{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1904.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1904.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1904.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1904.html"}],"law_id":63920,"edition_id":1,"section_id":63920,"structure_id":13061,"section_number":"6.2-1904","catch_line":"(Repealed effective July 1, 2026) Bond required","history":"1974, c. 578, \u00a7 6.1-372; 1987, c. 283; 1990, c. 259; 1992, c. 283; 1994, c. 889; 1996, c. 274; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2025, c. 214.","full_text":"A\n\nThe application for a license shall be accompanied by a surety bond satisfactory to the Commissioner in the principal amount as determined by the Commissioner. The amount of the bond shall be not less than $25,000 nor more than $1 million. The bond shall be conditioned upon the licensee (i) performing its obligations to purchasers, payees, and holders of money orders and money transmission services sold by the licensee and its authorized delegates and (ii) conducting the licensed business in conformity with this chapter.B\n\nAs an alternative security device and in lieu of the surety bond required by subsection A, a license applicant may deposit with a financial institution designated by such applicant and approved by the Commissioner for that purpose, cash, stocks and bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of the Commonwealth, or of a locality or other political subdivision of the Commonwealth, in an aggregate amount, based upon the principal amount or market value, whichever is lower, of not less than the amounts required by the Commissioner pursuant to subsection A. Such cash or securities shall be deposited and held to secure obligations established in subsection A, but the licensee shall be entitled to (i) receive all interest and dividends thereon and (ii) substitute, with the Commissioner’s prior approval, other securities for those deposited. The Commissioner may also direct the licensee, for good cause shown, to substitute other securities for those deposited.C\n\nThe security device required by this section shall remain in place for five years after a licensee ceases money order sales or money transmission activities. The Commissioner may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee’s outstanding money orders and money transmission transactions are reduced. The Commissioner may also permit any licensee to substitute a letter of credit, or such other form of security device as may be acceptable to the Commissioner, for the security device in place at the time the licensee ceases money order sales or money transmission activities.","order_by":null,"text":{"0":{"id":232799,"text":"The application for a license shall be accompanied by a surety bond satisfactory to the Commissioner in the principal amount as determined by the Commissioner. The amount of the bond shall be not less than $25,000 nor more than $1 million. The bond shall be conditioned upon the licensee (i) performing its obligations to purchasers, payees, and holders of money orders and money transmission services sold by the licensee and its authorized delegates and (ii) conducting the licensed business in conformity with this chapter.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":232800,"text":"As an alternative security device and in lieu of the surety bond required by subsection A, a license applicant may deposit with a financial institution designated by such applicant and approved by the Commissioner for that purpose, cash, stocks and bonds, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of the Commonwealth, or of a locality or other political subdivision of the Commonwealth, in an aggregate amount, based upon the principal amount or market value, whichever is lower, of not less than the amounts required by the Commissioner pursuant to subsection A. Such cash or securities shall be deposited and held to secure obligations established in subsection A, but the licensee shall be entitled to (i) receive all interest and dividends thereon and (ii) substitute, with the Commissioner’s prior approval, other securities for those deposited. The Commissioner may also direct the licensee, for good cause shown, to substitute other securities for those deposited.