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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

10VAC5-120-15. Licensing and applications.

A. Applications for a license under Chapter 19.1 shall be made through the NMLS in accordance with instructions provided by the commissioner. The commissioner may provide these instructions through the NMLS, on the commission's website, or by any other means the commissioner deems appropriate.

B. Pursuant to § 6.2-1931 A 15 of the Code of Virginia, an application for a license shall include a copy of the applicant's audited financial statements for the most recent fiscal year and for the two-year period preceding the submission of the application. An applicant that has not yet completed a full fiscal year shall submit with its license application an audited financial statement that is less than a year old as of the date that the application is filed with the bureau.

C. The unaudited financial statements required by § 6.2-1931 A 16 of the Code of Virginia shall be certified by a key individual.

D. The exemptions in § 6.2-1923 of the Code of Virginia that are available to certain persons to the extent specified in § 6.2-1923 of the Code of Virginia shall not be construed to extend to persons in the course of providing additional services or engaging in other activities that are subject to Chapter 19.1 unless the services or activities are covered by a different exemption.

Statutory Authority

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

Historical Notes

Derived from Virginia Register Volume 43, Issue 4, eff. October 1, 2026.

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