Virginia Law

A. If the Commission determines that (i) any person has violated any provision of this chapter or any regulation adopted hereunder or (ii) a licensee is engaging in one or more unsafe or unsound practices, the Commission may, upon 21 days' notice in writing, order such person to cease and desist from such practices and to comply with the provisions of this chapter. The notice shall be sent by certified mail to the principal place of business of such person or other address authorized under § 12.1-19.1 and shall state 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. The Commission may enforce compliance with any such order issued under this section by imposition and collection of such fines and penalties as may be prescribed by law.

B. The Commission may, pursuant to the procedures set forth in subsection A, order a licensee to cease and desist from allowing an authorized delegate to engage in money transmission on the licensee's behalf upon any of the following grounds:

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

2. The authorized delegate did not cooperate with an examination or investigation by the Commission;

3. The authorized delegate engaged in fraud, misrepresentation, deceit, or gross negligence;

4. The authorized delegate has been convicted of a violation of a state or federal money laundering statute;

5. The competence, experience, character, or general fitness of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to engage in money transmission; or

6. The authorized delegate is engaging in an unsafe or unsound practice. In determining whether the authorized delegate 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. When, in the opinion of the Commission, immediate action is required to protect the public interest, a cease and desist order may be issued immediately without a prior hearing. In such cases, the Commission shall make a hearing available to the person on an expedited basis.

D. If required to conserve the assets of a licensee or protect the public interest, the Commission may order a licensee and its authorized delegates to cease and desist from selling or issuing payment instruments or stored value or receiving additional money for transmission.

E. The Commission shall have jurisdiction to enter and enforce a cease and desist order against any person, regardless of whether such person is present in the Commonwealth, who directly or indirectly (i) sells or issues payment instruments or stored value to any person located in the Commonwealth or (ii) receives money from such persons.

2025, c. 214.