 - Permissible investments

Current through Register Vol. 24-14, July 15, 2024
(1) You
						must maintain permissible investment levels pursuant to
						RCW
						   19.230.200.
(2) In addition to the permissible
						investments allowed in
						RCW
						   19.230.210(2), a permissible
						investment may also include receivables from banks and credit cards.
(3) Monthly reports about permissible
						investments must include the monthly calculation of the average daily
						transmission liability. Average daily transmission liability means the sum of
						the daily amounts of a licensee's outstanding money transmission, as computed
						each day of the month divided by the number of days in the month.
(4) A licensee transmitting virtual
						currencies must hold virtual currencies of the same kind and volume (like-kind)
						as that held by the licensee but which is obligated to consumers. For example:
						A licensee transmitting 100 Bitcoins and 50
Ether on behalf of consumers must be able to demonstrate it
							possesses at least 100 Bitcoins and 50 Ether.
(5) A licensee transmitting both money and
						virtual currency must maintain volumes and types of permissible investments as
						described in subsections (3) and (4) of this section.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-085, filed 10/5/10,
								effective 11/5/10.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-090 - Annual report and annual assessment

Current through Register Vol. 24-14, July 15, 2024
What are the annual report and assessment
							requirements?
Every licensee must submit a completed annual report and
							annual license assessment fee prescribed by WAC
							208-690-140.
							The completed report and the fee must be received in the department office no
							later than 5:00 p.m. July 1, or 5:00 p.m. the next business day if July 1 is
							not a business day. A form for the preparation of the annual report and license
							assessment will be made available by the department by electronic transmission
							or mailed upon request. The report must include the following:
(1) If the licensee is a money transmitter, a
						copy of the licensee's most recent audited annual financial statement or, if
						the licensee is a wholly owned subsidiary of another corporation, the most
						recent audited consolidated annual financial statement of the parent
						company.
(2) Verification that
						authorized dele-gate information in the NMLS is current.
(3) If the licensee is a money transmitter,
						verification that the licensee meets permissible investment requirements under
						RCW
						   19.230.200 and
						19.230.210.
(4) If the licensee is a money transmitter or
						online currency exchanger, verification that the licensee has an adequate
						surety bond as required by WAC
						208-690-040 through
						208-690-050.
(5) Verification that material changes, as
						defined by WAC
						208-690-110,
						have been reported through the NMLS and are current.
(6) The annual report and assessment fee may
						be submitted through the NMLS.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-090, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-090, filed 7/7/04,
								effective 8/7/04.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-100 - Is there a penalty for not filing my annual report and annual assessment on time?

Current through Register Vol. 24-14, July 15, 2024
(1) If you fail to
						submit the required annual report and annual assessment fee by July 1, each
						year, the director may suspend your license and assess a late fee. The late fee
						is ten percent of the annual assessment if submitted thirty or fewer days late
						and twenty-five percent of the annual assessment if submitted more than thirty
						days late. The annual report and annual assessment fee are not considered to be
						submitted until the date both have been submitted. If your license has been
						suspended under this section and you submit a completed annual report, the
						annual assessment and the late fee to the department office no later than 5:00
						p.m., thirty calendar days after the original due date, the license suspension
						may be removed. If the delay extends past thirty days, your license has expired
						effective thirty-one days after the original due date.
(2) The director may reinstate an expired
						license under this section if, within twenty days after the license expiration,
						you:
(a) File the complete annual report and
						pay both the annual license assessment and the late fee; and
(b) You or your delegates did not engage in
						providing money services during the period the license was expired.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-103 - How is the annual assessment calculated and when is the annual assessment due?

Current through Register Vol. 24-14, July 15, 2024
(1) The annual
						assessment is calculated by multiplying 0.0004 by the previous year's adjusted
						Washington volume of money transmission, currency exchange, prepaid access
						sales, and payment instrument sales, with a minimum assessment of one thousand
						dollars and a maximum assessment of one hundred thousand dollars.
For purposes of this section, "adjusted Washington volume"
							means:
(a) For money transmission,
						ninety-five percent of all funds transmitted;
(b) For currency exchange, five percent of
						all currency exchanged;
(c) For
						prepaid access sales, ninety-five percent of all funds loaded onto open-loop
						prepaid access; and
(d) For payment
						instrument sales, seventy percent of the first ten million dollars of payment
						instrument sales, twenty percent of the volume over ten million through five
						hundred million dollars, and one percent of any amount over five hundred
						million dollars.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-105 - What are my quarterly call report filing requirements?

