6.1-363.5 - (Repealed effective October 1, 2010) Bond required. - Virginia Statutes

§ 6.1-363.5. (Repealed effective October 1, 2010) Bond required.

The application for a license shall also be accompanied by a bond filed withthe Commissioner with corporate surety authorized to execute such bond in theCommonwealth, in the principal amount as determined by the Commission but notless than $25,000 nor more than $350,000. The form of such bond shall beapproved by the Commission. Such bond shall be continuously maintainedthereafter in full force, and the Commission may require the principal amountto be adjusted as it deems necessary. Such bond shall be conditioned upon thelicensee performing all written agreements with consumers, correctly andaccurately accounting for all funds received by the licensee in the licensedbusiness, and conducting the licensed business in conformity with thischapter and all applicable law. Any person who may be damaged bynoncompliance of the licensee with any condition of such bond may proceed onsuch bond against the principal or surety thereon, or both, to recoverdamages. The aggregate liability under the bond shall not exceed the penalsum of the bond.

(2004, c. 790.)