{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/59.1-447.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/59.1-447.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/59.1-447.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/59.1-447.html"}],"law_id":83462,"edition_id":1,"section_id":83462,"structure_id":14566,"section_number":"59.1-447","catch_line":"Bond or letter of credit required","history":"1993, c. 760; 1994, c. 482.","full_text":"A\n\nEvery travel club, before entering into a travel services agreement with a purchaser of travel services, shall file and maintain with the Commissioner, in a form and substance satisfactory to him, a bond with corporate surety from a company authorized to transact business in the Commonwealth, or a letter of credit from a bank insured by the Federal Insurance Deposit Corporation, or cash in the amounts indicated below:B\n\nThe bond or letter of credit required by subsection A of this section shall be in favor of the Commonwealth of Virginia for the benefit of any purchaser who is damaged by any violation of this chapter.C\n\nThe aggregate liability of the bond or letter of credit to all persons for all breaches of the conditions of the bond or letter of credit shall in no event exceed the amount of the bond or letter of credit. The bond or letter of credit shall not be canceled or terminated except with the consent of the Commissioner. Bonds may be withdrawn by giving sixty-day advance written notice to the Commissioner, thereby releasing the surety from accruing future liability beyond the effective date of withdrawal. Such withdrawal shall not release the surety or otherwise cancel or terminate any liability existing at the time of the effective date of the withdrawal.","order_by":null,"text":{"0":{"id":299066,"text":"Every travel club, before entering into a travel services agreement with a purchaser of travel services, shall file and maintain with the Commissioner, in a form and substance satisfactory to him, a bond with corporate surety from a company authorized to transact business in the Commonwealth, or a letter of credit from a bank insured by the Federal Insurance Deposit Corporation, or cash in the amounts indicated below:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":299067,"text":"The bond or letter of credit required by subsection A of this section shall be in favor of the Commonwealth of Virginia for the benefit of any purchaser who is damaged by any violation of this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":299068,"text":"The aggregate liability of the bond or letter of credit to all persons for all breaches of the conditions of the bond or letter of credit shall in no event exceed the amount of the bond or letter of credit. The bond or letter of credit shall not be canceled or terminated except with the consent of the Commissioner. Bonds may be withdrawn by giving sixty-day advance written notice to the Commissioner, thereby releasing the surety from accruing future liability beyond the effective date of withdrawal. Such withdrawal shall not release the surety or otherwise cancel or terminate any liability existing at the time of the effective date of the withdrawal.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14566,"edition_id":1,"name":"The Virginia Travel Club Act","identifier":"36","label":"chapter","depth":2,"order_by":1,"parent_id":12809,"metadata":{},"date_created":"2026-06-26 03:48:41","date_modified":"2026-06-26 03:48:41","permalink":{"id":261567,"object_type":"structure","relational_id":14566,"identifier":"36","token":"59.1\/36","url":"\/59.1\/36\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12809,"edition_id":1,"name":"Trade and Commerce","identifier":"59.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:54","date_modified":"2026-06-26 03:43:54","permalink":{"id":259521,"object_type":"structure","relational_id":12809,"identifier":"59.1","token":"59.1","url":"\/59.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":64127,"structure_id":14566,"section_number":"59.1-445","catch_line":"Definitions","url":"\/59.1-445\/","token":"59.1\/36\/59.1-445","metadata":false},{"id":71095,"structure_id":14566,"section_number":"59.1-446","catch_line":"Registration; fees","url":"\/59.1-446\/","token":"59.1\/36\/59.1-446","metadata":false},{"id":83462,"structure_id":14566,"section_number":"59.1-447","catch_line":"Bond or letter of credit required","url":"\/59.1-447\/","token":"59.1\/36\/59.1-447","metadata":false},{"id":66700,"structure_id":14566,"section_number":"59.1-447.1","catch_line":"Escrow of deposits","url":"\/59.1-447.1\/","token":"59.1\/36\/59.1-447.1","metadata":false},{"id":82812,"structure_id":14566,"section_number":"59.1-448","catch_line":"Travel services agreement; disclosure","url":"\/59.1-448\/","token":"59.1\/36\/59.1-448","metadata":false},{"id":63408,"structure_id":14566,"section_number":"59.1-448.1","catch_line":"Public offering statement","url":"\/59.1-448.1\/","token":"59.1\/36\/59.1-448.1","metadata":false},{"id":59498,"structure_id":14566,"section_number":"59.1-449","catch_line":"Prohibited