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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 120. Money Transmitters
10/2/2026

10VAC5-120-10. Definitions.

The following words and terms when used in Chapter 19.1 or in this chapter shall have the following meanings unless the context clearly indicates otherwise:

"Authorized delegate," "control," "group of persons acting in concert," "key individual," "licensee," "monetary value," "money," "money transmission," "NMLS," "outstanding money transmission obligations," "person," "receiving money for transmission," and "tangible net worth" shall have the meanings ascribed to them in § 6.2-1922 of the Code of Virginia.

"Bureau," "commission," and "commissioner" shall have the meanings ascribed to them in § 6.2-100 of the Code of Virginia.

"Chapter 19" means Chapter 19 (§ 6.2-1900 et seq.) of Title 6.2 of the Code of Virginia.

"Chapter 19.1" means Chapter 19.1 (§ 6.2-1922 et seq.) of Title 6.2 of the Code of Virginia.

"Generally accepted accounting principles" means standard accounting guidelines as established and administered by the American Institute of Certified Public Accountants (AICPA) and the United States Financial Accounting Standards Board (FASB).

"Parents," for purposes of § 6.2-1931 A 12 of the Code of Virginia, means any persons that control an applicant.

"Subsidiaries," for purposes of § 6.2-1931 A 12 of the Code of Virginia, means any persons that are controlled by an applicant. For purposes of this definition, "controlled" shall be construed in accordance with the definition of "control" in § 6.2-1922 of the Code of Virginia.

Statutory Authority

§§ 6.2-1913 and 12.1-13 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 12, Issue 8, eff. January 1, 1996; amended, Virginia Register Volume 28, Issue 20, eff. June 1, 2012; Volume 31, Issue 12, eff. February 15, 2015; Volume 35, Issue 24, eff. July 15, 2019; Volume 43, Issue 4, eff. October 1, 2026.

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