Wash. Admin. Code § 314-55-115 - What method of payment can a cannabis licensee use to purchase cannabis?
A cannabis licensee must pay cash for cannabis prior to or at the time of delivery. The WSLCB will recognize the following forms of payment as cash payment for the purpose of this section.
(1)
Checks.
(2)
Credit/debit cards, under
the following provisions:
(a) The credit or
debit card transaction agreement must be voluntary on the part of both
licensees, and there must be no discrimination for nonparticipation in credit
or debit card transactions.
(b) A
sale must be initiated by an irrevocable invoice or sale order before or at the
time of delivery.
(c) Both parties
must bear their respective banking costs or other costs associated with the
credit or debit card service.
(d)
Both parties must maintain records of transactions and have the records readily
available for the WSLCB review.
(e)
The credit or debit card charge must be initiated by the cannabis licensee no
later than the first business day following delivery.
(3)
Electronic funds transfer
(EFT), under the following provisions:
(a) The EFT agreement must be voluntary on
the part of both the licensees, and there must be no discrimination for
nonparticipation in EFT.
(b) Prior
to any EFT transaction, the cannabis licensee must enter into a written
agreement specifying the terms and conditions for EFT as payment for
cannabis.
(c) A sale must be
initiated by an irrevocable invoice or sale order before or at the time of
delivery.
(d) Both parties must
bear their respective banking costs or other costs associated with EFT
service.
(e) Both parties must
maintain records of transactions and have the records readily available for the
WSLCB review.
(f) The electronic
funds transfer must be initiated by the cannabis licensee no later than the
first business day following delivery and must be paid as promptly as is
reasonably practical, and in no event later than five business days following
delivery. Any attempt by a cannabis licensee to delay payment on EFT
transactions for any period of time beyond the minimum as is reasonably
practical will be considered an unlawful attempt to purchase products on
credit.
(4)
Prepaid accounts. Both parties must keep accurate accounting
records of prepaid accounts to ensure a cash deposit is not overextended, which
is considered an extension of credit.
(5)
Transactions using a money
transmitter, under the following provisions:
(a) The money transmitter must be licensed by
and in good standing with the Washington state department of financial
institutions.
(b) A sale must be
initiated by an irrevocable invoice or sale order before or at the time of
delivery.
(c) Both parties must
bear their respective costs associated with the money transmitter
service.
(d) Both parties must
maintain records of transactions and have the records readily available for the
WSLCB to review.
(e) The funds
transfer through the money transmitter must be initiated by the cannabis
licensee no later than the first business day following delivery and must be
paid as promptly as is reasonably practical, and in no event later than five
business days following delivery. Any attempt by a cannabis licensee to delay
payment on money transmitter transactions for any period of time beyond the
minimum as is reasonably practical will be considered an unlawful attempt to
purchase products on credit.
(6) Any transaction reported as having
nonsufficient funds (NSF) will be considered an extension of credit. If a
transaction is reported as NSF:
(a) The
purchaser must pay the full amount of the transaction to the seller by 3:00
p.m. on the first business day following receipt of the NSF report.
(b) Until the NSF transaction is paid:
(i) The cannabis licensee who received the
NSF transaction will not deliver any cannabis to the purchaser; and
(ii) It is the responsibility of the
purchaser to not receive additional cannabis from any other cannabis
licensee.
Notes
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