Current through Register Vol. 24-14, July 15, 2024
You are required to file accurate and complete call reports
							on the dates and in a form prescribed by the NMLS.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-110 - Report of material change

Current through Register Vol. 24-14, July 15, 2024
What must I report to the department if something about
							my business changes?
Material changes described in this section must be
							reported to the director through the NMLS within thirty days of the occurrence
							of the change. "Material change" means any change that is not trivial, and
							that, if not reported, would cause an investigation or examination to be misled
							or delayed. Such changes include, but are not limited to:
(1) A change of the licensee's physical,
						mailing, or email address. Additionally, a change to the physical, mailing, or
						emailing address of authorized delegates;
(2) A change of the responsible individual,
						AML compliance officer, executive officers or board members, or other person in
						control;
(3) A change of the
						licensee's name or DBA (doing business as);
(4) A change in the location where the
						records of the licensee that are required to be retained under
						RCW    19.230.170 are kept;
(5) The obtaining,
						revocation or surrender of a money services license in any other
						jurisdiction;
(6) The conviction of
						the licensee, an executive officer, responsible individual, board director, AML
						compliance officer, principal, or other person in control of a misdemeanor or
						gross misdemeanor involving a financial transaction;
(7) A change in your business bank account
						including its closure or a change in the location or identity of the bank
						holding the account;
(8) A change
						in the business plan from that submitted at application;
(9) Other similar activities or events
						affecting the business or executive officers or other persons in
						control;
(10) Changes of control.
						See WAC
						208-690-115;
						and
(11) Data breach. This
						notification requirement may change based on directives or recommendations from
						law enforcement. See also WAC
						208-690-270.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-110, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-110, filed 7/7/04,
								effective 8/7/04.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-112 - Other reports

Current through Register Vol. 24-14, July 15, 2024
What events about my business must I report to the
							department?
You must file a report with the director within one business
							day after you have reason to know of the occurrence of any of the following
							events:
(1) The filing of a petition
						by or against the licensee, or any authorized delegate of the licensee, under
						the United States Bankruptcy Code (11 U.S.C.
						101 -
						110)  for bankruptcy or
						reorganization;
(2) The filing of a
						petition by or against the licensee, or any authorized delegate of the
						licensee, for receivership, the commencement of any other judicial or
						administrative proceeding for its dissolution or reorganization, or the making
						of a general assignment for the benefit of creditors;
(3) The commencement of a proceeding to
						revoke, suspend, restrict, or condition its license, or otherwise discipline or
						sanction the licensee, in a state or country in which the licensee engages in
						business or is licensed;
(4) The
						filing of any material litigation against the licensee or any authorized
						delegate of the licensee;
(5) The
						cancellation or other impairment of the licensee's bond or other
						security;
(6) A charge or
						conviction of the licensee or of an executive officer, responsible individual,
						board director, principal, AML compliance officer or other person in control of
						the licensee, for a felony; or
(7)
						A charge or conviction of an authorized delegate for a felony.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-112, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-112, filed 7/7/04,
								effective 8/7/04.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-115 - Request for approval of change of control

Current through Register Vol. 24-14, July 15, 2024
What must I do to request approval for a change of control
							of my business? You must request approval of a change of control at least
							thirty days prior to the proposed change of control. The request for approval
							must include:
(1) A comprehensive
						description of the proposed change that sets forth:
(a) The identity of all persons acquiring
						control under the proposed change;
(b) The ownership interest and managerial
						authority of all persons in control under the proposed change.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-120 - When must I update information about licensee branch locations and authorized delegates?