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":232801,"text":"The security device required by this section shall remain in place for five years after a licensee ceases money order sales or money transmission activities. The Commissioner may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee’s outstanding money orders and money transmission transactions are reduced. The Commissioner may also permit any licensee to substitute a letter of credit, or such other form of security device as may be acceptable to the Commissioner, for the security device in place at the time the licensee ceases money order sales or money transmission activities.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":13061,"edition_id":1,"name":"Money Order Sellers and Money Transmitters","identifier":"19","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:12","date_modified":"2026-06-26 03:44:12","permalink":{"id":266381,"object_type":"structure","relational_id":13061,"identifier":"19","token":"6.2\/III\/19","url":"\/6.2\/III\/19\/","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":61238,"structure_id":13061,"section_number":"6.2-1900","catch_line":"(Repealed effective July 1, 2026) Definitions.","url":"\/6.2-1900\/","token":"6.2\/III\/19\/6.2-1900","metadata":false},{"id":54114,"structure_id":13061,"section_number":"6.2-1901","catch_line":"(Repealed effective July 1, 2026) License required; exception.","url":"\/6.2-1901\/","token":"6.2\/III\/19\/6.2-1901","metadata":false},{"id":67579,"structure_id":13061,"section_number":"6.2-1902","catch_line":"(Repealed effective July 1, 2026) Scope and construction of chapter.","url":"\/6.2-1902\/","token":"6.2\/III\/19\/6.2-1902","metadata":false},{"id":54293,"structure_id":13061,"section_number":"6.2-1903","catch_line":"(Repealed effective July 1, 2026) Application for license; financial statements; application fee.","url":"\/6.2-1903\/","token":"6.2\/III\/19\/6.2-1903","metadata":false},{"id":63920,"structure_id":13061,"section_number":"6.2-1904","catch_line":"(Repealed effective July 1, 2026) Bond required","url":"\/6.2-1904\/","token":"6.2\/III\/19\/6.2-1904","metadata":false},{"id":55062,"structure_id":13061,"section_number":"6.2-1904.1","catch_line":"(Repealed effective July 1, 2026) Investigation of applications.","url":"\/6.2-1904.1\/","token":"6.2\/III\/19\/6.2-1904.1","metadata":false},{"id":74185,"structure_id":13061,"section_number":"6.2-1905","catch_line":"(Repealed effective July 1, 2026) Annual fees; expenses; annual reports; renewal.","url":"\/6.2-1905\/","token":"6.2\/III\/19\/6.2-1905","metadata":false},{"id":55250,"structure_id":13061,"section_number":"6.2-1906","catch_line":"(Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.","url":"\/6.2-1906\/","token":"6.2\/III\/19\/6.2-1906","metadata":false},{"id":79791,"structure_id":13061,"section_number":"6.2-1906.1","catch_line":"(Repealed effective July 1, 2026) Licenses; places of business; changes.","url":"\/6.2-1906.1\/","token":"6.2\/III\/19\/6.2-1906.1","metadata":false},{"id":67493,"structure_id":13061,"section_number":"6.2-1907","catch_line":"(Repealed effective July 1, 2026) License revocation.","url":"\/6.2-1907\/","token":"6.2\/III\/19\/6.2-1907","metadata":false},{"id":72990,"structure_id":13061,"section_number":"6.2-1908","catch_line":"(Repealed effective July 1, 2026) Notice of proposed revocation.","url":"\/6.2-1908\/","token":"6.2\/III\/19\/6.2-1908","metadata":false},{"id":85447,"structure_id":13061,"section_number":"6.2-1909","catch_line":"(Repealed effective July 1, 2026) Cease and desist orders.","url":"\/6.2-1909\/","token":"6.2\/III\/19\/6.2-1909","metadata":false},{"id":70239,"structure_id":13061,"section_number":"6.2-1910","catch_line":"(Repealed effective July 1, 2026) Investigations; examinations; reporting violations.","url":"\/6.2-1910\/","token":"6.2\/III\/19\/6.2-1910","metadata":false},{"id":69147,"structure_id":13061,"section_number":"6.2-1911","catch_line":"(Repealed effective July 1, 2026) Conduct of business through authorized delegates of licensee.","url":"\/6.2-1911\/","token":"6.2\/III\/19\/6.2-1911","metadata":false},{"id":74100,"structure_id":13061,"section_number":"6.2-1912","catch_line":"(Repealed effective July 1, 2026) Liability of licensee for payment of money order; money order to bear name of licensee.","url":"\/6.2-1912\/","token":"6.2\/III\/19\/6.2-1912","metadata":false},{"id":60663,"structure_id":13061,"section_number":"6.2-1913","catch_line":"(Repealed