Virginia Law

A. Pursuant to §§ 6.2-1938 and 6.2-1940 of the Code of Virginia, every licensee shall file quarterly reports of condition (i.e., call reports) and authorized delegate reports through the NMLS as well as such other information pertaining to the licensee's financial condition as may be required by the NMLS.

B. Within one business day after a licensee has reason to know of the occurrence of any of the following events, the licensee shall file a written report with the commissioner describing the event:

1. The filing of a petition by or against the licensee under the United States Bankruptcy Code (11 USC § 101 et seq.) for bankruptcy or reorganization, the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for the licensee's dissolution or reorganization, or an action by a creditor against the licensee who is not a beneficiary of a statutory trust established in accordance with § 6.2-1952 C of the Code of Virginia.

2. Any local, state, or federal governmental authority institutes revocation, suspension, or other formal administrative, regulatory, or enforcement proceedings against the licensee.

3. Any local, state, or federal governmental authority (i) revokes or suspends the licensee's money order seller license, money transmitter license, or other license for a similar business; (ii) takes formal administrative, regulatory, or enforcement action against the licensee relating to its money order sales, money transmission, or similar business; or (iii) takes any other action against the licensee relating to its money order sales, money transmission, or similar business where the total amount of restitution or other payment from the licensee exceeds $20,000. A licensee shall not be required to provide the commissioner with information about such event to the extent that such disclosure is prohibited by the laws of another state.

4. Based on allegations by any local, state, or federal governmental authority that the licensee violated any law or regulation applicable to the conduct of its licensed money order sales, money transmission, or similar business, the licensee enters into or otherwise agrees to the entry of a settlement or consent order, decree, or agreement with or by such governmental authority.

5. The licensee surrenders its money order seller license, money transmitter license, or other license for a similar business in another state in lieu of threatened or pending license revocation; license suspension; or other administrative, regulatory, or enforcement action.

6. The licensee is denied a money order seller license, money transmitter license, or other license for a similar business in another state.

C. The reports required by this section shall contain such information as the commissioner may require. The commissioner may require such additional reports as the commissioner deems necessary.

D. Pursuant to § 6.2-1939 of the Code of Virginia, the commissioner may, for good cause shown, grant a licensee's request for an extension of up to 60 days to file its audited financial statements. Such request shall be made in writing, specify the reason for the request, and be submitted directly to the bureau.

E. Pursuant to § 6.2-1940 of the Code of Virginia, every licensee shall submit through the NMLS agent reporting functionality such information pertaining to its authorized delegates as the NMLS may require.

F. Any reports, notifications, or filings required by Chapter 19.1 or this chapter may be submitted to the commissioner through the NMLS, provided that the NMLS is capable of receiving such reports, notifications, or filings.