No licensee shall receive any money from any debtor as a result of the collection of any claim until he, she, or it shall have submitted a financial statement showing the assets and liabilities of the licensee truly reflecting that the licensee's net worth is not less than the sum of seven thousand five hundred dollars, in cash or its equivalent, of which not less than five thousand dollars shall be deposited in a bank, available for the use of the licensee's business. Any money so collected shall be subject to the provisions of RCW 19.16.430(2). The financial statement shall be sworn to by the licensee, if the licensee is an individual, or by a partner, officer, or manager in its behalf if the licensee is a partnership, corporation, or unincorporated association. The information contained in the financial statement shall be confidential and not a public record, but is admissible in evidence at any hearing held, or in any action instituted in a court of competent jurisdiction, pursuant to the provisions of this chapter: PROVIDED, That this section shall not apply to those persons holding a valid license issued pursuant to this chapter on July 16, 1973.
RCW 19.16.245
Financial statement.
Known as the Collection Agency Act
The act spans §§ 19–19 (44 sections).
Applied in 2 court decisions — leading case 109 Wash. 2d 712 - Cowles Publishing Co. v. State Patrol (1988)
Most recently applied in 109 Wash. 2d 712 - Cowles Publishing Co. v. State Patrol (January 1988)
2011 c 336 s 519; 1973 1st ex.s. c 20 s 9.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.