dcrodriguez/Code-of-Virginia huggingface dataset:
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1926. (Effective July 1, 2026) Supervision.
A. The Commission may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a regulation adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and the federal U.S.A. Patriot Act of 2001 (49 U.S.C. § 5103a et seq.). The Commission may:

1. Conduct an examination or investigation either on site or off site as the Commission may reasonably require;

2. Conduct an examination or investigation in conjunction with an examination or investigation conducted by representatives of other state agencies or agencies of another state or of the federal government;

3. Accept the examination or investigation report of an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the Commission; and

4. Examine or investigate under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.

B. A licensee or authorized delegate shall provide, and the Commission shall have full and complete access to, all records the Commission may reasonably require to conduct a complete examination. The records shall be provided at the location and in the format specified by the Commission, provided that the Commission may utilize multistate record production standards and examination procedures when such standards and procedures will reasonably achieve the requirements of this section.

C. Unless otherwise directed by the Commission, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1927. (Effective July 1, 2026) Networked supervision.
A. To efficiently and effectively administer and enforce this chapter and to minimize regulatory burden, the Commission is authorized and encouraged to participate in multistate supervisory processes established between states and coordinated through the Conference of State Bank Supervisors, the Money Transmitter Regulators Association, and affiliates and successors thereof for all licensees that hold licenses in the Commonwealth and other states. As a participant in multistate supervision, the Commission may:

1. Cooperate, coordinate, and share information with other state and federal regulators;

2. Enter into written cooperation, coordination, or information-sharing contracts or agreements with organizations whose membership is made up of state or federal governmental agencies; and

3. Cooperate, coordinate, and share information with organizations whose membership is made up of state or federal governmental agencies, provided that the organizations agree in writing to maintain the confidentiality and security of the shared information.

B. The Commission shall not waive, and nothing in this section shall constitute a waiver of, the Commission's authority to conduct an examination or investigation or otherwise take independent action authorized by this chapter or a regulation adopted or order issued under this chapter to enforce compliance with applicable state or federal law.

C. A joint examination or investigation, or acceptance of an examination or investigation report, shall not waive an examination assessment provided for in this chapter.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1928. (Effective July 1, 2026) Relationship to federal law.
A. In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency.

B. In the event of any inconsistencies between this chapter and a federal law that governs pursuant to subsection A, the Commission may provide interpretive guidance that identifies the inconsistency and identifies the appropriate means of compliance with federal law.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1929. (Effective July 1, 2026) License required.
A. No person shall engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under this chapter.

B. No person that is an authorized delegate of a person licensed under this chapter acting within the scope of authority conferred by a written contract with the licensee shall be required to be licensed under this chapter.

C. A license issued under § 6.2-1933 is not transferable or assignable.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1930. (Effective July 1, 2026) Consistent state licensing.
A. In order to establish consistent licensing between the Commonwealth and other states, the Commission may (i) implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted similar provisions or multistate licensing processes and (ii) participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with this chapter.

B. In order to fulfill the purposes of this chapter, the Commission may establish relationships or contracts with NMLS or other entities designated by NMLS to enable the Commission to (i) collect and maintain records, (ii) coordinate multistate licensing processes and supervision processes, (iii) collect and process fees, and (iv) facilitate communication between the Commonwealth and licensees or other persons subject to this chapter. In establishing such contracts, the Commission shall not be subject to the Virginia Public Procurement Act (§ 2.2-4300 et seq.).

C. The Commission may utilize NMLS for all aspects of this chapter, including license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.

D. The Commission may utilize NMLS forms, processes, and functionalities in accordance with this chapter. In the event NMLS does not provide functionality, forms, or processes for a provision of this chapter, the Commission may strive to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees that are licensed in multiple jurisdictions.

E. Every person required to be licensed under this chapter shall register with NMLS and be subject to such registration and renewal requirements as may be established by NMLS, in addition to any requirements of this chapter.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1932. (Effective July 1, 2026) Information required for certain individuals.
A. Any individual in control of a licensee or applicant, any individual that seeks to acquire control of a licensee, and each key individual shall furnish to the Commission through NMLS the following items:

1. The individual's fingerprints for submission to the Federal Bureau of Investigation for purposes of a national criminal history background check unless the person currently resides outside of the United States and has resided outside of the United States for the last 10 years.

