6.2-1906 - (Effective October 1, 2010) Conditions prerequisite to issuance of license; net worth requirement. - Virginia Statutes

§ 6.2-1906. (Effective October 1, 2010) Conditions prerequisite to issuanceof license; net worth requirement.

A. The Commission shall not issue a license to an applicant unless itdetermines that:

1. The applicant will be able to and will perform its obligations topurchasers of money transmission services and purchasers, payees, and holdersof money orders sold by it and its authorized delegates in the Commonwealth;and

2. The financial responsibility, character, reputation, experience, andgeneral fitness of the applicant and its members, senior officers, directors,and principals are such as to warrant belief that the business will beoperated efficiently and fairly, in the public interest, and in accordancewith applicable law and regulations.

B. Each licensee shall at all times have a net worth of not less than$200,000, or a higher amount not to exceed $1 million as determined by theCommission, calculated in accordance with generally accepted accountingprinciples. Any person who was licensed under this chapter on July 1, 2009,shall have three years from that date to comply with the minimum net worthrequirement of this section, during which period the licensee shall at alltimes have a net worth of not less than $100,000, or a higher amount not toexceed $1 million as determined by the Commission, calculated in accordancewith generally accepted accounting principles.

(1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c.346; 2010, c. 794.)