Current through Register Vol. 24-14, July 15, 2024
You must update your NMLS record within thirty days of
							the following:
(1) Obtaining an
						additional licensee branch location to provide money services in
						Washington.
(2) Contracting with a
						new authorized delegate.
(3)
						Closing a licensee branch location.
(4) Terminating an authorized delegate
						relationship.
(5) See WAC
						208-690-150 for fees.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-120, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-120, filed 7/7/04,
								effective 8/7/04.
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 D - RECORDKEEPING AND REPORTING › Section 208-690-125 - Records disposal

Current through Register Vol. 24-14, July 15, 2024
Licensees must have written policies and procedures for the
							destruction of records maintained pursuant to the act, including electronic
							records. The destruction of records must be accomplished so that the
							information cannot be reconstructed or read. The destruction of consumer credit
							report information must also comply with the federal disposal rule at  16 C.F.R.
							682.
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 E - FEES › Section 208-690-130 - License fees

Current through Register Vol. 24-14, July 15, 2024
What are the fees I must pay to get a license?
You must pay the following fees:
(1) A
						application fee of one thousand dollars.
(2) An additional fee of one hundred dollars
						for each additional location where you or an authorized delegate will provide
						money services, up to a maximum of five thousand dollars.
(3) The license fee in subsection (1) of this
						section may be partially refundable if the application is withdrawn or
						denied.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-130, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-130, filed 7/7/04,
								effective 8/7/04.
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 E - FEES › Section 208-690-140 - How is the annual assessment calculated and when is the annual assessment due?

Current through Register Vol. 24-14, July 15, 2024
Statutory Authority:
								RCW
								   43.320.040, chapter 19.230 RCW, and   2010 c
								 73. 10-12-038, §
											208-690-140, filed 5/25/10,
								effective 6/25/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-140, filed 7/7/04,
								effective 8/7/04.
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 E - FEES › Section 208-690-150 - Transaction fee

Current through Register Vol. 24-14, July 15, 2024
What fees must I pay to make changes to my license?
(1) You must pay fifty dollars to add an
						authorized delegate to your roster of authorized delegates. The fee for adding
						authorized delegates is capped at five thousand dollars per quarter.
(2) You must pay thirty dollars for the
						following changes to your license:
(a) Change
						of physical address, name or trade name (DBA or doing business as);
(b) Request for approval of a change in
						control;
(c) Change of the
						responsible individual or AML compliance officer;
(d) Addition of principal, executive officer,
						board member, or other person in control; or
(e) Change in registered agent.
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 E - FEES › Section 208-690-170 - Investigation and examination fees

Current through Register Vol. 24-14, July 15, 2024
What fees will I be charged if the department
							investigates or examines my business?
(1) The director will collect fees of
						seventy-five dollars per hour for investigations.
(2) The licensee, applicant or person subject
						to licensing under this chapter who is the subject of an examination or
						investigation must pay the actual expenses of required out-of-state travel
						including, but not limited to, travel, lodging and per diem expense.
(3) Investigation and examination fees are
						separate, distinct from, and in addition to transaction fees imposed by WAC
						208-690-150.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-170, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-170, filed 7/7/04,
								effective 8/7/04.
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 F - ENFORCEMENT › Section 208-690-180 - Authority to conduct examinations and investigations

Current through Register Vol. 24-14, July 15, 2024
(1)
When may the department examine or
						investigate my business?
See
						RCW
						   19.230.130(1).
(2) If the director determines that there is
						a danger that original records may be destroyed, altered, or removed to deny
						access, or hinder an examination or investigation, or that original documents
						are necessary for the preparation of a criminal referral, the director may take
						possession of originals of any items described in this section, regardless of
						the source of such items. Originals and copies taken by the director may be
						held, returned, or forwarded to other regulatory or law enforcement officials
						as determined necessary by the director.
(3) The licensee, applicant, or person
						subject to licensing under this chapter must pay the cost of examinations and
						investigations as specified in
						RCW    19.230.320 and WAC
						208-690-170.
(4) The director may retain attorneys,
						accountants, or other professionals and specialists as examiners, auditors or
						investigators, to conduct or assist in the conduct or examinations or
						investigations. The cost of these services must be borne by the person who is
						the subject of the examination or investigation.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-180, filed 10/5/10,
								effective 11/5/10. Statutory Authority:
								RCW
								   19.230.310 and
								43.320.040. 04-15-005, §
											208-690-180, filed 7/7/04,
								effective 8/7/04.
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 208-690-200 - What information must receipts contain to be in compliance with RCW 19230330(2)?