2. Personal history and experience in a form and in a medium prescribed by the Commission, including (i) information enabling the Commission to obtain an independent credit report from a consumer reporting agency unless the individual does not have a social security number, in which case this requirement shall be waived; (ii) information related to any criminal convictions or pending charges; and (iii) information related to any regulatory or administrative action and any civil litigation involving claims of fraud, misrepresentation, conversion, mismanagement of funds, breach of fiduciary duty, or breach of contract.

B. If an individual referenced in subsection A has resided outside of the United States at any time in the last 10 years, the individual shall also cause an investigative background report to be prepared by an independent search firm. The individual shall pay for the cost of such report, and the report shall be sent directly by the search firm to the Commission. At a minimum, the search firm shall (i) demonstrate that it has sufficient knowledge and resources and employs accepted and reasonable methodologies to conduct the research of the background report and (ii) not be affiliated with or have an interest with the individual it is researching. At a minimum, the investigative background report shall be written in the English language and shall contain the following: (a) if available in the individual's current jurisdiction of residency, a comprehensive credit report, or any equivalent information obtained or generated by the independent search firm to accomplish such report, including a search of the court data in the countries, provinces, states, cities, towns, and other areas where the individual resided and worked; (b) criminal records information for the past 10 years, including felonies, misdemeanors, or similar convictions for violations of law in the countries, provinces, states, cities, towns, and other areas where the individual resided and worked; (c) employment history; (d) media history, including an electronic search of national and local publications, wire services, and business applications; and (e) financial services-related regulatory history, including money transmission, securities, banking, insurance, and mortgage-related industries.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1934. (Effective July 1, 2026) License renewal.
A. A license issued under this chapter shall be renewed annually. An annual renewal fee of $750 shall be paid no more than 60 days before the license expiration. The renewal term shall be for a period of one year and shall begin on January 1 of each year after the initial license term and shall expire on December 31 of the year the renewal term begins.

B. A licensee shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the Commission. The renewal report shall state or contain a description of each material change in information submitted by the licensee in its original license application that has not been reported to the Commission.

C. The Commission for good cause may grant an extension of the expiration date.

D. The Commission may utilize NMLS to process license renewals provided that such functionality is consistent with this section.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1935. (Effective July 1, 2026) Maintenance of license.
If a licensee does not continue to meet the qualifications or satisfy the requirements that apply to an applicant for a new money transmission license, the Commission may suspend or revoke the licensee's license in accordance with the procedures established by this chapter or other applicable state law for such suspension or revocation.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1937. (Effective July 1, 2026) Change of key individual; notice and required information.
A. A licensee adding or replacing any key individual shall (i) provide notice in a manner prescribed by the Commission within 15 days after the effective date of the key individual's appointment and (ii) cause the new key individual to provide the items required by § 6.2-1932 within 45 days after the effective date.

B. Within 90 days after the date on which the notice provided pursuant to subsection A was determined by the Commission to be complete, the Commission may investigate the key individual and issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual is not in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee.

C. A notice of disapproval shall contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval in accordance with applicable law.

D. If the notice provided pursuant to subsection A is not disapproved within 90 days after the date on which the notice was determined to be complete, the key individual shall be deemed approved.

E. If a multistate licensing process includes a key individual notice review and disapproval process and the licensee avails itself or is otherwise subject to the multistate licensing process, (i) the Commission may accept the determination of a lead investigative state if the Commission finds that the lead investigative state has sufficient staffing, expertise, and minimum standards or (ii) if the Commonwealth is a lead investigative state, the Commission may investigate the key individual using the timeframes established by agreement through the multistate licensing process notwithstanding the timeframes prescribed in subsections B and D.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1938. (Effective July 1, 2026) Report of condition.
A. Each licensee shall submit to the Commission a report of condition within 45 days after the end of every calendar quarter, or within any extended time as the Commission may prescribe.

B. The report of condition shall include:

1. Financial information at the licensee level;

2. Nationwide and state-specific money transmission transaction information for every jurisdiction in the United States where the licensee is licensed to engage in money transmission;

3. A permissible investments report;

4. Transaction destination country reporting for money received for transmission, if applicable; and

5. Any other information the Commission reasonably requires with respect to the licensee. The Commission is authorized and encouraged to allow or require licensees to utilize NMLS for the submission of the report required by this section.

