§ 6.2-1016 Bond required
A. No applicant shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission may from time to time require.
B. In no event shall the amount of the surety bond be less than $1 million.
C. The surety bond required by this section shall be for the benefit of:
1. Any person damaged as a result of a violation of the provisions of, or any regulation adopted pursuant to, this chapter;
2. Any person damaged by the negligence, fraud, or embezzlement of a trust company organized under this article or its directors, officers, or employees; and
3. Any person damaged by any other breach of trust of any trust company organized under this article or its directors, officers, or employees.
D. The Commission may revoke the certificate of any trust company that the Commission finds has failed to maintain a bond as required by this section.
History
This law was first created in 1993. The record of its establishment is cataloged in chapter 432 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 1993 “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 2010, chapter 794.
1993, c. 432, § 6.1-32.17; 2010, c. 794.