Virginia Law

A. Applicants for a license, which shall be entities, shall apply in a form and in a medium as prescribed by the Commission. Each such form shall contain content as set forth in regulation, instruction, or procedure of the Commission and may be changed or updated by the Commission in accordance with applicable law in order to carry out the purposes of this chapter and maintain consistency with NMLS licensing standards and practices. The application shall include, as applicable:

1. The legal name and business address of the applicant and any fictitious or trade name used by the applicant in conducting its business;

2. A list of (i) any material litigation in which the applicant or any person in control of the applicant that is not an individual has been the subject of or involved in during the 10-year period preceding the submission of the application and (ii) criminal convictions of the applicant and each person in control of the applicant that is not an individual;

3. A description of any money transmission previously provided by the applicant and the money transmission that the applicant seeks to provide under this chapter;

4. A list of the applicant's proposed authorized delegates and the locations where the applicant and its authorized delegates propose to engage in money transmission;

5. A list of other states in which the applicant is licensed to engage in money transmission and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state;

6. Information concerning any bankruptcy or receivership proceedings affecting the applicant or a person in control of the applicant;

7. A sample form of contract for authorized delegates;

8. A sample form of payment instrument or stored value;

9. The name and address of any federally insured depository financial institution through which the applicant plans to conduct money transmission;

10. The date of the applicant's incorporation or formation and jurisdiction of incorporation or formation;

11. A certificate of good standing from the jurisdiction in which the applicant is incorporated or formed, provided that such jurisdiction furnishes certificates of good standing;

12. A brief description of the structure or organization of the applicant, including any parents or subsidiaries of the applicant, and whether any parents or subsidiaries are publicly traded;

13. The legal name and any fictitious or trade name of each key individual and person in control of the applicant;

14. All business and residential addresses, and the employment history, as applicable, in the 10-year period preceding the submission of the application of each key individual and person in control of the applicant;

15. A copy of audited financial statements of the applicant for the most recent fiscal year and for the two-year period preceding the submission of the application;

16. A certified copy of unaudited financial statements of the applicant for the most recent fiscal quarter;

17. If the applicant is a publicly traded corporation, a copy of the most recent report filed with the U. S. Securities and Exchange Commission under § 13 of the federal Securities Exchange Act of 1934;

18. If the applicant is a wholly owned subsidiary of (i) a corporation publicly traded in the United States, a copy of audited financial statements for the parent corporation for the most recent fiscal year or a copy of the parent corporation's most recent report filed under § 13 of the federal Securities Exchange Act of 1934, or (ii) a corporation publicly traded outside the United States, a copy of similar documentation filed with the regulator of the parent corporation's domicile outside the United States;

19. The name and address of the applicant's registered agent in the Commonwealth; and

20. Any other information the Commission reasonably requires with respect to the applicant and all key individuals and persons in control of the applicant.

B. A nonrefundable application fee of $1,000 shall accompany an application for a license under this section.

C. If any material information provided in connection with an application changes during the investigation period, the applicant shall immediately notify the Commission.

2025, c. 214.