WA People
BILL · 2001–02 SESSION · LATEST VERSION ESSB 6414

SB 6414: Money transmitters

Licensing and regulating money transmitters and currency exchangers. (REVISED FOR ENGROSSED: Creating the uniform money services act.)

Summary

  • $ Creates a statutory scheme for the licensing and regulation of persons involved in the business of money transmission or currency exchange.
  • $ Grants broad authority to the Department of Financial Institutions to regulate money transmitters and currency exchangers.
  • $ Creates bonding, net worth, and solvency requirements for licensees.
  • $ Provides protections for customers of licensees and defines prohibited practices.
  • $ Creates criminal penalties for certain violations of the act.

From the Substitute House Bill Analysis (SSB 6414), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · passed Senate, stalled in House
  1. IntroducedJan 16, 2002
  2. Out of committeeFeb 7, 2002
  3. Passed SenateFeb 15, 2002
  4. Passed Housestopped here
  5. Governor
  6. Law
Prime sponsor
Margarita Prentice (D-11)
Introduced
January 16, 2002 in the Senate
Last action
March 14, 2002
Requested by
State agency
Companion bill
HB 2661
Budget
Has a fiscal note
Versions
SB 6414, ESSB 6414

AN ACT Relating to licensing and regulating money transmitters and currency exchangers;

Sponsors

Prime sponsor: Margarita Prentice (D-11)

4 co-sponsors (2 Democrats, 2 Republicans)

Shirley Winsley R-28Alex Deccio R-14Karen Keiser D-33Adam Kline D-37

Votes

Senate · 3rd Reading & Final Passage

Passed February 15, 2002
Version voted on: ESSB 6414
41 Yea 5 Nay 0 Absent 3 Excused
PartyYeaNayAbsentExcused
Democrat23101
Republican18402
How each member voted

Excused (3)

Permalink to this vote

History

  1. By resolution, returned to Senate Rules Committee for third reading. (ESSB 6414)
  2. Passed to Rules Committee for second reading. (ESSB 6414)
  3. SCCS - Majority; do pass with amendment(s). (ESSB 6414)
  4. SCCS - Executive action taken by committee. (ESSB 6414)
  5. First reading, referred to Select Committee on Community Security. (ESSB 6414)
  6. Third reading, passed; yeas, 41; nays, 5; absent, 0; excused, 3. (ESSB 6414)
  7. Rules suspended. Placed on Third Reading. (ESSB 6414)
  8. Floor amendment(s) adopted. (ESSB 6414)
  9. 1st substitute bill substituted. (ESSB 6414)
  10. 1st substitute bill substituted.
  11. Placed on second reading by Rules Committee. (ESSB 6414)
  12. Placed on second reading by Rules Committee.
  13. Made eligible to be placed on second reading. (ESSB 6414)
  14. Made eligible to be placed on second reading.
  15. Passed to Rules Committee for second reading. (ESSB 6414)
  16. WM - Majority; do pass 1st substitute bill proposed by Labor, Commerce & Financial Institutions. (ESSB 6414)
  17. WM - Majority; do pass 1st substitute bill proposed by Labor, Commerce & Financial Institutions.
  18. Passed to Rules Committee for second reading.
  19. LCF - Majority; 1st substitute bill be substituted, do pass. (ESSB 6414)
  20. Minority; do not pass. (ESSB 6414)
  21. And refer to Ways & Means. (ESSB 6414)
  22. Referred to Ways & Means. (ESSB 6414)
  23. Referred to Ways & Means.
  24. And refer to Ways & Means.
  25. Minority; do not pass.
  26. LCF - Majority; 1st substitute bill be substituted, do pass.
  27. First reading, referred to Labor, Commerce & Financial Institutions.

SB 6414 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

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