Washington has recently passed a new law s 6371/h2636. This new law effects Money transmitter bond amounts. Currently Money transmitters in the state of Washington have to carry a surety bond ranging from $10,000 to $50,000. Money transmitters in Washington also have to have a $10,000 Surety bond for each office location.
The new law revises the surety bond amount and how the amount is calculated.
The Surety bond amount will now be based on the dollar volume of the prior year’s money transmissions and the dollar volume of the prior year’s payment instruments.
The new bond amounts will range from $10,000 minimum to $550,000 maximum. This new law will go into effect 6/10/2010
Tags: progressive money transmitter bond, surety bond amount
