A money transmitter licensed under this chapter shall maintain a net worth, determined in accordance with generally accepted accounting principles, as determined in rule by the director. The director shall require a net worth of at least ten thousand dollars and not more than fifty thousand dollars. In the event that a licensee's net worth, as determined in accordance with generally accepted accounting principles, falls below the amount required in rule, the director or the director's designee may initiate action under RCW 19.230.230 and 19.230.260. The licensee may request a hearing on such an action under chapter 34.05 RCW.

[2003 c 287 § 8.]