{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-4106.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-4106.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-4106.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-4106.html"}],"law_id":62518,"edition_id":1,"section_id":62518,"structure_id":14670,"section_number":"54.1-4106","catch_line":"Bond or letter of credit required of dealers when permit obtained","history":"1981, c. 581, \u00a7 54-859.21; 1988, c. 765.","full_text":"A\n\nEvery 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\n\nIf 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\n\nA 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.","order_by":null,"text":{"0":{"id":227976,"text":"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.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":227977,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":227978,"text":"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.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14670,"edition_id":1,"name":"Precious Metals Dealers","identifier":"41","label":"chapter","depth":3,"order_by":1,"parent_id":13011,"metadata":{},"date_created":"2026-06-26 03:49:15","date_modified":"2026-06-26 03:49:15","permalink":{"id":244523,"object_type":"structure","relational_id":14670,"identifier":"41","token":"54.1\/V\/41","url":"\/54.1\/V\/41\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13011,"edition_id":1,"name":"Occupations Regulated by Local Governing Bodies","identifier":"V","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:44:08","date_modified":"2026-06-26 03:44:08","permalink":{"id":244463,"object_type":"structure","relational_id":13011,"identifier":"V","token":"54.1\/V","url":"\/54.1\/V\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":69734,"structure_id":14670,"section_number":"54.1-4100","catch_line":"Definitions","url":"\/54.1-4100\/","token":"54.1\/V\/41\/54.1-4100","metadata":false},{"id":85357,"structure_id":14670,"section_number":"54.1-4101","catch_line":"Records to be kept; copy furnished to local authorities","url":"\/54.1-4101\/","token":"54.1\/V\/41\/54.1-4101","metadata":false},{"id":76346,"structure_id":14670,"section_number":"54.1-4101.1","catch_line":"Officers may examine records or property; warrantless search and seizure authorized","url":"\/54.1-4101.1\/","token":"54.1\/V\/41\/54.1-4101.1","metadata":false},{"id":68928,"structure_id":14670,"section_number":"54.1-4102","catch_line":"Credentials and statement of ownership required from seller","url":"\/54.1-4102\/","token":"54.1\/V\/41\/54.1-4102","metadata":false},{"id":68285,"structure_id":14670,"section_number":"54.1-4103","catch_line":"Prohibited purchases","url":"\/54.1-4103\/","token":"54.1\/V\/41\/54.1-4103","metadata":false},{"id":78174,"structure_id":14670,"section_number":"54.1-4104","catch_line":"Dealer to retain purchases","url":"\/54.1-4104\/","token":"54.1\/V\/41\/54.1-4104","metadata":false},{"id":57807,"structure_id":14670,"section_number":"54.1-4105","catch_line":"Record of disposition","url":"\/54.1-4105\/","token":"54.1\/V\/41\/54.1-4105","metadata":false},{"id":62518,"structure_id":14670,"section_number":"54.1-4106","catch_line":"Bond or letter of credit required of dealers when permit obtained","url":"\/54.1-4106\/","token":"54.1\/V\/41\/54.1-4106","metadata":false},{"id":81675,"structure_id":14670,"section_number":"54.1-4107","catch_line":"Private action on bond or letter of credit","url":"\/54.1-4107\/","token":"54.1\/V\/41\/54.1-4107","metadata":false},{"id":61068,"structure_id":14670,"section_number":"54.1-4108","catch_line":"Permit required; method of obtaining permit; no convictions of certain crimes; approval of weighing devices; renewal; permanent location required","url":"\/54.1-4108\/","token":"54.1\/V\/41\/54.1-4108","metadata":false},{"id":56271,"structure_id":14670,"section_number":"54.1-4109","catch_line":"Exemptions from chapter","url":"\/54.1-4109\/","token":"54.1\/V\/41\/54.1-4109","metadata":false},{"id":86215,"structure_id":14670,"section_number":"54.1-4110","catch_line":"Penalties; first and subsequent offenses","url":"\/54.1-4110\/","token":"54.1\/V\/41\/54.1-4110","metadata":false},{"id":75631,"structure_id":14670,"section_number":"54.1-4111","catch_line":"Local ordinances","url":"\/54.1-4111\/","token":"54.1\/V\/41\/54.1-4111","metadata":false}],"previous_section":{"id":57807,"structure_id":14670,"section_number":"54.1-4105","catch_line":"Record of disposition","url":"\/54.1-4105\/","token":"54.1\/V\/41\/54.1-4105","metadata":false},"next_section":{"id":81675,"structure_id":14670,"section_number":"54.1-4107","catch_line":"Private action on bond or letter of credit","url":"\/54.1-4107\/","token":"54.1\/V\/41\/54.1-4107","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-4106\/","history_text":"

This law was first created in 1981. The record of its establishment is cataloged in chapter 581 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1981 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 1988, chapter 765.<\/p>","references":false,"refers_to":[{"id":61068,"section_number":"54.1-4108","catch_line":"Permit required; method of obtaining permit; no convictions of certain crimes; approval of weighing devices; renewal; permanent location required","order_by":null,"url":"\/54.1-4108\/"},{"id":75631,"section_number":"54.1-4111","catch_line":"Local ordinances","order_by":null,"url":"\/54.1-4111\/"}],"permalink":{"id":244553,"object_type":"law","relational_id":62518,"identifier":"54.1-4106","token":"54.1\/V\/41\/54.1-4106","url":"\/54.1-4106\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-4106\/","token":"54.1\/V\/41\/54.1-4106","dublin_core":{"Title":"Bond or letter of credit required of dealers when permit obtained","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-4106","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every dealer<\/span> shall secure a permit as required by § 54.1-4108<\/a>, and each dealer<\/span> at the time of obtaining such permit shall enter into a recognizance<\/span> to the Commonwealth secured by a corporate surety<\/span> 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<\/span>, a dealer<\/span> 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. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If any county, city, or town has an ordinance<\/span> which regulates the purchase and sale of precious metals<\/span> and gems<\/span> pursuant to § 54.1-4111<\/a>, such bond<\/span> or letter of credit shall be executed in favor of the local governing body. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A single bond<\/span> 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. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND OR LETTER OF CREDIT REQUIRED OF DEALERS WHEN PERMIT OBTAINED (\u00a7 54.1-4106)\n\nA. Every dealer shall secure a permit as required by § 54.1-4108, and each\ndealer at the time of obtaining such permit shall enter into a recognizance to\nthe Commonwealth secured by a corporate surety authorized to do business in this\nCommonwealth, in the penal sum of $10,000, conditioned upon due observance of\nthe terms of this chapter. In lieu of a bond, a dealer may cause to be issued by\na bank authorized to do business in the Commonwealth a letter of credit in favor\nof the Commonwealth for $10,000.\n\nB. If any county, city, or town has an ordinance which regulates the purchase\nand sale of precious metals and gems pursuant to § 54.1-4111, such bond or\nletter of credit shall be executed in favor of the local governing body.\n\nC. A single bond upon an employer or principal may be written or a single letter\nof credit issued to cover all employees and all transactions occurring at a\nsingle location.\n\nHISTORY: 1981, c. 581, \u00a7 54-859.21; 1988, c. 765.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}