6.2-2003 - (Effective October 1, 2010) Bond required. - Virginia Statutes

§ 6.2-2003. (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 the bond in theCommonwealth, in the principal amount as determined by the Commission. Theamount of the bond shall be not less than $25,000 nor more than $350,000. Theform of the bond shall be approved by the Commission. The bond shall becontinuously maintained thereafter in full force, and the Commission mayrequire the principal amount to be adjusted as it deems necessary. The bondshall be conditioned upon the licensee performing all written agreements withconsumers, correctly and accurately accounting for all funds received by thelicensee in the licensed business, and conducting the licensed business inconformity with this chapter and all applicable law. Any person who may bedamaged by noncompliance of the licensee with any condition of the bond mayproceed on the bond against the principal or surety thereon, or both, torecover damages. The aggregate liability under the bond shall not exceed thepenal sum of the bond.

(2004, c. 790, § 6.1-363.5; 2010, c. 794.)