{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1604.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1604.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1604.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1604.html"}],"law_id":59504,"edition_id":1,"section_id":59504,"structure_id":13352,"section_number":"6.2-1604","catch_line":"Bond required","history":"1987, c. 596, \u00a7 6.1-413; 1989, c. 411; 2001, c. 511; 2010, c. 794.","full_text":"The application for a license shall also be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in the Commonwealth, in the sum of $25,000, or such greater sum as the Commissioner may require. The form of the bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force. The bond shall be conditioned upon the applicant or licensee performing all written agreements with borrowers or prospective borrowers, correctly and accurately accounting for all funds received by him in his licensed business, and conducting his licensed business in conformity with this chapter and all applicable law. Any person who may be damaged by noncompliance of a licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.","order_by":null,"text":{"0":{"id":218014,"text":"The application for a license shall also be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond in the Commonwealth, in the sum of $25,000, or such greater sum as the Commissioner may require. The form of the bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force. The bond shall be conditioned upon the applicant or licensee performing all written agreements with borrowers or prospective borrowers, correctly and accurately accounting for all funds received by him in his licensed business, and conducting his licensed business in conformity with this chapter and all applicable law. Any person who may be damaged by noncompliance of a licensee with any condition of such bond may proceed on such bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":13352,"edition_id":1,"name":"Mortgage Lenders and Mortgage Brokers","identifier":"16","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:42","date_modified":"2026-06-26 03:44:42","permalink":{"id":266007,"object_type":"structure","relational_id":13352,"identifier":"16","token":"6.2\/III\/16","url":"\/6.2\/III\/16\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13060,"edition_id":1,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":265721,"object_type":"structure","relational_id":13060,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":71155,"structure_id":13352,"section_number":"6.2-1600","catch_line":"Definitions","url":"\/6.2-1600\/","token":"6.2\/III\/16\/6.2-1600","metadata":false},{"id":69139,"structure_id":13352,"section_number":"6.2-1601","catch_line":"License requirement","url":"\/6.2-1601\/","token":"6.2\/III\/16\/6.2-1601","metadata":false},{"id":81765,"structure_id":13352,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","url":"\/6.2-1602\/","token":"6.2\/III\/16\/6.2-1602","metadata":false},{"id":54762,"structure_id":13352,"section_number":"6.2-1603","catch_line":"Application for license; form; content; fee","url":"\/6.2-1603\/","token":"6.2\/III\/16\/6.2-1603","metadata":false},{"id":59504,"structure_id":13352,"section_number":"6.2-1604","catch_line":"Bond required","url":"\/6.2-1604\/","token":"6.2\/III\/16\/6.2-1604","metadata":false},{"id":54914,"structure_id":13352,"section_number":"6.2-1605","catch_line":"Investigation of applications","url":"\/6.2-1605\/","token":"6.2\/III\/16\/6.2-1605","metadata":false},{"id":73062,"structure_id":13352,"section_number":"6.2-1606","catch_line":"Qualifications","url":"\/6.2-1606\/","token":"6.2\/III\/16\/6.2-1606","metadata":false},{"id":81215,"structure_id":13352,"section_number":"6.2-1607","catch_line":"Licenses; places of business; changes","url":"\/6.2-1607\/","token":"6.2\/III\/16\/6.2-1607","metadata":false},{"id":76246,"structure_id":13352,"section_number":"6.2-1608","catch_line":"Acquisition of control; application","url":"\/6.2-1608\/","token":"6.2\/III\/16\/6.2-1608","metadata":false},{"id":54332,"structure_id":13352,"section_number":"6.2-1609","catch_line":"Retention