Washington Money Transmitter / Services Business Bond
Washington Money Transmitter / Services Business Bond Information
A Money Transmitter Bond (aka Money Services Business Bond) is a surety bond required in Washington for those having applied for a license to transact business as provided by law under Chapter 19.230 Revised Code of Washington. The surety bond ensures faithful compliance by the money transmitter with the provisions of the Act and all rules and regulations set forth by the Director of the Department of Financial Institutions of the State of Washington. The surety bond obligates the bonded principal to pay to the state and to any person all amounts due relating to the provisions of the Act. A new Washington law has now eliminated other forms of security that a money transmitter may furnish in lieu of a surety bond. The bill also requires online currency exchangers to post a surety bond as a licensing requirement. The bond amounts range from $10,000 to $50,000, based on the previous year's currency exchange dollar volume.