54.1-4106 - Bond or letter of credit required of dealers when permit obtained. - Virginia Statutes

§ 54.1-4106. Bond or letter of credit required of dealers when permitobtained.

A. Every dealer shall secure a permit as required by § 54.1-4108, and eachdealer at the time of obtaining such permit shall enter into a recognizanceto the Commonwealth secured by a corporate surety authorized to do businessin this Commonwealth, in the penal sum of $10,000, conditioned upon dueobservance of the terms of this chapter. In lieu of a bond, a dealer maycause to be issued by a bank authorized to do business in the Commonwealth aletter of credit in favor of the Commonwealth for $10,000.

B. If any county, city, or town has an ordinance which regulates the purchaseand sale of precious metals and gems pursuant to § 54.1-4111, such bond orletter of credit shall be executed in favor of the local governing body.

C. A single bond upon an employer or principal may be written or a singleletter of credit issued to cover all employees and all transactions occurringat a single location.

(1981, c. 581, § 54-859.21; 1988, c. 765.)