{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1905.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1905.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1905.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1905.html"}],"law_id":74185,"edition_id":1,"section_id":74185,"structure_id":13061,"section_number":"6.2-1905","catch_line":"(Repealed effective July 1, 2026) Annual fees; expenses; annual reports; renewal.","history":"1974, c. 578, \u00a7 6.1-373; 1987, c. 283; 1994, cc. 312, 889; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2019, c. 634; 2025, c. 214.","full_text":"A\n\nEach licensee shall pay to the Commission annually on or before December 31 a license renewal fee of $750. All fees paid pursuant to this chapter shall be paid into the state treasury and credited to the &#8220;Financial Institutions Special Fund &#x2014; State Corporation Commission.&#8221;B\n\nIn order to defray the costs of their examination and supervision, every licensee under this chapter shall pay an annual assessment calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the dollar volume of money orders sold and Virginia money transmission business conducted by licensees, either directly or through their authorized delegates, the costs of their examinations, and to other factors relating to their supervision and regulation. All such fees shall be assessed on or before August 1 for every calendar year. All such fees shall be paid by licensees to the State Treasurer on or before September 1 following each assessment.C\n\nIn addition to the annual assessment prescribed in subsection B, when it becomes necessary to examine or investigate the affairs, business, premises, books, or records of a licensee or any of its authorized delegates at a location outside the Commonwealth, the licensee shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of its examination or investigation, or shall pay a reasonable per diem rate approved by the Commission.D\n\nEach licensee under this chapter shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee&#8217;s business and operations, including audited financial statements. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the Commissioner. If a licensee is unable to furnish copies of its audited financial statements by the dates prescribed by the Commissioner, the licensee may request an extension, which may be granted by the Commissioner for good cause shown.E\n\nIf a license has expired or has been surrendered or revoked, the former licensee shall immediately (i) cease selling money orders and engaging in the money transmission business, and (ii) instruct its authorized delegates to cease selling money orders and accepting funds for transmission on behalf of the licensee. The Commission may grant relief from this subsection for good cause shown.F\n\nA license issued under this chapter shall expire on December 31 of each year unless it is renewed by a licensee prior to the expiration date. A licensee may renew its license by (i) requesting renewal through the Registry; (ii) complying with any requirements associated with such renewal request that are imposed by the Registry; (iii) paying the license renewal fee prescribed in subsection A; (iv) paying the annual assessment prescribed in subsection B; (v) filing the periodic written reports and audited financial statements prescribed in subsection D; and (vi) maintaining the minimum net worth specified in subsection B of &#xA7; 6.2-1906, as evidenced by its audited financial statements. If the Commissioner finds that the licensee has satisfied these requirements, the Commissioner shall renew such person&#8217;s license. If a license has expired, the former licensee may seek reinstatement on or before the last day of February of the following calendar year. Upon finding that the former licensee has complied with the renewal requirements set forth in this subsection and remitted payment of a reinstatement fee of $1,000, the Commissioner shall reinstate such person&#8217;s license.","order_by":null,"text":{"0":{"id":266737,"text":"Each licensee shall pay to the Commission annually on or before December 31 a license renewal fee of $750. All fees paid pursuant to this chapter shall be paid into the state treasury and credited to the &#8220;Financial Institutions Special Fund &#x2014; State Corporation Commission.&#8221;","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":266738,"text":"In order to defray the costs of their examination and supervision, every licensee under this chapter shall pay an annual assessment calculated in accordance with a schedule set by the Commission. The schedule shall bear a reasonable relationship to the dollar volume of money orders sold and Virginia money transmission business conducted by licensees, either directly or through their authorized delegates, the costs of their examinations, and to other factors relating to their supervision and regulation. All such fees shall be assessed on or before August 1 for every calendar year. All such fees shall be paid by licensees to the State Treasurer on or before September 1 following each assessment.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":266739,"text":"In addition to the annual assessment prescribed in subsection B, when it becomes necessary to examine or investigate the affairs, business, premises, books, or records of a licensee or any of its authorized delegates at a location outside the Commonwealth, the licensee shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of its examination or investigation, or shall pay a reasonable per diem rate approved by the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":266740,"text":"Each licensee under this chapter shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee&#8217;s business and operations, including audited financial statements. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the Commissioner. If a licensee is unable to furnish copies of its audited financial statements by the dates prescribed by the Commissioner, the licensee may request an extension, which may be granted by the Commissioner for good cause shown.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":266741,"text":"If a license has expired or has been surrendered or revoked, the former licensee shall immediately (i) cease selling money orders and engaging in the money transmission business, and (ii) instruct its authorized delegates to cease selling money orders and accepting funds for transmission on behalf of the licensee. The Commission may grant relief from this subsection for good cause shown.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":266742,"text":"A license issued under this chapter shall expire on December 31 of each year unless it is renewed by a licensee prior to the expiration date. A licensee may renew its license by (i) requesting renewal through the Registry; (ii) complying with any requirements associated with such renewal request that are imposed by the Registry; (iii) paying the license renewal fee prescribed in subsection A; (iv) paying the annual assessment prescribed in subsection B; (v) filing the periodic written reports and audited financial statements prescribed in subsection D; and (vi) maintaining the minimum net worth specified in subsection B of &#xA7; 6.2-1906, as evidenced by its audited financial statements. If the Commissioner finds that the licensee has satisfied these requirements, the Commissioner shall renew such person&#8217;s license. If a license has expired, the former licensee may seek reinstatement on or before the last day of February of the following calendar year. Upon finding that the former licensee has complied with the renewal requirements set forth in this subsection and remitted payment of a reinstatement fee of $1,000, the Commissioner shall reinstate such person&#8217;s license.