Current through Register Vol. 24-14, July 15, 2024
(1) For
						general money transmission transactions, the receipt must include your name,
						physical or mailing address, and phone number in addition to the fee and
						exchange rate disclosure information as required by
						RCW
						   19.230.330(2)(a). A web site
						address may be used in lieu of a physical or mailing address for transactions
						conducted solely over the internet.
(2) For prepaid access transactions the
						receipt may include the name, address, and telephone number of the authorized
						delegate, provided that your contact information is provided in or on the
						prepaid access packaging or on the prepaid access product.
(3) For bill payment transactions, the
						receipt may include the name, address, and telephone number of the authorized
						delegate; provided your name accompanies the authorized delegate's information
						on the receipt.
Statutory Authority:
								RCW
								   43.320.040,
								19.230.310,   2010 c  37. 10-20-123,
								§
											208-690-200, filed 10/5/10,
								effective 11/5/10.
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?

Current through Register Vol. 24-14, July 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.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-210 - In addition to the Uniform Money Services Act, what other laws do I have to comply with?

Current through Register Vol. 24-14, July 15, 2024
You must ensure you are in compliance with all applicable
							state and federal laws, rules, and regulations.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-220 - Restrictions on business name

Current through Register Vol. 24-14, July 15, 2024
The director may deny a request for a proposed business name
							or trade name if the name is similar to a currently existing licensee name,
							contains the word bank or any derivative of the word bank, or is otherwise
							deceptive.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-230 - How do I use a name other than the company's legal name?

Current through Register Vol. 24-14, July 15, 2024
You may use a trade or other name under the following
							circumstances:
(1) You have input the
						proposed trade or other name into the NMLS.
(2) You have received approval from the
						department.
(3)
(a) You have clearly and conspicuously
						disclosed the company's legal name and NMLS number in addition to the trade or
						other name;
(b) In any electronic
						environment, including the internet or mobile devices, the clear and
						conspicuous disclosure required in (a) of this subsection must be disclosed on
						the home or menu page and on any page on which the consumer enters or approves
						previously entered payment information.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-240 - Information security program

Current through Register Vol. 24-14, July 15, 2024
Each licensee shall establish and maintain an information
							security program to ensure the availability and functionality of the licensee's
							electronic systems and to protect those systems and any sensitive data stored
							on those systems from unauthorized access, use, or tampering. The program may
							be established and maintained by a parent or affiliate as long as the licensee
							has adopted the program and it is available to the department for
							review.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-250 - Information security program required by the federal Safeguards Rule implementing the Gramm-Leach-Bliley Act (GLBA)

Current through Register Vol. 24-14, July 15, 2024
(1) Generally, applicants and licensees must
						have a written program appropriate to the company's size and complexity, the
						activity conducted, and the sensitivity of information at issue. The program
						must ensure the information's security and confidentiality, protect against
						anticipated threats or hazards to the security or integrity of the information,
						and protect against unauthorized access to or use of the information.
(2) The information security plan must be
						maintained as part of your books and records.
(3) For more information access the FTC web
						site on the Safeguards Rule at:
						https://www.ftc.gov/tips-advice/business-center/guidance/financial-institutions-customer-information-complying
						and see  16 C.F.R. 314.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-260 - Consumer financial information privacy under the Gramm-Leach-Bliley Act (GLBA) and Regulation P

Current through Register Vol. 24-14, July 15, 2024
(1) You
						must comply with GLBA, as amended, and Regulation P. If the GLBA amendment
						applies to you, you may be able to provide fewer notices regarding your privacy
						policies.
Privacy policies describe whether and how you share
							consumers' nonpublic personal information, including personally identifiable
							financial information, with other entities.
(2) Compliance with GLBA and Regulation P,  12
						C.F.R. Part 1016, will be deemed compliance with this subsection.
(3) See GLBA, as amended, and Regulation P at
						 12 C.F.R. Part 1016  for the required details.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-270 - Notice to consumers of data breach

Current through Register Vol. 24-14, July 15, 2024
If your data is compromised, you may be subject to chapter
							19.255 RCW and may have to provide notices to consumers whose information was
							acquired. Under certain circumstances notice of the breach may also be required
							by the attorney general's office.
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 H - LICENSEE REQUIREMENTS AND RESTRICTIONS › Section 208-690-280 - Business resumption plan

Current through Register Vol. 24-14, July 15, 2024
You must have a written plan that details the company's
							response and recovery to any event that results in damage to or destruction of
							books and records or a data breach. The plan must be maintained as part of your
							books and records.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-700 - Processing applications for grants from the mortgage lending fraud prosecution account › DEFINITIONS › Section 208-700-010 - Definitions