of books, accounts and records","url":"\/6.2-1609\/","token":"6.2\/III\/16\/6.2-1609","metadata":false},{"id":61819,"structure_id":13352,"section_number":"6.2-1610","catch_line":"Periodic reports","url":"\/6.2-1610\/","token":"6.2\/III\/16\/6.2-1610","metadata":false},{"id":71555,"structure_id":13352,"section_number":"6.2-1611","catch_line":"Investigations; examinations","url":"\/6.2-1611\/","token":"6.2\/III\/16\/6.2-1611","metadata":false},{"id":82309,"structure_id":13352,"section_number":"6.2-1612","catch_line":"Annual fees","url":"\/6.2-1612\/","token":"6.2\/III\/16\/6.2-1612","metadata":false},{"id":66404,"structure_id":13352,"section_number":"6.2-1613","catch_line":"Regulations","url":"\/6.2-1613\/","token":"6.2\/III\/16\/6.2-1613","metadata":false},{"id":61182,"structure_id":13352,"section_number":"6.2-1614","catch_line":"Prohibitions applicable to mortgage lenders and mortgage brokers","url":"\/6.2-1614\/","token":"6.2\/III\/16\/6.2-1614","metadata":false},{"id":61213,"structure_id":13352,"section_number":"6.2-1615","catch_line":"Other prohibitions applicable to mortgage lenders","url":"\/6.2-1615\/","token":"6.2\/III\/16\/6.2-1615","metadata":false},{"id":80723,"structure_id":13352,"section_number":"6.2-1616","catch_line":"Other prohibitions applicable to mortgage brokers","url":"\/6.2-1616\/","token":"6.2\/III\/16\/6.2-1616","metadata":false},{"id":64232,"structure_id":13352,"section_number":"6.2-1617","catch_line":"Application to certain real estate brokers","url":"\/6.2-1617\/","token":"6.2\/III\/16\/6.2-1617","metadata":false},{"id":58328,"structure_id":13352,"section_number":"6.2-1618","catch_line":"Escrow accounts","url":"\/6.2-1618\/","token":"6.2\/III\/16\/6.2-1618","metadata":false},{"id":69878,"structure_id":13352,"section_number":"6.2-1619","catch_line":"Suspension or revocation of license","url":"\/6.2-1619\/","token":"6.2\/III\/16\/6.2-1619","metadata":false},{"id":72499,"structure_id":13352,"section_number":"6.2-1620","catch_line":"Censuring, suspending, or barring persons","url":"\/6.2-1620\/","token":"6.2\/III\/16\/6.2-1620","metadata":false},{"id":65038,"structure_id":13352,"section_number":"6.2-1621","catch_line":"Filing of written report with Commissioner; events affecting activities of licensee","url":"\/6.2-1621\/","token":"6.2\/III\/16\/6.2-1621","metadata":false},{"id":61967,"structure_id":13352,"section_number":"6.2-1622","catch_line":"Cease and desist orders","url":"\/6.2-1622\/","token":"6.2\/III\/16\/6.2-1622","metadata":false},{"id":85659,"structure_id":13352,"section_number":"6.2-1623","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-1623\/","token":"6.2\/III\/16\/6.2-1623","metadata":false},{"id":70740,"structure_id":13352,"section_number":"6.2-1624","catch_line":"Civil penalties","url":"\/6.2-1624\/","token":"6.2\/III\/16\/6.2-1624","metadata":false},{"id":82877,"structure_id":13352,"section_number":"6.2-1625","catch_line":"Criminal penalties","url":"\/6.2-1625\/","token":"6.2\/III\/16\/6.2-1625","metadata":false},{"id":83877,"structure_id":13352,"section_number":"6.2-1626","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-1626\/","token":"6.2\/III\/16\/6.2-1626","metadata":false},{"id":73847,"structure_id":13352,"section_number":"6.2-1627","catch_line":"Private actions","url":"\/6.2-1627\/","token":"6.2\/III\/16\/6.2-1627","metadata":false},{"id":73955,"structure_id":13352,"section_number":"6.2-1628","catch_line":"Enforcement of prohibitions on certain practices; recovery of attorney fees","url":"\/6.2-1628\/","token":"6.2\/III\/16\/6.2-1628","metadata":false},{"id":62961,"structure_id":13352,"section_number":"6.2-1629","catch_line":"Prohibited practices; authority of the Attorney General","url":"\/6.2-1629\/","token":"6.2\/III\/16\/6.2-1629","metadata":false}],"previous_section":{"id":54762,"structure_id":13352,"section_number":"6.2-1603","catch_line":"Application for license; form; content; fee","url":"\/6.2-1603\/","token":"6.2\/III\/16\/6.2-1603","metadata":false},"next_section":{"id":54914,"structure_id":13352,"section_number":"6.2-1605","catch_line":"Investigation of applications","url":"\/6.2-1605\/","token":"6.2\/III\/16\/6.2-1605","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1604\/","history_text":"<p>This law was first created in 1987. The record of its establishment is cataloged in chapter 596 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 1987 \u201cActs\u201d aren\u2019t available online. It has been modified 3 times. 