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Can you summarize Chapter 19.230 WARC?
BUSINESS REGULATIONSMISCELLANEOUS > Uniform money services act.
Short Summary
The provided legal document content pertains to the definitions section of the Uniform Money Services Act. This act governs persons engaged in money transmission or currency exchange. The document provides definitions for various terms used in the act, such as ‘affiliate,’ ‘applicant,’ ‘authorized delegate,’ ‘currency exchange,’ ‘money transmission,’ ‘money transmitter,’ and more. It also defines terms like ‘closed loop prepaid access,’ ‘open loop prepaid access,’ ‘payment instrument,’ ‘prepaid access,’ ‘virtual currency,’ and others. The document further clarifies the meaning of terms like ‘control,’ ‘financial institution,’ ’licensee,’ ‘material litigation,’ ‘mobile location,’ ‘record,’ ‘responsible individual,’ and ‘unsafe or unsound practice.’ The definitions provided in this document are applicable throughout the chapter unless the context clearly requires otherwise. This chapter, part of the Revised Code of Washington, pertains to the Uniform Money Services Act. It outlines the entities to which the chapter applies, including financial institutions, registered futures commission merchants, securities broker-dealers, investment advisors, insurance companies, title insurance companies, escrow agents, attorneys, sellers or issuers of prepaid access, persons transmitting wages or employee benefits, and businesses engaged in bookkeeping or accounting as an ancillary service. The chapter also provides a list of exemptions, specifying the entities or circumstances to which the chapter does not apply. Notably, the chapter does not apply to various government entities, certain financial institutions and related entities, payment system operators, registered securities broker-dealers or investment advisors, insurance companies engaged in ancillary money transmission or currency exchange, and others as mentioned in the document. The document does not specify penalties for non-compliance or violation of the licensing provisions.
Whom does it apply to?
The chapter applies to financial institutions, registered futures commission merchants, securities broker-dealers, investment advisors, insurance companies, title insurance companies, escrow agents, attorneys, sellers or issuers of prepaid access, persons transmitting wages or employee benefits, and businesses engaged in bookkeeping or accounting as an ancillary service. Exemptions include various government entities, certain financial institutions and related entities, payment system operators, registered securities broker-dealers or investment advisors, insurance companies engaged in ancillary money transmission or currency exchange, and others as mentioned in the document.
What does it govern?
The legal document content pertains to the definitions section of the Uniform Money Services Act. This act governs persons engaged in money transmission or currency exchange.
What are exemptions?
The chapter does not apply to various government entities, certain financial institutions and related entities, payment system operators, registered securities broker-dealers or investment advisors, insurance companies engaged in ancillary money transmission or currency exchange, and others as mentioned in the document.
What are the Penalties?
The document does not specify penalties for non-compliance or violation of the licensing provisions.
Jurisdiction
Washington