Virginia Law

A. The Commission may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter or by a regulation adopted or order issued under this chapter as reasonably necessary or appropriate to administer and enforce this chapter, regulations implementing this chapter, and other applicable law, including the Bank Secrecy Act and the federal U.S.A. Patriot Act of 2001 (49 U.S.C. § 5103a et seq.). The Commission may:

1. Conduct an examination or investigation either on site or off site as the Commission may reasonably require;

2. Conduct an examination or investigation in conjunction with an examination or investigation conducted by representatives of other state agencies or agencies of another state or of the federal government;

3. Accept the examination or investigation report of an agency of another state or of the federal government, or a report prepared by an independent accounting firm, which on being accepted is considered for all purposes as an official report of the Commission; and

4. Examine or investigate under oath a key individual or employee of a licensee or authorized delegate and require the person to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.

B. A licensee or authorized delegate shall provide, and the Commission shall have full and complete access to, all records the Commission may reasonably require to conduct a complete examination. The records shall be provided at the location and in the format specified by the Commission, provided that the Commission may utilize multistate record production standards and examination procedures when such standards and procedures will reasonably achieve the requirements of this section.

C. Unless otherwise directed by the Commission, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.

2025, c. 214.