6.1-413 - (Repealed effective October 1, 2010) Bond required. - Virginia Statutes

§ 6.1-413. (Repealed effective October 1, 2010) Bond required.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 inthis Commonwealth, in the sum of $25,000, or such greater sum as theCommissioner may require, the form of which shall be approved by theCommission. Such bond shall be continuously maintained thereafter in fullforce. Such bond shall be conditioned upon the applicant or such licensedlender or broker performing all written agreements with borrowers orprospective borrowers, correctly and accurately accounting for all fundsreceived by him in his licensed business, and conducting his licensedbusiness in conformity with this chapter and all applicable law. Any personwho may be damaged by noncompliance of a licensed broker or lender with anycondition of such bond may proceed on such bond against the principal orsurety thereon, or both, to recover damages. The aggregate liability underthe bond shall not exceed the penal sum of the bond.

(1987, c. 596; 1989, c. 411; 2001, c. 511.)