§ 6.2-1941 (Effective July 1, 2026) Reports of certain events
A. A licensee shall file a report with the Commission within one business day after the licensee has reason to know of the occurrence of any of the following events:
1. The filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) for bankruptcy or reorganization;
2. The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors;
3. The commencement of a proceeding to revoke or suspend its license or other authority to operate in another jurisdiction; or
4. Such other events as the Commission may prescribe by regulation.
B. A licensee shall file a report with the Commission within three business days after the licensee has reason to know of the occurrence of any of the following events:
1. An indictment, charge, or conviction of the licensee or of a key individual or person in control of the licensee for a felony;
2. An indictment, charge, or conviction of an authorized delegate for a felony; or
3. Such other events as the Commission may prescribe by regulation.
History
This law was first created in 2025. The record of its establishment is cataloged in chapter 214 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.
2025, c. 214.