A new law regarding money transmitters was implemented in the State of Washington named SB 6371. The new law modifies the quantity of the surety bond required of money transmitters. The previous law required a surety bond in a minimum base quantity of $10,000 but could not surpass $50,000, in addition to $10,000 per location. The sum bond amount could surpass $500,000. SB 6371 states that the quantity of the surety bond would be calculated by the dollar volume of the previous year’s money transmissions and the dollar volume of the previous year’s payment instruments. The minimum quantity would remain at $10,000, but the utmost surety bond amount would be $550,000 according to the bill’s provisions.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.