{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1608.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1608.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1608.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1608.html"}],"law_id":76246,"edition_id":1,"section_id":76246,"structure_id":13352,"section_number":"6.2-1608","catch_line":"Acquisition of control; application","history":"1988, c. 303, \u00a7 6.1-416.1; 1993, c. 183; 1998, c. 33; 2010, c. 794; 2011, c. 435; 2012, c. 189.","full_text":"A\n\nExcept as provided in this section, no person shall acquire directly or indirectly 25 percent or more of the voting shares of a corporation or 25 percent or more of the ownership of any licensee unless such person first:1\n\nFiles an application with the Commission in such form as the Commissioner may prescribe from time to time;2\n\nDelivers such other information to the Commissioner as the Commissioner may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, principals and members, and of any proposed new directors, senior officers, principals, or members of the licensee;3\n\nSubmits and furnishes to the Commissioner information concerning the identity of the directors, senior officers, principals, and members of the applicant, and of any proposed new directors, senior officers, principals, or members of the licensee. Such individuals shall (i) consent to a national and state criminal history records check, submit to fingerprinting, and pay for the cost of such fingerprinting and criminal records check; and (ii) cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commission:\n\t\t\t\ta. The Commissioner, who shall forward these items to the Central Criminal Records Exchange. The Central Criminal Records Exchange shall (i) conduct a search of its own criminal history records and forward such individuals&#8217; fingerprints and personal descriptive information to the Federal Bureau of Investigation for the purpose of obtaining national criminal history record information regarding such individuals, and (ii) forward the results of the state and national records search to the Commissioner or his designee, who shall be an employee of the Commission; or\n\t\t\t\tb. The Registry, provided that it is capable of processing such criminal history records checks; and4\n\nPays such application fee as the Commission may prescribe.B\n\nUpon the filing and investigation of an application, the Commission shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members if applicable, its directors, senior officers and principals, and any proposed new directors, members, senior officers and principals have the financial responsibility, character, reputation, experience and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The Commission shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by order of the Commissioner reciting the reasons for the extension. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial. If an applicant or any individual specified in subdivision A 3 fails to comply with the requirements of this section, the application shall be denied.C\n\nThe provisions of this section shall not apply to (i) the acquisition of an interest in a licensee directly or indirectly including an acquisition by merger or consolidation by or with another licensee or a person exempt from this chapter under the provisions of subdivisions 2 through 11 of &#xA7; 6.2-1602, (ii) the acquisition of an interest in a licensee directly or indirectly including an acquisition by merger or consolidation by or with a person affiliated through common ownership with the licensee, or (iii) the acquisition of an interest in a licensee by a person by bequest, descent, or survivorship or by operation of law. The person acquiring an interest in a licensee in a transaction which is exempt from filing an application by this subsection shall send written notice to the Commissioner of such acquisition within 30 days of its closing.","order_by":null,"text":{"0":{"id":273743,"text":"Except as provided in this section, no person shall acquire directly or indirectly 25 percent or more of the voting shares of a corporation or 25 percent or more of the ownership of any licensee unless such person first:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":273744,"text":"Files an application with the Commission in such form as the Commissioner may prescribe from time to time;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":273745,"text":"Delivers such other information to the Commissioner as the Commissioner may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, principals and members, and of any proposed new directors, senior officers, principals, or members of the licensee;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":273746,"text":"Submits and furnishes to the Commissioner information concerning the identity of the directors, senior officers, principals, and members of the applicant, and of any proposed new directors, senior officers, principals, or members of the licensee. Such individuals shall (i) consent to a national and state criminal history records check, submit to fingerprinting, and pay for the cost of such fingerprinting and criminal records check; and (ii) cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commission:\n\t\t\t\ta. The Commissioner, who shall forward these items to the Central Criminal Records Exchange. The Central Criminal Records Exchange shall (i) conduct a search of its own criminal history records and forward such individuals&#8217; fingerprints and personal descriptive information to the Federal Bureau of Investigation for the purpose of obtaining national criminal history record information regarding such individuals, and (ii) forward the results of the state and national records search to the Commissioner or his designee, who shall be an employee of the Commission; or\n\t\t\t\tb. The Registry, provided that it is capable of processing such criminal history records checks; and","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":273747,"text":"Pays such application fee as the Commission may prescribe.","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"B"},"5":{"id":273748,"text":"Upon the filing and investigation of an application, the Commission shall permit the applicant to acquire the interest in the licensee if it finds that the applicant, its members if applicable, its directors, senior officers and principals, and any proposed new directors, members, senior officers and principals have the financial responsibility, character, reputation, experience and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The Commission shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by order of the Commissioner reciting the reasons for the extension. