Ask Reggi Your Question Now
Can you summarize Chapter 208-690 WAAC?
Financial Institutions, Department of (See also Titles 50, 419, and 460) > Regulation of money services providers.
Short Summary
The provided legal document content pertains to the regulation of money services providers in the state of Washington. It covers various aspects such as licensing requirements, authorized delegates, fees, investigations and examinations, privacy policies, records retention, bonding requirements, reporting requirements, and more. The documents apply to money services providers, licensees, applicants, and authorized delegates. Exemptions include activities regulated by the Commodities Futures Trading Commission (CFTC), clearance or settlement services provided by a person to a board of trade, activities by persons providing clearance or settlement services under a registration as a clearing agency, and payment processing activities using virtual currencies, for the marijuana industry, or holding consumer funds with no direction from the consumer to pay the funds to a payee. The documents do not specify specific penalties for non-compliance or violation of their provisions.
Whom does it apply to?
Money services providers, licensees, applicants, authorized delegates
What does it govern?
Regulation of money services providers
What are exemptions?
Activities regulated by the Commodities Futures Trading Commission (CFTC) or exempt from registration with the CFTC; Clearance or settlement services provided by a person to a board of trade as designated by the CFTC; Activities by persons providing clearance or settlement services under a registration as a clearing agency, or an exemption from that registration granted under the federal securities laws; Payment processing by a person meeting the requirements in RCW 19.230.020(9), but not persons engaged in payment processing activities using virtual currencies, for the marijuana industry, or holding consumer funds with no direction from the consumer to pay the funds to a payee.
What are the Penalties?
Specific penalties for non-compliance or violation of the document's provisions are not specified.
Jurisdiction
Washington