Code of Virginia

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Code of Virginia
Title 6.2. Financial Institutions and Services
Chapter 19. Money Order Sellers and Money Transmitters

§ 6.2-1905. Annual fees; expenses; annual reports; renewal.

A. Each licensee shall pay to the Commission annually on or before December 31 a license renewal fee of $750. All fees paid pursuant to this chapter shall be paid into the state treasury and credited to the "Financial Institutions Special Fund — State Corporation Commission."

B. In order to defray the costs of their examination and supervision, every licensee under this chapter shall pay an annual assessment calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the dollar volume of money orders sold and Virginia money transmission business conducted by licensees, either directly or through their authorized delegates, the costs of their examinations, and to other factors relating to their supervision and regulation. All such fees shall be assessed on or before August 1 for every calendar year. All such fees shall be paid by licensees to the State Treasurer on or before September 1 following each assessment.

C. In addition to the annual assessment prescribed in subsection B, when it becomes necessary to examine or investigate the affairs, business, premises, books, or records of a licensee or any of its authorized delegates at a location outside the Commonwealth, the licensee shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of its examination or investigation, or shall pay a reasonable per diem rate approved by the Commission.

D. Each licensee under this chapter shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee's business and operations, including audited financial statements. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the Commissioner. If a licensee is unable to furnish copies of its audited financial statements by the dates prescribed by the Commissioner, the licensee may request an extension, which may be granted by the Commissioner for good cause shown.

E. If a license has expired or has been surrendered or revoked, the former licensee shall immediately (i) cease selling money orders and engaging in the money transmission business, and (ii) instruct its authorized delegates to cease selling money orders and accepting funds for transmission on behalf of the licensee. The Commission may grant relief from this subsection for good cause shown.

F. A license issued under this chapter shall expire on December 31 of each year unless it is renewed by a licensee prior to the expiration date. A licensee may renew its license by (i) requesting renewal through the Registry; (ii) complying with any requirements associated with such renewal request that are imposed by the Registry; (iii) paying the license renewal fee prescribed in subsection A; (iv) paying the annual assessment prescribed in subsection B; (v) filing the periodic written reports and audited financial statements prescribed in subsection D; and (vi) maintaining the minimum net worth specified in subsection B of § 6.2-1906, as evidenced by its audited financial statements. If the Commissioner finds that the licensee has satisfied these requirements, the Commissioner shall renew such person's license. If a license has expired, the former licensee may seek reinstatement on or before the last day of February of the following calendar year. Upon finding that the former licensee has complied with the renewal requirements set forth in this subsection and remitted payment of a reinstatement fee of $1,000, the Commissioner shall reinstate such person's license.

1974, c. 578, § 6.1-373; 1987, c. 283; 1994, cc. 312, 889; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2019, c. 634.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.