6.1-378.7 - (Repealed effective October 1, 2010) Maintenance of permissible investments. - Virginia Statutes

§ 6.1-378.7. (Repealed effective October 1, 2010) Maintenance of permissibleinvestments.

A. A licensee shall maintain at all times permissible investments that have amarket value computed in accordance with generally accepted accountingprinciples of not less than the aggregate dollar amount of all of its (i)outstanding money orders from all states, and (ii) outstanding moneytransmission transactions from all states.

B. The Commission, with respect to any licensees, may limit the extent towhich a type of investment within a class of permissible investments may beconsidered a permissible investment, except for money and certificates ofdeposit issued by a bank. The Commission may prescribe by regulation othertypes of investments that the Commission determines to have a safetysubstantially equivalent to other permissible investments.

C. Permissible investments shall be held in trust for the benefit of thepurchasers and holders of the licensee's outstanding money orders and moneytransmission services in the event of bankruptcy or receivership of thelicensee.

(2009, c. 346.)