§ 6.2-1907 (Repealed effective July 1, 2026) License revocation.
A. The Commission may revoke a license issued under this chapter:
1. If it reasonably determines that (i) a licensee is engaging in one or more unsafe or unsound practices, (ii) a licensee may be unable to perform its obligations, or (iii) a licensee has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations; or
2. Upon any of the following grounds: a. Any ground for denial of a license under this chapter; b. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the licensee’s business; c. Conviction of a felony or misdemeanor involving fraud, misrepresentation, or deceit; d. Entry of a judgment against such licensee involving fraud, misrepresentation, or deceit; e. Entry of a federal or state administrative order against such licensee for violation of any law or any regulation applicable to the conduct of his business; f. Refusal to permit an investigation or examination by the Commission; g. Failure to pay any fee or assessment imposed by this chapter; or h. Failure to comply with any order of the Commission.
B. For the purposes of this section, acts of any officer, director, member, partner, or principal shall be deemed acts of the licensee.
History
This law was first created in 1974. The record of its establishment is cataloged in chapter 578 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 1974 “Acts” aren’t available online. It has been modified 7 times. 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. Those modifications are as follows: in 1990, chapter 259; in 1994, chapter 889; in 2001, chapter 372; in 2009, chapter 346; in 2010, chapter 794; in 2014, chapter 454; in 2025, chapter 214.
1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2025, c. 214.