C. The information required by subdivision B 4 shall only be included in a report of condition submitted within 45 days after the end of the fourth calendar quarter.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1939. (Effective July 1, 2026) Audited financials.
A. Each licensee shall, within 90 days after the end of each fiscal year, or within any extended time as the Commission may prescribe, file with the Commission:

1. Its audited financial statements for the fiscal year prepared in accordance with generally accepted accounting principles; and

2. Any other information as the Commission may reasonably require.

B. The audited financial statements shall be prepared by an independent certified public accountant.

C. The audited financial statements shall include or be accompanied by a certificate of opinion of the independent certified public accountant or independent public accountant that is satisfactory in form and content to the Commission. If the certificate of opinion is qualified, the Commission may require the licensee to take any action as the Commission may find necessary to enable the independent certified public accountant or independent public accountant to remove the qualification.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1940. (Effective July 1, 2026) Authorized delegate reporting.
Each licensee shall submit to the Commission a report of its authorized delegates within 45 days after the end of every calendar quarter. The report shall contain such information as may be prescribed by the Commission about all authorized delegates that were under contract with the licensee at any point during the calendar quarter. The Commission is authorized and encouraged to allow or require licensees to utilize NMLS for the submission of such reports provided that such functionality is consistent with the requirements of this section.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1941. (Effective July 1, 2026) Reports of certain events.
A. A licensee shall file a report with the Commission within one business day after the licensee has reason to know of the occurrence of any of the following events:

1. The filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) for bankruptcy or reorganization;

2. The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;

3. The commencement of a proceeding to revoke or suspend its license or other authority to operate in another jurisdiction; or

4. Such other events as the Commission may prescribe by regulation.

B. A licensee shall file a report with the Commission within three business days after the licensee has reason to know of the occurrence of any of the following events:

1. An indictment, charge, or conviction of the licensee or of a key individual or person in control of the licensee for a felony;

2. An indictment, charge, or conviction of an authorized delegate for a felony; or

3. Such other events as the Commission may prescribe by regulation.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1942. (Effective July 1, 2026) Reports required by federal law.
A licensee and its authorized delegates shall comply with all federal currency reporting, record keeping, and suspicious activity reporting requirements as set forth in the Bank Secrecy Act and other federal laws pertaining to money laundering. The timely filing of a complete and accurate report required by this section with the appropriate federal agency is deemed compliant with the requirements of this section.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1943. (Effective July 1, 2026) Records.
A. A licensee shall maintain the following records for determining its compliance with this chapter for at least three years:

1. A record of each outstanding money transmission obligation sold;

2. A general ledger posted at least monthly containing all asset, liability, capital, income, and expense accounts;

3. Bank statements and bank reconciliation records;

4. Records of outstanding money transmission obligations;

5. Records of each money transmission obligation paid within the three-year period;

6. A list of the last known names and addresses of all of the licensee's authorized delegates; and

7. Any other records the Commission reasonably requires by regulation.

B. The items specified in subsection A shall be maintained in written or electronic form.

C. Records specified in subsection A may be maintained outside the Commonwealth if they are made accessible to the Commission on seven business days' written notice.

D. All records maintained by the licensee as required in this section are open to inspection by the Commission pursuant to § 6.2-1926.

E. Each licensee shall maintain policies and procedures sufficient for it to comply with this chapter and all other laws and regulations applicable to the conduct of its licensed business.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1945. (Effective July 1, 2026) Timely transmission.
A. Every licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law or regulation has occurred, is occurring, or may occur.

B. If a licensee fails to forward money received for transmission in accordance with this section, the licensee shall respond to inquiries by the sender with the reason for the failure unless providing a response would violate a state or federal law or regulation.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1946. (Effective July 1, 2026) Refunds.
A. Every licensee shall refund to the sender within 10 days of receipt of the sender's written request for a refund of any or all money received for transmission unless any of the following occurs:

1. The money has been forwarded within 10 days of the date on which the money was received for transmission;

2. Instructions have been given committing an equivalent amount of money to the person designated by the sender within 10 days of the date on which the money was received for transmission;

3. The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond 10 days of the date on which the money was received for transmission. If funds have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, the licensee shall issue a refund in accordance with the other provisions of this section;

4. The refund is requested for a transaction that the licensee has not completed based on a reasonable belief or a reasonable basis to believe that a crime or violation of law or regulation has occurred, is occurring, or may occur; or

5. The refund request does not enable the licensee to identify (i) the sender's name and the sender's address or telephone number or (ii) the particular transaction to be refunded in the event the sender has multiple transactions outstanding.