effective July 1, 2026) Regulations.","url":"\/6.2-1913\/","token":"6.2\/III\/19\/6.2-1913","metadata":false},{"id":54449,"structure_id":13061,"section_number":"6.2-1914","catch_line":"(Repealed effective July 1, 2026) Acquisition of control; application.","url":"\/6.2-1914\/","token":"6.2\/III\/19\/6.2-1914","metadata":false},{"id":72729,"structure_id":13061,"section_number":"6.2-1915","catch_line":"(Repealed effective July 1, 2026) Sale or issuance of bearer money orders; prohibition.","url":"\/6.2-1915\/","token":"6.2\/III\/19\/6.2-1915","metadata":false},{"id":83704,"structure_id":13061,"section_number":"6.2-1916","catch_line":"(Repealed effective July 1, 2026) Retention of books, accounts, and records","url":"\/6.2-1916\/","token":"6.2\/III\/19\/6.2-1916","metadata":false},{"id":57678,"structure_id":13061,"section_number":"6.2-1917","catch_line":"(Repealed effective July 1, 2026) Other reporting requirements.","url":"\/6.2-1917\/","token":"6.2\/III\/19\/6.2-1917","metadata":false},{"id":67148,"structure_id":13061,"section_number":"6.2-1918","catch_line":"(Repealed effective July 1, 2026) Maintenance of permissible investments.","url":"\/6.2-1918\/","token":"6.2\/III\/19\/6.2-1918","metadata":false},{"id":57713,"structure_id":13061,"section_number":"6.2-1919","catch_line":"(Repealed effective July 1, 2026) Types of permissible investments.","url":"\/6.2-1919\/","token":"6.2\/III\/19\/6.2-1919","metadata":false},{"id":57341,"structure_id":13061,"section_number":"6.2-1920","catch_line":"(Repealed effective July 1, 2026) Civil penalties.","url":"\/6.2-1920\/","token":"6.2\/III\/19\/6.2-1920","metadata":false},{"id":82261,"structure_id":13061,"section_number":"6.2-1921","catch_line":"(Repealed effective July 1, 2026) Criminal penalty.","url":"\/6.2-1921\/","token":"6.2\/III\/19\/6.2-1921","metadata":false}],"previous_section":{"id":54293,"structure_id":13061,"section_number":"6.2-1903","catch_line":"(Repealed effective July 1, 2026) Application for license; financial statements; application fee.","url":"\/6.2-1903\/","token":"6.2\/III\/19\/6.2-1903","metadata":false},"next_section":{"id":55062,"structure_id":13061,"section_number":"6.2-1904.1","catch_line":"(Repealed effective July 1, 2026) Investigation of applications.","url":"\/6.2-1904.1\/","token":"6.2\/III\/19\/6.2-1904.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1904\/","history_text":"

This law was first created in 1974. The record of its establishment is cataloged in chapter 578 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 1974 \u201cActs\u201d aren\u2019t available online. It has been modified 10 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 1987, chapter 283; in 1990, chapter 259; in 1992, chapter 283; in 1994, chapter 889<\/a>; in 1996, chapter 274<\/a>; in 2001, chapter 372<\/a>; in 2009, chapter 346<\/a>; in 2010, chapter 794<\/a>; in 2014, chapter 454<\/a>; in 2025, chapter 214<\/a>.<\/p>","references":[{"id":70239,"section_number":"6.2-1910","catch_line":"(Repealed effective July 1, 2026) Investigations; examinations; reporting violations.","order_by":null,"url":"\/6.2-1910\/"}],"refers_to":false,"permalink":{"id":266399,"object_type":"law","relational_id":63920,"identifier":"6.2-1904","token":"6.2\/III\/19\/6.2-1904","url":"\/6.2-1904\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1904\/","token":"6.2\/III\/19\/6.2-1904","dublin_core":{"Title":"(Repealed effective July 1, 2026) Bond required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1904","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The application for a license shall be accompanied by a surety<\/span> bond<\/span> satisfactory to the Commissioner<\/span> in the principal<\/span> amount as determined by the Commissioner<\/span>. The amount of the bond<\/span> shall be not less than $25,000 nor more than $1 million. The bond<\/span> shall be conditioned upon the licensee<\/span> (i) performing its obligations to purchasers, payees, and holders of money orders<\/span> and money transmission<\/span> services sold by the licensee<\/span> and its authorized delegates<\/span> and (ii) conducting the licensed business in conformity with this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> As an alternative security device and in lieu of the surety<\/span> bond<\/span> required by subsection