6.2-1804 - (Effective October 1, 2010) Bond required. - Virginia Statutes

§ 6.2-1804. (Effective October 1, 2010) Bond required.

The application for a license shall be accompanied by a bond filed with theCommissioner with corporate surety authorized to execute such bond in theCommonwealth, in the sum of $10,000 per office, not to exceed a total of$50,000. The form of such bond shall be approved by the Commission. The bondshall be continuously maintained thereafter in full force. The bond shall beconditioned upon the applicant or licensee performing all written agreementswith borrowers or prospective borrowers, correctly and accurately accountingfor all funds received by him in his licensed business, and conducting hislicensed business in conformity with this chapter and all other applicablelaw. Any person who may be damaged by noncompliance of the licensee 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.

(2002, c. 897, § 6.1-448; 2010, c. 794.)