B. The provisions of subsection A shall not apply to (i) money received for transmission subject to the federal Remittance Rule (12 C.F.R. Part 1005, Subpart B) or (ii) money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1947. (Effective July 1, 2026) Receipts.
A. As used in this section, "receipt" means a paper, electronic, or other written confirmation of money received for transmission.

B. Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission. The receipt shall contain, as applicable:

1. The name of the sender;

2. The name of the designated recipient;

3. The date of the transaction;

4. The unique transaction or identification number;

5. The name of the licensee, the licensee's NMLS Unique ID number, the licensee's business address, and the licensee's customer service telephone number;

6. The amount of money to be transmitted in United States dollars;

7. Any fee charged by the licensee to the sender for the transaction; and

8. Any taxes collected by the licensee from the sender for the transaction.

C. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by phone, a receipt shall be provided electronically. All electronic receipts shall be provided by email or in another retainable form. The receipt shall be in English and in the language principally used by the licensee or authorized delegate, if other than English, to advertise, solicit, or negotiate a transaction.

D. The provisions of this section shall not apply to (i) money received for transmission subject to the federal Remittance Rule (12 C.F.R. Part 1005, Subpart B); (ii) money received for transmission that is not primarily for personal, family, or household purposes; (iii) money received for transmission pursuant to a written agreement between the licensee and a payee to process payments for goods or services provided by the payee; or (iv) payroll processing services.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1948. (Effective July 1, 2026) Notice.
Every licensee or authorized delegate shall include on a receipt or disclose on the licensee's website and mobile application the phone number and website of the Commission and a statement that the licensee's customers can contact the Commission with complaints about the licensee's money transmission services.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1949. (Effective July 1, 2026) Payroll processing services.
A. A licensee that provides payroll processing services shall:

1. Issue reports to customers detailing customer payroll obligations in advance of the payroll funds being deducted from an account; and

2. Make available worker paystubs or equivalent statements to workers.

B. The provisions of subsection A shall not apply to a licensee providing payroll processing services where the licensee's customer designates the intended recipients to the licensee and is responsible for satisfying the requirement in subdivision A 2.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1950. (Effective July 1, 2026) Net worth.
A. A licensee shall maintain at all times a tangible net worth in an amount not less than the following:

1. For a licensee with total assets in an amount not greater than $100 million, the greater of $100,000 or three percent of the value of the licensee's total assets.

2. For a licensee with total assets in an amount greater than $100 million and not greater than $1 billion, the sum of $3 million and two percent of the additional assets in excess of $100 million.

3. For a licensee with total assets in an amount greater than $1 billion, the sum of $21 million and 0.5 percent of the additional assets in excess of $1 billion.

B. Tangible net worth shall be demonstrated at initial application and thereafter in a manner prescribed by the Commission.

2025, c. 214.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1951. (Effective July 1, 2026) Surety bond.
A. An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond, in a form satisfactory to the Commission, or, with the Commission's approval, a deposit instead of a bond in accordance with this section.

B. The minimum amount of the required security shall be:

1. The greater of $100,000 or an amount equal to 100 percent of the applicant's or licensee's average daily money transmission liability in the Commonwealth calculated for the most recent quarter, up to a maximum of $1 million; or

2. $100,000 in the event that the applicant's or licensee's tangible net worth exceeds 10 percent of total assets.

C. An applicant or licensee that maintains a bond of $1 million pursuant to subdivision B 1 or $100,000 pursuant to subdivision B 2 shall not be required to calculate its average daily money transmission liability in the Commonwealth for purposes of this section.

D. An applicant or licensee may exceed the required security amount, including pursuant to subdivision A 5 of § 6.2-1953.

E. The security device required by this section shall remain in place for five years after a licensee ceases money transmission activities. The Commission may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee's outstanding money transmission transactions are reduced. The Commission may also permit any licensee to substitute a letter of credit, or such other form of security device as may be acceptable to the Commission, for the security device in place at the time the licensee ceases money transmission activities.

