Virginia Administrative Code › Title 10 - FINANCE AND FINANCIAL INSTITUTIONS › Agency 5 - STATE CORPORATION COMMISSION › Chapter 120 - MONEY ORDER SELLERS AND MONEY TRANSMITTERS › Section 10VAC5-120-40 - Reporting and filing requirements

Current through Register Vol. 40, No. 24, July 15, 2024
A. Pursuant to subsection D of §
									6.2-1905
				of the Code of Virginia, every licensee shall file quarterly call reports
				through the registry as well as such other information pertaining to the
				licensee's financial condition as may be required by the registry. Reports
				shall be in such form, contain such information, and be submitted with such
				frequency and by such dates as the registry may require. Compliance with this
				subsection shall satisfy the requirement in subsection B of §
									6.2-1917
				of the Code of Virginia that a licensee file its quarterly financial statements
				with the commissioner.
B. Within
				one business day after a licensee becomes aware of the occurrence of any of the
				following events, the licensee shall file a written report with the
				commissioner describing the event:
1.
				Bankruptcy, reorganization, or receivership proceedings are filed by or against
				the licensee.
2. Any local, state,
				or federal governmental authority institutes revocation, suspension, or other
				formal administrative, regulatory, or enforcement proceedings against the
				licensee.
3. Any local, state, or
				federal governmental authority (i) revokes or suspends the licensee's money
				order seller license, money transmitter license, or other license for a similar
				business; (ii) takes formal administrative, regulatory, or enforcement action
				against the licensee relating to its money order sales, money transmission, or
				similar business; or (iii) takes any other action against the licensee relating
				to its money order sales, money transmission, or similar business where the
				total amount of restitution or other payment from the licensee exceeds $20,000.
				A licensee shall not be required to provide the commissioner with information
				about such event to the extent that such disclosure is prohibited by the laws
				of another state.
4. Based on
				allegations by any local, state, or federal governmental authority that the
				licensee violated any law or regulation applicable to the conduct of its
				licensed money order sales, money transmission, or similar business, the
				licensee enters into, or otherwise agrees to the entry of, a settlement or
				consent order, decree, or agreement with or by such governmental
				authority.
5. The licensee
				surrenders its money order seller license, money transmitter license, or other
				license for a similar business in another state in lieu of threatened or
				pending license revocation; license suspension; or other administrative,
				regulatory, or enforcement action.
6. The licensee is denied a money order
				seller license, money transmitter license, or other license for a similar
				business in another state.
7. The
				licensee or any of its members, partners, directors, officers, principals,
				employees, or authorized delegates is indicted or convicted of a
				felony.