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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

10VAC5-120-20.  Tangible net worth.

A. Tangible net worth shall be demonstrated at initial application through the applicant's most recent audited and certified unaudited financial statements filed in accordance with § 6.2-1931 A 15 and A 16 of the Code of Virginia and 10VAC5-120-15 B and C.

B. A licensee shall demonstrate tangible net worth through its audited financial statements filed pursuant to § 6.2-1939 of the Code of Virginia and reports of condition (i.e., call reports) filed pursuant to § 6.2-1938 of the Code of Virginia and 10VAC5-120-40 A.

Statutory Authority

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

Historical Notes

Derived from Virginia Register Volume 12, Issue 8, eff. January 1, 1996; amended, Virginia Register Volume 12, Issue 22, eff. July 1, 1996; Volume 35, Issue 24, eff. July 15, 2019; Volume 43, Issue 4, eff. October 1, 2026.

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