F. A surety bond shall remain effective until cancellation, which may occur only after 90 days' written notice to the Commission. Cancellation does not affect the rights of any claimant for any liability incurred or accrued during the period for which the bond was in force.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1955. (Effective July 1, 2026) Civil penalties.
The Commission may impose a civil penalty not exceeding $2,500 upon any person licensed or required to be licensed under this chapter who the Commission determines has violated any of the provisions of this chapter or any other law or regulation applicable to the conduct of the person's business. For the purposes of this section, each separate violation shall be subject to the civil penalty herein prescribed. In the case of a violation of § 6.2-1929, each money transmission transaction shall constitute a separate violation.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 19.1 (Money Transmitters)
§ 6.2-1957. (Effective July 1, 2026) Criminal penalty.
Any person required by this chapter to have a license who engages in the business of money transmission without first being licensed as required by § 6.2-1929 is guilty of a Class 1 misdemeanor.

2025, c. 214.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 2 (MONEY AND CURRENCY)
§ 6.2-200. Money of account.
A. The money of account of the Commonwealth shall be the dollar, cent, and mill. All accounts by public officers shall be kept in accordance with such monetary units.

B. No writing shall be invalid, nor shall the force of any account or entry be impaired, because a sum of money is expressed in other monetary units.

1987, c. 622, § 6.1-330.50; 2010, c. 794.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 2 (MONEY AND CURRENCY)
§ 6.2-201. Ascertaining value in money of account for money expressed in foreign currency.
A. In any suit for a sum of money expressed in any foreign currency or otherwise than in the money of account of the Commonwealth, the jury or the court shall ascertain the value in the money of account of the sum so expressed, including an appropriate allowance for the difference of exchange. The judgment or order may be for either the amount so ascertained, or for the amount of money so expressed, and the judgment or order shall be discharged by an amount so ascertained.

B. In any such suit involving an instrument to which § 8.3A-107 is applicable, the provisions of that section shall apply.

1987, c. 622, § 6.1-330.51; 2010, c. 794.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 2 (MONEY AND CURRENCY)
§ 6.2-202. Issuance of currency and related prohibited acts.
A. No individual or entity, unless authorized by law, shall:

1. Issue any note, bill, scrip, or other paper or thing with intent that the same be circulated as currency; or

2. Otherwise deal, trade, or carry on business as a bank of circulation.

B. All contracts made for forming any entity to engage in any activity prohibited by subsection A shall be void.

1987, c. 622, § 6.1-330.52; 2010, c. 794.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 2 (MONEY AND CURRENCY)
§ 6.2-203. Contracts and securities from illegal currency dealing void; recovery of payments.
A. All contracts and securities that originate from, or are made or obtained in whole or in part by means of any illegal currency dealing, trade, or business, shall be void.

B. If any person pays any money or other valuable consideration on account of any contract or security originating from, or made or obtained in whole or in part by means of, any illegal currency dealing, trade, or business, such person or his representative or assignee may recover the amount or value of such payment from the person to whom, or to whose use, the payment was made, by bringing suit within one year after such payment.

1987, c. 622, § 6.1-330.52; 2010, c. 794.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 2 (MONEY AND CURRENCY)
§ 6.2-204. Capital stock of certain entities vested in Commonwealth; proceedings to recover stock; liability.
A. The capital stock of every entity formed to engage in any activity prohibited by subsection A of § 6.2-202, whether paid up or merely subscribed, shall belong to the Commonwealth. The Attorney General, whenever informed of the existence of any such entity, shall institute a suit in the Circuit Court of the City of Richmond, for the purpose of recovering such capital stock. In such suit, all or any of the members of such entity, and any of its officers, agents, or managers, may be made defendants, and compelled to exhibit all their books and papers, and an account of everything necessary to enable the court to enter a proper order.

B. No disclosure made by a defendant in such suit, and no book or paper exhibited by him in answer to the bill, or under the order of the court, shall be used as evidence against him in any case at law.

C. Every member of any entity formed to engage in any activity prohibited by subsection A of § 6.2-202 who is made defendant in any such suit, shall be held liable to the Commonwealth for his proportion of the capital stock in such entity held by him, or for his use or benefit, at the institution of such suit, or at the time of the order. Such order against any defendant shall be a bar to a proceeding against him for any act done in violation of subsection A of § 6.2-202.

1987, c. 622, § 6.1-330.52; 2010, c. 794.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 20 (AGENCIES PROVIDING DEBT MANAGEMENT PLANS)
§ 6.2-2000. Definitions.
As used in this chapter, unless the context requires a different meaning:

"Agency" means any person that provides or offers to provide debt management plans for consumers.