Current through Register Vol. 24-14, July 15, 2024
The definitions in this section apply throughout the chapter
							unless the context clearly requires otherwise.
(1) "Department" means the department of
						financial institutions.
(2)
						"Director" means the director of the department.
(3) "Mortgage lending fraud prosecution
						account" or "account" means the account established under
						RCW
						   36.22.181, and 43.32.140 (chapter 289, Laws
						of 2003).
(4) "Mortgage lending
						process" means the process through which a person seeks or obtains a
						residential mortgage loan or residential mortgage loan modification including,
						but not limited to, solicitation, application, or origination; negotiation of
						terms; third-party provider services; underwriting; signing and closing; and
						funding of the loan. Documents involved in the mortgage lending process
						include, but are not limited to, uniform residential loan applications or other
						loan applications, appraisal reports, settlement statements, supporting
						personal documentation for loan applications such as W-2 forms, verifications
						of income and employment, bank statements, tax returns, payroll stubs, and any
						required disclosures.
(5) "Person"
						means a natural person, corporation, company, limited liability corporation,
						partnership, or association.
(6)
						"Prosecutorial agency" means the office of the Washington attorney general, the
						office of the United States Attorney, or the office of any county prosecutor in
						the state of Washington.
(7)
						"Residential mortgage loan" means any loan primarily for personal, family, or
						household use secured by a mortgage or deed of trust on residential real estate
						upon which is constructed or intended to be constructed a single family
						dwelling or multiple family dwelling of four or fewer units.
(8) "Third-party provider" means any person
						other than a mortgage broker or lender who provides goods or services in
						connection with the preparation of a borrower's loan and includes, but is not
						limited to, credit reporting agencies, title companies, appraisers, structural
						and pest inspectors, or escrow companies.
Statutory Authority:
								RCW
								   43.320.040,
								36.22.181. 04-02-008, §
											208-700-010, filed 12/29/03,
								effective 1/29/04.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-700 - Processing applications for grants from the mortgage lending fraud prosecution account › DEFINITIONS › Section 208-700-020 - Authorization for use of funds

Current through Register Vol. 24-14, July 15, 2024
The director is authorized to disburse funds held under this
							chapter to cover the expenses of any prosecutorial agency for the purposes of
							prosecuting fraudulent activities in the mortgage lending process, whether the
							knowledge of such activity arises from a direct complaint or the independent
							investigation of the department of any law enforcement agency. Such prosecution
							expenses may include, but are not limited to:
(1) Training.
(2) Investigation.
(3) Discovery.
(4) Trial preparation and trial.
(5) Witness expenses.
(6) Sentencing.
(7) Appeal.
Statutory Authority:
								RCW
								43.320.040,
								36.22.181. 04-02-008, §
											208-700-020, filed 12/29/03,
								effective 1/29/04.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-700 - Processing applications for grants from the mortgage lending fraud prosecution account › DEFINITIONS › Section 208-700-030 - Application and approval for disbursement of funds

Current through Register Vol. 24-14, July 15, 2024
(1) At the director's discretion, the
						department may establish any of the following means for application, approval
						and disbursement of funds:
a.A written
						agreement or memorandum of understanding with a prosecutorial agency covering
						expenses for a set period of time or the expenses for a particular prosecution.
						Each agreement or memorandum of understanding shall identify the effective
						period, the expenses to be covered, the dollar limit, the manner and form of
						billing expenses and the process for disbursement of the funds, and shall be
						signed by an authorized representative of the prosecutorial agency, and the
						director or the director's designee.
b.A written application submitted to the
						department for payment of prosecution expenses. Such written application shall
						be in a form acceptable to the director and shall include at a minimum the
						following information:
i.The prosecutorial
						agency applicant name, address and contact information.
ii.The case name and description including
						the details of persons and crimes under consideration.
iii.The court and county where the charges
						are or may be filed.
iv.The
						expenses or range of expenses to be reimbursed.
c.An invoice and voucher submitted after the
						prosecutorial expenses have been incurred, which shall include all the
						information required under "b," above.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-700 - Processing applications for grants from the mortgage lending fraud prosecution account › DEFINITIONS › Section 208-700-040 - Disbursement limitation

