Virginia Law

A. The Commission may suspend or revoke a license issued under this chapter upon any of the following grounds:

1. The licensee violates any provisions of this chapter or a regulation adopted or an order issued under this chapter or violates any other law or regulation applicable to the conduct of the licensee's business;

2. The licensee does not cooperate with an examination or investigation by the Commission;

3. The licensee has engaged or is engaging in fraud, misrepresentation, deceit, or gross negligence;

4. An authorized delegate of the licensee (i) is convicted of a violation of a state or federal money laundering statute, (ii) violates any provisions of this chapter or a regulation adopted or an order issued under this chapter, or (iii) violates any other law or regulation applicable to the conduct of the licensee's business;

5. Any ground for denial of a license under this chapter;

6. The licensee has engaged or is engaging in an unsafe or unsound practice;

7. The licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors;

8. The licensee does not remove an authorized delegate after the Commission issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter;

9. The Commission reasonably determines that (i) the licensee may be unable to perform its obligations or (ii) the licensee has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations;

10. Entry of a federal or state administrative order against the licensee for violation of any law or regulation applicable to the conduct of its business;

11. Failure to pay any fee imposed by this chapter; or

12. Such other grounds as the Commission may prescribe by regulation.

B. In determining whether a licensee is engaging in an unsafe or unsound practice, the Commission may consider the volume and condition of the licensee's money transmission business, the magnitude of any loss, the gravity of any violation of this chapter, the previous conduct of the person involved, and any other factors that the Commission deems relevant.

C. For the purposes of this section, acts of any key individual or person in control of a licensee shall be deemed acts of the licensee.

D. The Commission shall not revoke or suspend a license issued under this chapter upon any of the grounds set forth in this section until it has given the licensee 21 days' notice in writing of the reasons for the proposed revocation or suspension and has given the licensee an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to the principal place of business of such licensee or other address authorized under § 12.1-19.1 and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the person or persons named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not revoke or suspend the license except based upon findings made at such hearing. The hearing shall be conducted in accordance with the Commission's Rules.

2025, c. 214.