§ 54.1-4106 Bond or letter of credit required of dealers when permit obtained
A. Every dealer shall secure a permit as required by § 54.1-4108, and each dealer at the time of obtaining such permit shall enter into a recognizance to the Commonwealth secured by a corporate surety authorized to do business in this Commonwealth, in the penal sum of $10,000, conditioned upon due observance of the terms of this chapter. In lieu of a bond, a dealer may cause to be issued by a bank authorized to do business in the Commonwealth a letter of credit in favor of the Commonwealth for $10,000.
B. If any county, city, or town has an ordinance which regulates the purchase and sale of precious metals and gems pursuant to § 54.1-4111, such bond or letter of credit shall be executed in favor of the local governing body.
C. A single bond upon an employer or principal may be written or a single letter of credit issued to cover all employees and all transactions occurring at a single location.
History
This law was first created in 1981. The record of its establishment is cataloged in chapter 581 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1981 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 1988, chapter 765.
1981, c. 581, § 54-859.21; 1988, c. 765.