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

10VAC5-120-85. Acquisitions of control.

A. A person or group of persons acting in concert that have obtained commission approval to acquire control of a licensee pursuant to § 6.2-1936 H of the Code of Virginia shall notify the commissioner within 15 days after the acquisition of control.

B. For purposes of § 6.2-1936 K 6 of the Code of Virginia, a public offering of securities of a licensee or a person in control of a licensee refers to a person or group of persons acting in concert who acquire such securities in a public offering.

C. A person shall be deemed to satisfy § 6.2-1936 M 1 of the Code of Virginia if the person has (i) never had a professional license revoked or suspended or (ii) not controlled a licensee that has had a professional license revoked or suspended while the person was in control of the licensee in the previous five years.

D. The notice required by § 6.2-1936 M 5 of the Code of Virginia shall be provided by a licensee or person in control of a licensee, and the notice shall be furnished at least 30 days in advance of the acquisition of control. The commissioner shall have the power and authority to make all findings and disapprove the notice if the commissioner has reason to believe that the criteria in § 6.2-1936 M of the Code of Virginia have not been met.

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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