Washington § 48.155.040 - Surety bond — Deposit in lieu of bond.

Full text of Washington Revised Code of Washington § 48.155.040 — Surety bond — Deposit in lieu of bond., with citation guidance and answers to common questions.

§ 48.155.040. Surety bond — Deposit in lieu of bond.

(1) Each licensed discount plan organization shall continuously maintain in force a surety bond in its own name in an amount not less than thirty-five thousand dollars to be used in the discretion of the commissioner to protect the financial interest of Washington members. The bond must be issued by an insurance company licensed to do business in this state.
(2) In lieu of the bond specified in subsection (1) of this section, a licensed discount plan organization may deposit and maintain deposited with the commissioner, or at the discretion of the commissioner, with any organization or trustee acceptable to the commissioner through which a custodial or controlled account is utilized, cash, securities, or any combination of these or other measures that are acceptable to the commissioner which always have a market value of not less than thirty-five thousand dollars.
(3) All income from a deposit made under subsection (2) of this section is an asset of the discount plan organization.
(4) Except for the commissioner, the assets or securities held in this state as a deposit under subsection (1) or (2) of this section are not subject to levy by a judgment creditor or other claimant of the discount plan organization.
[ 2009 c 175 s 7.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 48.155.040

What does Revised Code of Washington § 48.155.040 cover?

Section 48.155.040 ("Surety bond — Deposit in lieu of bond.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 48.155.040?

A common citation format is "Revised Code of Washington § 48.155.040" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 48.155.040 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

Not legal advice. Verify against the official source and consult a licensed attorney in Washington.