PDFWAC 208-630-240

What is the amount of bond needed for licensees engaging only in check selling?

The penal sum of the surety bond for a person with a check seller license shall not be less than the amount established in the following table:
Highest Monthly
Liability*
Required
Bond
Plus Percentage
of Excess
Up to $50,000
Highest Monthly
Liability or $10,000, whichever is greater
$0
$50,001 to $100,000
$50,000
.5 above $50,000
$100,001 and above
$75,000
.25 above $100,000
*
The monthly liability is the total sum of checks for a given month. The "highest monthly liability" shall be determined by multiplying the highest monthly liability of checks from the preceding calendar year by seventy-five percent.
[Statutory Authority: RCW 31.04.165, 43.320.040, 31.45.030, 31.45.050, 31.45.200. WSR 05-22-009, ยง 208-630-240, filed 10/21/05, effective 11/21/05.]