Title 6.2, Title 6.2. Financial Institutions and Services

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.

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 per…

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 …

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 na…

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 mo…

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.

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 spe…

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 ea…

A. Except as provided in this section, no person shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation, or 25 percent or more of the ownership of any other person, licensed to conduct business under this chapter unless such person first: …

A. Every licensee shall maintain in its licensed offices such books, accounts, and records as the Commission may reasonably require in order to determine whether the licensee is complying with the provisions of this chapter and regulations adopted thereunder. Such books, accounts…

Each licensee under this chapter shall annually, on or before March 25, file a written report with the Commissioner containing such information as the Commissioner may require concerning his business and operations during the preceding calendar year as to each licensed place of b…

A. Within 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact upon the business of the licensee: 1. The filing of bankruptcy, reorganization, or receivership proc…

The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any person licensed or required to be licensed under this chapter insofar as they pertain to any business for whic…

A. To defray the costs of the examination, supervision, and regulation of licensees, every licensee under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the total number of …

The Commission shall adopt such regulations as it deems appropriate to effect the purposes of this chapter. Before adopting any such regulation, the Commission shall give reasonable notice of its content and shall afford interested parties an opportunity to be heard, in accordanc…

Each licensee shall comply with the following requirements: 1. Each DMP shall be evidenced by an agreement, which shall be maintained in either a hard copy, including a faxed copy, or electronic version and which shall be signed by the consumer and a person authorized by the lice…

For establishing and maintaining a DMP, a licensee may charge or receive fees or contributions in an amount not to exceed the following: (i) $75 for a set-up fee; and (ii) a monthly maintenance fee of 15 percent of the total amount disbursed, but in no event more than $60 per mon…

In addition to the fees and contributions permitted under § 6.2-2015, no further or other amount whatsoever shall be directly or indirectly charged, contracted for, collected, received, or recovered with respect to a DMP except, with the consumer's advance permission after disclo…

No person licensed or required to be licensed under this chapter shall use or cause to be published any advertisement that (i) contains any false, misleading, or deceptive statement or representation; or (ii) identifies the person by any name other than the name set forth on the …

A. The Commission may suspend or revoke any license issued under this chapter upon any of the following grounds: 1. Any ground for denial of a license under this chapter; 2. Any violation of the provisions of this chapter or regulations adopted by the Commission thereunder, or a …

A. If the Commission determines that any person has violated any provision of this chapter or any regulation adopted hereunder, the Commission may, upon 21 days' notice in writing, order such person to cease and desist from such practices and to comply with the provisions of this…

The Commission shall not revoke or suspend the license of any person licensed under this chapter upon any of the grounds set forth in § 6.2-2018 until it has given the licensee 21 days' notice in writing of the reasons for the proposed revocation or suspension and an opportunity …

A. In addition to the authority conferred under §§ 6.2-2018 and 6.2-2019, the Commission may impose a civil penalty not exceeding $1,000 upon any person who it determines, in proceedings commenced in accordance with the Commission's Rules, has violated any of the provisions of th…

Any person violating subsection A of § 6.2-2001 is guilty of a Class 1 misdemeanor. For purposes of this section, each violation shall constitute a separate offense.

Any person who suffers loss by reason of a violation of any provision of this chapter may bring a civil action to enforce such provision. Any person who is successful in such action shall recover reasonable attorney fees, expert witness fees, and court costs incurred by bringing …

A. If the Commission determines that a person is in violation, or has violated, any provision of this chapter, the Commission may refer the information to the Attorney General and may request that the Attorney General investigate such violations. In the case of such referral, the…

Any violation of the provisions of this chapter shall constitute a prohibited practice in accordance with § 59.1-200 and shall be subject to any and all of the enforcement provisions of the Virginia Consumer Protection Act (§ 59.1-196 et seq.).

As used in this chapter, unless the context requires a different meaning: "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 m…

A. No person shall engage in the business of providing or offering to provide debt settlement services 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 licen…