practices by travel club","url":"\/59.1-449\/","token":"59.1\/36\/59.1-449","metadata":false},{"id":62003,"structure_id":14566,"section_number":"59.1-450","catch_line":"Regulations","url":"\/59.1-450\/","token":"59.1\/36\/59.1-450","metadata":false},{"id":56038,"structure_id":14566,"section_number":"59.1-451","catch_line":"Investigations","url":"\/59.1-451\/","token":"59.1\/36\/59.1-451","metadata":false},{"id":86084,"structure_id":14566,"section_number":"59.1-452","catch_line":"Production of records","url":"\/59.1-452\/","token":"59.1\/36\/59.1-452","metadata":false},{"id":61393,"structure_id":14566,"section_number":"59.1-453","catch_line":"Exemptions","url":"\/59.1-453\/","token":"59.1\/36\/59.1-453","metadata":false},{"id":61094,"structure_id":14566,"section_number":"59.1-454","catch_line":"Violations of chapter; penalty","url":"\/59.1-454\/","token":"59.1\/36\/59.1-454","metadata":false}],"previous_section":{"id":71095,"structure_id":14566,"section_number":"59.1-446","catch_line":"Registration; fees","url":"\/59.1-446\/","token":"59.1\/36\/59.1-446","metadata":false},"next_section":{"id":66700,"structure_id":14566,"section_number":"59.1-447.1","catch_line":"Escrow of deposits","url":"\/59.1-447.1\/","token":"59.1\/36\/59.1-447.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/59.1-447\/","history_text":"

This law was first created in 1993. The record of its establishment is cataloged in chapter 760 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 1993 \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 1994, chapter 482<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":261577,"object_type":"law","relational_id":83462,"identifier":"59.1-447","token":"59.1\/36\/59.1-447","url":"\/59.1-447\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/59.1-447\/","token":"59.1\/36\/59.1-447","dublin_core":{"Title":"Bond or letter of credit required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 59.1-447","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Every travel club<\/span>, before entering into a travel services agreement<\/span> with a purchaser<\/span> of travel services, shall file and maintain with the Commissioner<\/span>, in a form and substance satisfactory to him, a bond<\/span> with corporate surety<\/span> from a company authorized to transact business in the Commonwealth, or a letter of credit from a bank insured by the Federal Insurance Deposit Corporation, or cash in the amounts indicated below: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The bond<\/span> or letter of credit required by subsection A of this section shall be in favor of the Commonwealth of Virginia for the benefit of any purchaser<\/span> who is damaged by any violation of this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The aggregate liability of the bond<\/span> or letter of credit to all persons for all breaches of the conditions of the bond<\/span> or letter of credit shall in no event exceed the amount of the bond<\/span> or letter of credit. The bond<\/span> or letter of credit shall not be canceled or terminated except with the consent of the Commissioner<\/span>. Bonds<\/span> may be withdrawn by giving sixty-day advance written notice to the Commissioner<\/span>, thereby releasing the surety<\/span> from accruing future liability beyond the effective date of withdrawal. Such withdrawal shall not release the surety<\/span> or otherwise cancel or terminate any liability existing at the time of the effective date of the withdrawal. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND OR LETTER OF CREDIT REQUIRED (\u00a7 59.1-447)\n\nA. Every travel club, before entering into a travel services agreement with a\npurchaser of travel services, shall file and maintain with the Commissioner, in\na form and substance satisfactory to him, a bond with corporate surety from a\ncompany authorized to transact business in the Commonwealth, or a letter of\ncredit from a bank insured by the Federal Insurance Deposit Corporation, or cash\nin the amounts indicated below:\n\nB. The bond or letter of credit required by subsection A of this section shall\nbe in favor of the Commonwealth of Virginia for the benefit of any purchaser who\nis damaged by any violation of this chapter.\n\nC. The aggregate liability of the bond or letter of credit to all persons for\nall breaches of the conditions of the bond or letter of credit shall in no event\nexceed the amount of the bond or letter of credit. The bond or letter of credit\nshall not be canceled or terminated except with the consent of the Commissioner.\nBonds may be withdrawn by giving sixty-day advance written notice to the\nCommissioner, thereby releasing the surety from accruing future liability beyond\nthe effective date of withdrawal. Such withdrawal shall not release the surety\nor otherwise cancel or terminate any liability existing at the time of the\neffective date of the withdrawal.\n\nHISTORY: 1993, c. 760; 1994, c. 482.","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}}