Current through Register Vol. 24-14, July 15, 2024
The director is not required to disburse any funds unless the
							mortgage lending fraud prosecution account contains sufficient funds to cover
							planned disbursements under an agreement, memorandum of understanding or
							approved application. At no time shall the director or the department be
							required to make disbursements from the department's own operating
							funds.
Statutory Authority:
								RCW
								43.320.040,
								36.22.181. 04-02-008, §
											208-700-040, filed 12/29/03,
								effective 1/29/04.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-705 - Processing applications for grants from the securities prosecution fund › Section 208-705-010 - Securities prosecution fund

Current through Register Vol. 24-14, July 15, 2024
(1)
					Pursuant to
					RCW
					   43.320.115, the department of financial
					institutions maintains a securities prosecution fund. Moneys from the
					securities prosecution fund may be available for payment of costs, expenses and
					charges incurred in the preparation, initiation and prosecution of criminal
					charges arising under the Securities Act, the Commodities Transaction Act, the
					Franchise Investment Protection Act, and the Business Opportunity Fraud Act.
					The attorney general or prosecuting attorney may apply to the director of the
					department of financial institutions for expenditures from the securities
					prosecution fund.
(2) Application
					process.
(a) An applicant shall complete an
					application form provided by the securities division of the department of
					financial institutions.
(b) If the
					director or his or her designee approves the application, the applicant may be
					required to complete and submit additional forms and information. If an
					application is denied, an applicant may submit a request for reconsideration,
					but the director or his or her designee's subsequent decision is
					final.
(c) The attorney general or
					prosecuting attorney requesting fund expenditures related to a criminal
					investigation or prosecution must maintain books, records, documents, and other
					evidence that sufficiently and accurately reflect those expenditures.
(d) At the closing of each case for which
					fund expenditures have been approved, the attorney general or prosecuting
					attorney must submit a closing report to the department of financial
					institutions. The closing report shall provide an accounting for fund
					expenditures, summarize the outcome of the case, and certify that all funds
					have been used for the purpose requested. The closing report shall be submitted
					within one hundred twenty days of the applicant's fiscal year end. If a closing
					report is not filed, or if the closing report indicates that funds were not
					used for the purpose requested, the attorney general or prosecuting attorney is
					required to repay the funds received from the securities prosecution
					fund.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-710 - Washington small business retirement marketplace › Section 208-710-010 - Application of rules

Current through Register Vol. 24-14, July 15, 2024
The rules in this chapter implement the provisions of the
						Washington small business retirement marketplace,
						RCW
						   43.330.730 through
						43.330.750, and
						43.320.180, as they relate to the
						department of financial institutions.
The legislature created the Washington small business
						retirement marketplace in order to address the retirement savings access gap in
						Washington. The purpose of the Washington small business retirement marketplace
						is to educate small employers on retirement plan availability and promote
						qualified, low-cost, low-burden retirement savings vehicles and myRa accounts
						without mandating participation by either employers or employees.
The Washington department of commerce is responsible for the
						operation of the Washington small business retirement marketplace. The
						department of commerce will approve retirement plans for inclusion on the
						Washington small business retirement marketplace provided that the Washington
						department of financial institutions has verified that the retirement plan and
						the financial services firm offering it meet the requirements set forth in
						RCW
						   43.330.732(7) and
						43.330.735.
Financial services firms seeking verification for their
						retirement plans from the department of financial institutions for the purpose
						of inclusion on the Washington small business retirement marketplace must
						follow the application procedures set forth in this chapter.
Washington Administrative Code › Title 208 - Financial Institutions, Department of (See also Titles 50, 419, and 460) › Chapter 208-710 - Washington small business retirement marketplace › Section 208-710-020 - Eligibility to apply for verification with the department of financial institutions

Current through Register Vol. 24-14, July 15, 2024
Financial services firms that are regulated by the department
						of financial institutions or by a federal agency with authority over banking,
						securities, or broker-dealer firms, and that meet all federal laws and
						regulations to offer retirement plans, are eligible to apply to the department
						of financial institutions for verification that their retirement plans meet the
						requirements set forth in
						RCW
						   43.330.732(7) and
						43.330.735 for inclusion on the
						Washington small business retirement marketplace.