"Consumer" means an individual residing in the Commonwealth who owes money to one or more creditors, for personal, family, or household purposes, including an individual who owes money jointly with one or more other individuals.

"Credit counselor" means an employee or agent of an agency who designs a debt management plan, provides consumer budget and basic financial planning services, or engages in debt settlement or debt pooling and distribution services on a consumer's behalf. "Credit counselor" does not include licensed certified public accountants or licensed certified public accounting firms engaging in usual and customary services performed on behalf of clients.

"Creditor" or "credit-granting organization" does not include (i) doctors, lawyers, or other professionals who receive payment for their services in installments or (ii) persons whose only participation in a credit transaction is to honor a credit card.

"Debt collector" means a person defined as a debt collector under 15 U.S.C. § 1692a of the federal Fair Debt Collection Practices Act (15 U.S.C. § 1692 et seq.).

"Debt management plan" or "DMP" means a program whereby a person agrees to engage in debt pooling and distribution services on behalf of a consumer, or multiple consumers if a joint account.

"Debt pooling and distribution service" means an arrangement whereby a consumer gives money or control of his funds to a person for distribution to the consumer's creditors.

"Debt settlement" means any action or negotiation initiated or taken by or on behalf of any consumer with any creditor of the consumer for the purpose of obtaining debt forgiveness of a portion of the credit extended by the creditor to the consumer or reduction of payments, charges, or fees payable by the consumer.

"Duplicate original" means an exact copy with signatures created by the same impression as the original, or an exact copy bearing an original signature, or in the case of an electronic transaction, an electronic version with electronic signatures.

"Electronic signature" means a signature as defined in § 59.1-480.

"Licensee" means a person licensed under this chapter.

"Maintenance fee" means a fee paid by a consumer to an agency for the administration of a DMP.

"Principal" means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in a person.

"Set-up fee" means a fee paid by a consumer to an agency for the establishment of a DMP.

2004, c. 790, §§ 6.1-363.2, 6.1-363.7; 2005, c. 315; 2010, c. 794; 2011, c. 307.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 20 (AGENCIES PROVIDING DEBT MANAGEMENT PLANS)
§ 6.2-2001. (Effective until July 1, 2026) License requirement; exceptions.
A. No person shall engage in the business of providing or offering to provide a DMP to any consumer, whether or not the person has an office, facility, agent, or other physical presence in the Commonwealth, unless such person obtains from the Commission a license issued pursuant to this chapter. The provisions of this chapter shall not apply to any bank, savings institution, or credit union, or to a person licensed to practice law in the Commonwealth.

B. This chapter shall be construed by the Commission to promote sound personal financial advice and management, and protect against financial loss consumers who place money or control of their funds or credit into the custody of an agency for transmission to such consumers' creditors.

C. A person licensed under this chapter is not required to be licensed as a money transmitter under Chapter 19 (§ 6.2-1900 et seq.), if the person's money transmission activities are limited to providing debt pooling and distribution services in accordance with this chapter.

2004, c. 790, § 6.1-363.3; 2010, c. 794; 2019, c. 325.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 20 (AGENCIES PROVIDING DEBT MANAGEMENT PLANS)
§ 6.2-2002. Application for license; form; content; fee.
A. An application for a license under this chapter shall be made in writing, under oath, and on a form provided by the Commissioner.

B. The application shall include:

1. The name and address of the applicant; and (i) if the applicant is a partnership, firm, or association, the name and address of each partner or member; (ii) if the applicant is a corporation or limited liability company, the name and address of each director, member, registered agent, and principal; or (iii) if the applicant is a business trust, the name and address of each trustee and beneficiary;

2. The name and address of each manager and officer;

3. The addresses of the locations of the business to be licensed;

4. Financial statements for the applicant as of the most recent fiscal year;

5. A current copy of the agency's standard DMP agreement;

6. Such other information concerning the financial responsibility, background, experience, and activities of the applicant and the persons referred to in this section as the Commissioner may require;

7. Any other pertinent information as the Commissioner may require; and

8. Payment of an application fee of $500.

C. The application fee shall not be refundable in any event. The fee shall not be abated by surrender, suspension, or revocation of the license.