A, a license applicant may deposit with a financial institution<\/span> designated by such applicant and approved by the Commissioner<\/span> for that purpose, cash, stocks and bonds<\/span>, notes, debentures or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of the Commonwealth, or of a locality or other political subdivision of the Commonwealth, in an aggregate amount, based upon the principal<\/span> amount or market value, whichever is lower, of not less than the amounts required by the Commissioner<\/span> pursuant to subsection A. Such cash or securities shall be deposited and held to secure obligations established in subsection A, but the licensee<\/span> shall be entitled to (i) receive all interest and dividends thereon and (ii) substitute, with the Commissioner<\/span>’s prior approval, other securities for those deposited. The Commissioner<\/span> may also direct the licensee<\/span>, for good cause shown, to substitute other securities for those deposited. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The security device required by this section shall remain in place for five years after a licensee<\/span> ceases money order<\/span> sales or money transmission<\/span> activities. The Commissioner<\/span> may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee<\/span>’s outstanding money orders<\/span> and money transmission<\/span> transactions are reduced. The Commissioner<\/span> may also permit any licensee<\/span> to substitute a letter of credit, or such other form of security device as may be acceptable to the Commissioner<\/span>, for the security device in place at the time the licensee<\/span> ceases money order<\/span> sales or money transmission<\/span> activities. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(REPEALED EFFECTIVE JULY 1, 2026) BOND REQUIRED (\u00a7 6.2-1904)\n\nA. The application for a license shall be accompanied by a surety bond\nsatisfactory to the Commissioner in the principal amount as determined by the\nCommissioner. The amount of the bond shall be not less than $25,000 nor more\nthan $1 million. The bond shall be conditioned upon the licensee (i) performing\nits obligations to purchasers, payees, and holders of money orders and money\ntransmission services sold by the licensee and its authorized delegates and (ii)\nconducting the licensed business in conformity with this chapter.\n\nB. As an alternative security device and in lieu of the surety bond required by\nsubsection A, a license applicant may deposit with a financial institution\ndesignated by such applicant and approved by the Commissioner for that purpose,\ncash, stocks and bonds, notes, debentures or other obligations of the United\nStates or any agency or instrumentality thereof, or guaranteed by the United\nStates, or of the Commonwealth, or of a locality or other political subdivision\nof the Commonwealth, in an aggregate amount, based upon the principal amount or\nmarket value, whichever is lower, of not less than the amounts required by the\nCommissioner pursuant to subsection A. Such cash or securities shall be\ndeposited and held to secure obligations established in subsection A, but the\nlicensee shall be entitled to (i) receive all interest and dividends thereon and\n(ii) substitute, with the Commissioner’s prior approval, other securities\nfor those deposited. The Commissioner may also direct the licensee, for good\ncause shown, to substitute other securities for those deposited.\n\nC. The security device required by this section shall remain in place for five\nyears after a licensee ceases money order sales or money transmission\nactivities. The Commissioner may permit the security device to be reduced or\neliminated prior to that time to the extent the amount of such licensee’s\noutstanding money orders and money transmission transactions are reduced. The\nCommissioner may also permit any licensee to substitute a letter of credit, or\nsuch other form of security device as may be acceptable to the Commissioner, for\nthe security device in place at the time the licensee ceases money order sales\nor money transmission activities.\n\nHISTORY: 1974, c. 578, \u00a7 6.1-372; 1987, c. 283; 1990, c. 259; 1992, c. 283;\n1994, c. 889; 1996, c. 274; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c.\n454; 2025, c. 214.","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}}