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. Those modifications are as follows: in 1989, chapter 411; in 2001, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?011+ful+CHAP0511\">511<\/a>; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>.<\/p>","references":[{"id":73062,"section_number":"6.2-1606","catch_line":"Qualifications","order_by":null,"url":"\/6.2-1606\/"},{"id":60886,"section_number":"6.2-1703","catch_line":"Bond required","order_by":null,"url":"\/6.2-1703\/"}],"refers_to":false,"permalink":{"id":266025,"object_type":"law","relational_id":59504,"identifier":"6.2-1604","token":"6.2\/III\/16\/6.2-1604","url":"\/6.2-1604\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1604\/","token":"6.2\/III\/16\/6.2-1604","dublin_core":{"Title":"Bond required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1604","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>The application for a license shall also be accompanied by a <span class=\"dictionary\">bond<\/span> filed with the <span class=\"dictionary\">Commissioner<\/span> with corporate <span class=\"dictionary\">surety<\/span> authorized to execute such <span class=\"dictionary\">bond<\/span> in the Commonwealth, in the sum of $25,000, or such greater sum as the <span class=\"dictionary\">Commissioner<\/span> may require. The form of the <span class=\"dictionary\">bond<\/span> shall be approved by the <span class=\"dictionary\">Commission<\/span>. The <span class=\"dictionary\">bond<\/span> shall be continuously maintained thereafter in full force. The <span class=\"dictionary\">bond<\/span> shall be conditioned upon the applicant or <span class=\"dictionary\">licensee<\/span> performing all written agreements with borrowers or prospective borrowers, correctly and accurately accounting for all funds received by him in his licensed business, and conducting his licensed business in conformity with this chapter and all applicable <span class=\"dictionary\">law<\/span>. Any <span class=\"dictionary\">person<\/span> who may be damaged by noncompliance of a <span class=\"dictionary\">licensee<\/span> with any condition of such <span class=\"dictionary\">bond<\/span> may proceed on such <span class=\"dictionary\">bond<\/span> against the <span class=\"dictionary\">principal<\/span> or <span class=\"dictionary\">surety<\/span> thereon, or both, to recover <span class=\"dictionary\">damages<\/span>. The aggregate liability under the <span class=\"dictionary\">bond<\/span> shall not exceed the penal sum of the <span class=\"dictionary\">bond<\/span>.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nBOND REQUIRED (\u00a7 6.2-1604)\n\nThe application for a license shall also be accompanied by a bond filed with the\nCommissioner with corporate surety authorized to execute such bond in the\nCommonwealth, in the sum of $25,000, or such greater sum as the Commissioner may\nrequire. The form of the bond shall be approved by the Commission. The bond\nshall be continuously maintained thereafter in full force. The bond shall be\nconditioned upon the applicant or licensee performing all written agreements\nwith borrowers or prospective borrowers, correctly and accurately accounting for\nall funds received by him in his licensed business, and conducting his licensed\nbusiness in conformity with this chapter and all applicable law. Any person who\nmay be damaged by noncompliance of a licensee with any condition of such bond\nmay proceed on such bond against the principal or surety thereon, or both, to\nrecover damages. The aggregate liability under the bond shall not exceed the\npenal sum of the bond.\n\nHISTORY: 1987, c. 596, \u00a7 6.1-413; 1989, c. 411; 2001, c. 511; 2010, c. 794.","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}}