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial. If an applicant or any individual specified in subdivision A 3 fails to comply with the requirements of this section, the application shall be denied.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"C"},"6":{"id":273749,"text":"The provisions of this section shall not apply to (i) the acquisition of an interest in a licensee directly or indirectly including an acquisition by merger or consolidation by or with another licensee or a person exempt from this chapter under the provisions of subdivisions 2 through 11 of &#xA7; 6.2-1602, (ii) the acquisition of an interest in a licensee directly or indirectly including an acquisition by merger or consolidation by or with a person affiliated through common ownership with the licensee, or (iii) the acquisition of an interest in a licensee by a person by bequest, descent, or survivorship or by operation of law. The person acquiring an interest in a licensee in a transaction which is exempt from filing an application by this subsection shall send written notice to the Commissioner of such acquisition within 30 days of its closing.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1608\/","history_text":"<p>This law was first created in 1988. The record of its establishment is cataloged in chapter 303 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 1988 \u201cActs\u201d aren\u2019t available online. It has been modified 5 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 1993, chapter 183; in 1998, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?981+ful+CHAP0033\">33<\/a>; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>; in 2011, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?111+ful+CHAP0435\">435<\/a>; in 2012, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?121+ful+CHAP0189\">189<\/a>.<\/p>","references":false,"refers_to":[{"id":81765,"section_number":"6.2-1602","catch_line":"Persons exempt from chapter","order_by":null,"url":"\/6.2-1602\/"}],"permalink":{"id":266041,"object_type":"law","relational_id":76246,"identifier":"6.2-1608","token":"6.2\/III\/16\/6.2-1608","url":"\/6.2-1608\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1608\/","token":"6.2\/III\/16\/6.2-1608","dublin_core":{"Title":"Acquisition of control; application","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1608","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Except as provided in this section, no <span class=\"dictionary\">person<\/span> shall acquire directly or indirectly 25 percent or more of the voting shares of a corporation or 25 percent or more of the ownership of any <span class=\"dictionary\">licensee<\/span> unless such <span class=\"dictionary\">person<\/span> first: <a id=\"paragraph-273743\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1608\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> Files an application with the <span class=\"dictionary\">Commission<\/span> in such form as the <span class=\"dictionary\">Commissioner<\/span> may prescribe from time to time; <a id=\"paragraph-273744\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1608\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> Delivers such other information to the <span class=\"dictionary\">Commissioner<\/span> as the <span class=\"dictionary\">Commissioner<\/span> may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, <span class=\"dictionary\">principals<\/span> and members, and of any proposed new directors, senior officers, <span class=\"dictionary\">principals<\/span>, or members of the <span class=\"dictionary\">licensee<\/span>; <a id=\"paragraph-273745\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1608\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Submits and furnishes to the <span class=\"dictionary\">Commissioner<\/span> information concerning the identity of the directors, senior officers, <span class=\"dictionary\">principals<\/span>, and members of the applicant, and of any proposed new directors, senior officers, <span class=\"dictionary\">principals<\/span>, or members of the <span class=\"dictionary\">licensee<\/span>. Such individuals shall (i) consent to a national and state criminal history records check, submit to fingerprinting, and pay for the cost of such fingerprinting and criminal records check; and (ii) cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the <span class=\"dictionary\">Commission<\/span>:\n\t\t\t\ta. The <span class=\"dictionary\">Commissioner<\/span>, who shall forward these items to the Central Criminal Records Exchange. The Central Criminal Records Exchange shall (i) conduct a search of its own criminal history records and forward such individuals&#8217; fingerprints and personal descriptive information to the Federal <span class=\"dictionary\">Bureau<\/span> of Investigation for the purpose of obtaining national criminal history record information regarding such individuals, and (ii) forward the results of the state and national records search to the <span class=\"dictionary\">Commissioner<\/span> or his designee, who shall be an employee of the <span class=\"dictionary\">Commission<\/span>; or\n\t\t\t\tb. The <span class=\"dictionary\">Registry<\/span>, provided that it is capable of processing such criminal history records checks; and <a id=\"paragraph-273746\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1608\/#A3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> Pays such application fee as the <span class=\"dictionary\">Commission<\/span> may prescribe. <a id=\"paragraph-273747\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1608\/#A4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Upon the filing and investigation of an application, the <span class=\"dictionary\">Commission<\/span> shall permit the applicant to acquire the interest in the <span class=\"dictionary\">licensee<\/span> if it finds that the applicant, its members if applicable, its directors, senior officers and <span class=\"dictionary\">principals<\/span>, and any proposed new directors, members, senior officers and <span class=\"dictionary\">principals<\/span> have the financial responsibility, character, reputation, experience and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with <span class=\"dictionary\">law<\/span>. The <span class=\"dictionary\">Commission<\/span> shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by <span class=\"dictionary\">order<\/span> of the <span class=\"dictionary\">Commissioner<\/span> reciting the reasons for the extension. If the application is denied, the <span class=\"dictionary\">Commission<\/span> shall notify the applicant of the denial and the reasons for the denial. If an applicant or any individual specified in subdivision A 3 fails to comply with the requirements of this section, the application shall be denied. <a id=\"paragraph-273748\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1608\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"C\"><p><span class=\"prefix-number\">C.