WAC 208-690-060   Net worth.  (1) A money transmitter applicant or licensee must demonstrate and maintain a net worth of at least the amounts set forth in the following schedule:

     (a) Ten thousand dollars if the applicant has not previously engaged in the provision of money services, or the applicant or licensee had money transmission receipts of less than one million dollars for the previous twelve months;

     (b) Twenty thousand dollars if the applicant or licensee had money transmission receipts of at least one million dollars but less than two million dollars for the previous twelve months;

     (c) Thirty thousand dollars if the applicant or licensee had money transmission receipts of at least two million dollars but less than three million dollars for the previous twelve months;

     (d) Forty thousand dollars if the applicant or licensee had money transmission receipts of at least three million dollars but less than four million dollars for the previous twelve months; or

     (e) Fifty thousand dollars if the applicant or licensee had money transmission receipts of four million dollars or more for the previous twelve months.

     (2) Determinations of net worth must be made according to generally accepted accounting principles.



[Statutory Authority: RCW 19.230.310 and 43.320.040. 04-15-005, § 208-690-060, filed 7/7/04, effective 8/7/04.]