54.1-4003 - Bond required; private action on bond. - Virginia Statutes

§ 54.1-4003. Bond required; private action on bond.

A. No person shall be licensed as a pawnbroker or engage in the business of apawnbroker without having in existence a bond with surety in the minimumamount of $50,000 to secure the payment of any judgment recovered under theprovisions of subsection B.

B. Any person who recovers a judgment against a licensed pawnbroker for thepawnbroker's misconduct may maintain an action in his own name upon the bondof the pawnbroker if the execution issued upon such judgment is wholly orpartially unsatisfied.

(Code 1950, § 54-845; 1988, c. 765; 1998, c. 848.)