<\/span> The provisions of this section shall not apply to (i) the acquisition of an interest in a <span class=\"dictionary\">licensee<\/span> directly or indirectly including an acquisition by merger or <span class=\"dictionary\">consolidation<\/span> by or with another <span class=\"dictionary\">licensee<\/span> or a <span class=\"dictionary\">person<\/span> exempt from this chapter under the provisions of subdivisions 2 through 11 of &#xA7; <a class=\"law\" title=\"Persons exempt from chapter\" href=\"\/6.2-1602\/\">6.2-1602<\/a>, (ii) the acquisition of an interest in a <span class=\"dictionary\">licensee<\/span> directly or indirectly including an acquisition by merger or <span class=\"dictionary\">consolidation<\/span> by or with a <span class=\"dictionary\">person<\/span> affiliated through common ownership with the <span class=\"dictionary\">licensee<\/span>, or (iii) the acquisition of an interest in a <span class=\"dictionary\">licensee<\/span> by a <span class=\"dictionary\">person<\/span> by bequest, descent, or survivorship or by operation of <span class=\"dictionary\">law<\/span>. The <span class=\"dictionary\">person<\/span> acquiring an interest in a <span class=\"dictionary\">licensee<\/span> in a transaction which is exempt from filing an application by this subsection shall send written notice to the <span class=\"dictionary\">Commissioner<\/span> of such acquisition within 30 days of its closing. <a id=\"paragraph-273749\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1608\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nACQUISITION OF CONTROL; APPLICATION (\u00a7 6.2-1608)\n\nA. Except as provided in this section, no person shall acquire directly or\nindirectly 25 percent or more of the voting shares of a corporation or 25\npercent or more of the ownership of any licensee unless such person first:\n\n   1. Files an application with the Commission in such form as the Commissioner\n   may prescribe from time to time;\n\n   2. Delivers such other information to the Commissioner as the Commissioner may\n   require concerning the financial responsibility, background, experience, and\n   activities of the applicant, its directors, senior officers, principals and\n   members, and of any proposed new directors, senior officers, principals, or\n   members of the licensee;\n\n   3. Submits and furnishes to the Commissioner information concerning the\n   identity of the directors, senior officers, principals, and members of the\n   applicant, and of any proposed new directors, senior officers, principals, or\n   members of the licensee. Such individuals shall (i) consent to a national and\n   state criminal history records check, submit to fingerprinting, and pay for\n   the cost of such fingerprinting and criminal records check; and (ii) cause\n   their fingerprints, personal descriptive information, and records check fees\n   to be submitted to either of the following, as prescribed by the Commission:\n   \t\t\t\ta. The Commissioner, who shall forward these items to the Central Criminal\n   Records Exchange. The Central Criminal Records Exchange shall (i) conduct a\n   search of its own criminal history records and forward such individuals&#8217;\n   fingerprints and personal descriptive information to the Federal Bureau of\n   Investigation for the purpose of obtaining national criminal history record\n   information regarding such individuals, and (ii) forward the results of the\n   state and national records search to the Commissioner or his designee, who\n   shall be an employee of the Commission; or\n   \t\t\t\tb. The Registry, provided that it is capable of processing such criminal\n   history records checks; and\n\n   4. Pays such application fee as the Commission may prescribe.\n\nB. Upon the filing and investigation of an application, the Commission shall\npermit the applicant to acquire the interest in the licensee if it finds that\nthe applicant, its members if applicable, its directors, senior officers and\nprincipals, and any proposed new directors, members, senior officers and\nprincipals have the financial responsibility, character, reputation, experience\nand general fitness to warrant belief that the business will be operated\nefficiently and fairly, in the public interest, and in accordance with law. The\nCommission shall grant or deny the application within 60 days from the date a\ncompleted application accompanied by the required fee is filed unless the period\nis extended by order of the Commissioner reciting the reasons for the extension.\nIf the application is denied, the Commission shall notify the applicant of the\ndenial and the reasons for the denial. If an applicant or any individual\nspecified in subdivision A 3 fails to comply with the requirements of this\nsection, the application shall be denied.\n\nC. The provisions of this section shall not apply to (i) the acquisition of an\ninterest in a licensee directly or indirectly including an acquisition by merger\nor consolidation by or with another licensee or a person exempt from this\nchapter under the provisions of subdivisions 2 through 11 of &#xA7; 6.2-1602,\n(ii) the acquisition of an interest in a licensee directly or indirectly\nincluding an acquisition by merger or consolidation by or with a person\naffiliated through common ownership with the licensee, or (iii) the acquisition\nof an interest in a licensee by a person by bequest, descent, or survivorship or\nby operation of law. The person acquiring an interest in a licensee in a\ntransaction which is exempt from filing an application by this subsection shall\nsend written notice to the Commissioner of such acquisition within 30 days of\nits closing.\n\nHISTORY: 1988, c. 303, \u00a7 6.1-416.1; 1993, c. 183; 1998, c. 33; 2010, c. 794;\n2011, c. 435; 2012, c. 189.","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}}