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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 120. Money Transmitters
10/4/2026

10VAC5-120-50.  Annual fees and expenses for the examination and supervision of money transmitters.

Pursuant to § 6.2-1924 B of the Code of Virginia, each licensee shall pay an annual fee to defray the costs of the examination and supervision of licensees by the bureau.

The annual fee shall be $0.000047 per dollar of (i) money orders sold and money transmitted by a licensee pursuant to Chapter 19 and (ii) a licensee's money transmission activity pursuant to Chapter 19.1. The assessment shall be based on the dollar volume of business conducted by a licensee, either directly or through its authorized delegates, during the calendar year preceding the year of the assessment as reported by each licensee in the quarterly reports of condition (i.e., call reports) filed through the NMLS. If a licensee fails to fully report its volume information for the prior calendar year by the assessment date, a provisional fee subject to adjustment when the information is reported shall be assessed.

The amount calculated pursuant to this section shall be rounded down to the nearest whole dollar.

Fees shall be assessed on or before August 1 for the current calendar year. The assessment shall be paid by licensees on or before September 1.

Fees prescribed and assessed pursuant to this section are apart from and do not include the following: (a) the annual license renewal fee of $750 authorized by § 6.2-1934 A of the Code of Virginia and (b) the reimbursement for costs authorized by §§ 6.2-1926 C and 6.2-1933 C of the Code of Virginia. When it becomes necessary to examine or investigate the affairs, business, premises, or records of a licensee or any of its authorized delegates at a location outside the Commonwealth of Virginia, the licensee shall be liable for and shall pay to the commission within 30 days of the presentation of an itemized statement the actual travel and reasonable living expenses incurred on account of its examination or investigation, or shall pay a reasonable per diem rate approved by the commission.

Statutory Authority

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

Historical Notes

Derived from Virginia Register Volume 26, Issue 25, eff. July 27, 2010; amended, 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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