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Virginia Administrative Code
Title 10. Finance And Financial Institutions
Agency 5. State Corporation Commission
Chapter 120. Money Transmitters
10/3/2026

10VAC5-120-70. Additional business requirements and restrictions; operating rules.

A. A licensee shall not permit an authorized delegate to use a subdelegate or otherwise designate or appoint another person to engage in money transmission business on behalf of the licensee.

B. A licensee shall comply with Chapter 19.1, this chapter, and all other state and federal laws and regulations applicable to the conduct of its business. For purposes of Chapter 19.1 and this chapter, the acts and omissions of a licensee's authorized delegates shall be deemed acts and omissions of such licensee.

C. In addition to the records specified in § 6.2-1943 A of the Code of Virginia, a licensee shall maintain in its principal place of business such other records as the commissioner may reasonably require in order to determine whether such licensee is complying with the provisions of Chapter 19.1, this chapter, and other laws and regulations applicable to the conduct of its business.

D. If a licensee, authorized delegate, or former licensee disposes of records containing a consumer's personal financial information or copies of a consumer's identification documents, such records and copies shall be shredded, incinerated, or otherwise disposed of in a secure manner. A licensee, authorized delegate, or former licensee may arrange for service from a business record destruction vendor.

E. A licensee or former licensee shall provide the following information to the bureau within 10 days after such person's license has expired or been surrendered or revoked or the licensed business is otherwise closed: (i) the names, addresses, telephone numbers, and email addresses of a designated contact person and the person who consumers may contact regarding outstanding money transmission obligations; (ii) the location of the licensee's or former licensee's money transmission records; and (iii) any additional information that the bureau may reasonably require. A licensee or former licensee shall maintain current information with the bureau until the licensee or former licensee has no outstanding money transmission obligations.

F. A person shall remain subject to the provisions of Chapter 19.1 and this chapter applicable to licensees in connection with all money orders sold and money or monetary value received for transmission pursuant to Chapter 19 or Chapter 19.1 notwithstanding the occurrence of any of the following events:

1. The person's license has expired or been surrendered or revoked; or

2. The person ceases money transmission activity.

G. A licensee shall not provide any information to a person located in the Commonwealth of Virginia that is false, misleading, or deceptive.

H. A licensee shall not engage in any activity that directly or indirectly results in an evasion of the provisions of Chapter 19.1 or this chapter.

I. A licensee shall continuously maintain the requirements and standards for licensure prescribed in § 6.2-1933 of the Code of Virginia.

J. Pursuant to § 6.2-1945 A of the Code of Virginia, a licensee shall enter into an agreement with each sender. The agreement shall be in writing and specify the estimated timeframe within which the funds will be available to the recipient, and a copy of the agreement shall be furnished or made available to the sender on or before the execution of the transaction. A licensee's terms of use, user agreement, or other equivalent document may be used to satisfy the requirements of this subsection.

K. The expiration, surrender, or revocation of a license under Chapter 19.1 shall not affect any pre-existing legal right or obligation of the licensee.

L. Pursuant to § 6.2-1947 B of the Code of Virginia, a licensee or a licensee's authorized delegate shall provide each sender with a receipt upon receiving money for transmission. This requirement shall be applicable solely to the extent that § 6.2-1947 of the Code of Virginia requires that a receipt be provided.

Statutory Authority

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

Historical Notes

Derived from Virginia Register Volume 31, Issue 12, eff. February 15, 2015; amended, Virginia Register Volume 35, Issue 24, eff. July 15, 2019; Volume 43, Issue 4, eff. October 1, 2026.

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