Title 6.2, Title 6.2. Financial Institutions and Services

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 an…

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 …

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. I…

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 w…

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 process…

A. Applicants for a license, which shall be entities, shall apply in a form and in a medium as prescribed by the Commission. Each such form shall contain content as set forth in regulation, instruction, or procedure of the Commission and may be changed or updated by the Commissio…

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 …

A. When the Commission determines that an application is complete, the Commission shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and shall approve or deny the application within 120 days after the completion date…

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…

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 oth…

A. Any person, or group of persons acting in concert, seeking to acquire control of a licensee shall obtain the written approval of the Commission prior to acquiring control. An individual shall not be deemed to acquire control of a licensee and shall not be subject to the provis…

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 wit…

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. …

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 princ…

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 …

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…

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…

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, …

A. As used in this section, "remit" means (i) to make direct payments of money to a licensee or its representative authorized to receive money or (ii) to deposit money in a bank account specified by the licensee. B. Before a licensee conducts business through an authorized delega…

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 cr…

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 …

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 ap…

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…

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 pr…

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 …

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 sect…

A. A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations in all states. B. Except …

A. The following investments are permissible under § 6.2-1952: 1. Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally insured depository financial institution, and cash equivalents including…

A. The Commission may suspend or revoke a license issued under this chapter upon any of the following grounds: 1. The licensee violates any provisions of this chapter or a regulation adopted or an order issued under this chapter or violates any other law or regulation applicable …

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 p…

A. If the Commission determines that (i) any person has violated any provision of this chapter or any regulation adopted hereunder or (ii) a licensee is engaging in one or more unsafe or unsound practices, the Commission may, upon 21 days' notice in writing, order such person to …

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.