6.1-371 - (Repealed effective October 1, 2010) License required; exceptions. - Virginia Statutes

§ 6.1-371. (Repealed effective October 1, 2010) License required; exceptions.

No person shall engage in the business of selling money orders or engage inthe business of money transmission, whether or not the person has a locationin the Commonwealth, unless such person obtains from the Commission a licenseissued pursuant to this chapter. However, the provisions of this chaptershall not apply to: (i) the United States, or any department, instrumentalityor agency thereof; (ii) the Commonwealth, or any political subdivisionthereof; (iii) a bank, trust company, savings institution or credit unionoperating under the laws of the United States or any state or territorythereof, or other person to the extent providing money transmission servicesas an agent of one or more banks, trust companies, savings institutions orcredit unions operating under the laws of the United States or any state orterritory thereof; or (iv) a private security services business, licensedunder § 9.1-139, that transports or offers to transport money.

This chapter shall be construed by the Commission for the purpose ofprotecting, against financial loss, citizens of the Commonwealth who purchasemoney orders or who give money or control of their funds or credit into thecustody of another person for transmission, regardless of whether thetransmitter has any office, facility, authorized delegate, or other physicalpresence in the Commonwealth.

(1974, c. 578; 1983, c. 156; 1987, c. 283; 1990, c. 259; 1994, c. 889; 2001,c. 372; 2005, c. 314; 2009, c. 346.)