2004, c. 790, § 6.1-363.4; 2005, c. 315; 2010, c. 794.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 20 (AGENCIES PROVIDING DEBT MANAGEMENT PLANS)
§ 6.2-2003. Bond required.
The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute the bond in the Commonwealth, in the principal amount as determined by the Commission. The amount of the bond shall be not less than $25,000 nor more than $350,000. The form of the bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force, and the Commission may require the principal amount to be adjusted as it deems necessary. The bond shall be conditioned upon the licensee performing all written agreements with consumers, correctly and accurately accounting for all funds received by the licensee in the licensed business, and conducting the licensed business in conformity with this chapter and all applicable law. Any person who may be damaged by noncompliance of the licensee with any condition of the bond may proceed on the bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.

2004, c. 790, § 6.1-363.5; 2010, c. 794.

Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 20 (AGENCIES PROVIDING DEBT MANAGEMENT PLANS)
§ 6.2-2004. Investigation of applications.
The Commissioner may make such investigations as he deems necessary to determine if the applicant has complied with all applicable provisions of law and regulations adopted thereunder.

2004, c. 790, § 6.1-363.6; 2010, c. 794.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 20 (AGENCIES PROVIDING DEBT MANAGEMENT PLANS)
§ 6.2-2005. Qualifications.
A. Upon the filing and investigation of an application for a license, and compliance by the applicant with the provisions of §§ 6.2-2002 and 6.2-2003, the Commission shall issue and deliver to the applicant the license to engage in business under this chapter at the locations specified in the application if it finds that:

1. The financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law;

2. The applicant has made acceptable provision for the avoidance of conflicts of interest;

3. The applicant maintains a separate trust account with an FDIC-insured depository institution for the handling of customers' funds;

4. The applicant's credit counselors are certified through a bona fide third-party certification provider unaffiliated with the applicant that authenticates the competence of counselors providing consumer assistance;

5. No more than one-third of the board of directors or managing members are employees, officers, members, principals, trustees, directors, agents, or other representatives of organizations that grant credit to consumers;

6. The applicant is accredited by the International Standards Organization or the Council on Accreditation or any other organization approved by the Commission;

7. The applicant has fidelity bond coverage in such principal amount as may be determined by the Commission;

8. The applicant (i) is not the subject of any current material administrative or regulatory proceedings by any governmental authority and (ii) has not received a material adverse determination in any past administrative or regulatory proceedings by any governmental authority; and

9. The applicant has filed with the Commission a form, that shall be provided to each consumer prior to his execution of a DMP, that contains the following disclosures to the consumer: (i) all fees charged by the applicant or contributions solicited by the applicant from the consumer; (ii) whether the applicant is a for-profit entity or nonprofit entity; and (iii) whether the applicant received financial support from creditors during the preceding calendar year.

B. If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.

C. A license shall not be issued to a collection agency, or to any creditor or association of creditors, or to any credit-granting organization or association of such organizations.

2004, c. 790, § 6.1-363.7; 2005, c. 315; 2010, c. 794.
Code of Virginia — Title 6.2 (Financial Institutions and Services), Chapter 20 (AGENCIES PROVIDING DEBT MANAGEMENT PLANS)
§ 6.2-2006. Licenses; places of business; changes.
A. Each license shall state the address or addresses at which the business is to be conducted and shall state fully the legal name of the licensee as well as any fictitious name by which the licensee is operating in the Commonwealth. Each license shall be posted prominently in each place of business of the licensee. Licenses shall not be transferable or assignable, by operation of law or otherwise. No licensee shall use any name in the Commonwealth other than the legal name or fictitious name set forth on the license issued by the Commission.

B. No licensee shall open an additional office or relocate any place of business without prior approval of the Commission. Applications for such approval shall be made in writing on a form provided by the Commissioner and shall be accompanied by payment of a $150 nonrefundable application fee. The application shall be approved unless the Commission finds that the applicant has not conducted business under this chapter efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the Commission to the applicant within 30 days of the date the application is received by the Commission, but this period may be extended for good cause. After approval, the applicant shall give written notice to the Commissioner within 20 days of the commencement of business at the additional location or relocated place of business.

C. Every licensee shall within 20 days notify the Commissioner, in writing, of the closing of any business location and of the name, address, and position of each new senior officer, member, partner, or director and provide such other information with respect to any such change as the Commissioner may reasonably require.

D. Every license shall remain in force until it has been surrendered, revoked, or suspended. The surrender, revocation, or suspension of a license shall not affect any preexisting legal right or obligation of such licensee.

2004, c. 790, § 6.1-363.8; 2010, c. 794.