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1905\/","history_text":"<p>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 8 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 1994, chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?941+ful+CHAP0312\">312<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?941+ful+CHAP0889\">889<\/a>; in 2001, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?011+ful+CHAP0372\">372<\/a>; in 2009, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?091+ful+CHAP0346\">346<\/a>; in 2010, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?101+ful+CHAP0794\">794<\/a>; in 2014, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?141+ful+CHAP0454\">454<\/a>; in 2019, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?191+ful+CHAP0634\">634<\/a>; in 2025, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?251+ful+CHAP0214\">214<\/a>.<\/p>","references":false,"refers_to":[{"id":55250,"section_number":"6.2-1906","catch_line":"(Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.","order_by":null,"url":"\/6.2-1906\/"}],"permalink":{"id":266407,"object_type":"law","relational_id":74185,"identifier":"6.2-1905","token":"6.2\/III\/19\/6.2-1905","url":"\/6.2-1905\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1905\/","token":"6.2\/III\/19\/6.2-1905","dublin_core":{"Title":"(Repealed effective July 1, 2026) Annual fees; expenses; annual reports; renewal.","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1905","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Each <span class=\"dictionary\">licensee<\/span> shall pay to the <span class=\"dictionary\">Commission<\/span> annually on or before December 31 a license renewal fee of $750. All fees paid pursuant to this chapter shall be paid into the state treasury and credited to the &#8220;<span class=\"dictionary\">Financial Institutions<\/span> Special Fund &#x2014; State Corporation <span class=\"dictionary\">Commission<\/span>.&#8221; <a id=\"paragraph-266737\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1905\/#A\"><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> In <span class=\"dictionary\">order<\/span> to defray the costs of their examination and supervision, every <span class=\"dictionary\">licensee<\/span> under this chapter shall pay an annual assessment calculated in accordance with a schedule set by the <span class=\"dictionary\">Commission<\/span>. The schedule shall bear a reasonable relationship to the dollar volume of <span class=\"dictionary\">money orders<\/span> sold and Virginia <span class=\"dictionary\">money transmission<\/span> business conducted by <span class=\"dictionary\">licensees<\/span>, either directly or through their <span class=\"dictionary\">authorized delegates<\/span>, the costs of their examinations, and to other factors relating to their supervision and regulation. All such fees shall be assessed on or before August 1 for every calendar year. All such fees shall be paid by <span class=\"dictionary\">licensees<\/span> to the State Treasurer on or before September 1 following each assessment. <a id=\"paragraph-266738\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1905\/#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> In addition to the annual assessment prescribed in subsection B, when it becomes necessary to examine or investigate the affairs, business, premises, books, or records of a <span class=\"dictionary\">licensee<\/span> or any of its <span class=\"dictionary\">authorized delegates<\/span> at a location outside the Commonwealth, the <span class=\"dictionary\">licensee<\/span> shall be liable for and shall pay to the <span class=\"dictionary\">Commission<\/span> within 30 days of the presentation of an itemized statement, the actual travel and reasonable living expenses incurred on account of its examination or investigation, or shall pay a reasonable per diem rate approved by the <span class=\"dictionary\">Commission<\/span>. <a id=\"paragraph-266739\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1905\/#C\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"D\"><p><span class=\"prefix-number\">D.<\/span> Each <span class=\"dictionary\">licensee<\/span> under this chapter shall file periodic written reports with the <span class=\"dictionary\">Commissioner<\/span> or the <span class=\"dictionary\">Registry<\/span> containing such information as the <span class=\"dictionary\">Commissioner<\/span> may require concerning the <span class=\"dictionary\">licensee<\/span>&#8217;s business and operations, including audited financial statements. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the <span class=\"dictionary\">Commissioner<\/span>. If a <span class=\"dictionary\">licensee<\/span> is unable to furnish copies of its audited financial statements by the dates prescribed by the <span class=\"dictionary\">Commissioner<\/span>, the <span class=\"dictionary\">licensee<\/span> may request an extension, which may be granted by the <span class=\"dictionary\">Commissioner<\/span> for good cause shown. <a id=\"paragraph-266740\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1905\/#D\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"E\"><p><span class=\"prefix-number\">E.<\/span> If a license has expired or has been surrendered or revoked, the former <span class=\"dictionary\">licensee<\/span> shall immediately (i) cease selling <span class=\"dictionary\">money orders<\/span> and engaging in the <span class=\"dictionary\">money transmission<\/span> business, and (ii) instruct its <span class=\"dictionary\">authorized delegates<\/span> to cease selling <span class=\"dictionary\">money orders<\/span> and accepting funds for transmission on behalf of the <span class=\"dictionary\">licensee<\/span>. The <span class=\"dictionary\">Commission<\/span> may grant relief from this subsection for good cause shown. <a id=\"paragraph-266741\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1905\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"F\"><p><span class=\"prefix-number\">F.<\/span> A license issued under this chapter shall expire on December 31 of each year unless it is renewed by a <span class=\"dictionary\">licensee<\/span> prior to the expiration date. A <span class=\"dictionary\">licensee<\/span> may renew its license by (i) requesting renewal through the <span class=\"dictionary\">Registry<\/span>; (ii) complying with any requirements associated with such renewal request that are imposed by the <span class=\"dictionary\">Registry<\/span>; (iii) paying the license renewal fee prescribed in subsection A; (iv) paying the annual assessment prescribed in subsection B; (v) filing the periodic written reports and audited financial statements prescribed in subsection D; and (vi) maintaining the minimum net worth specified in subsection B of &#xA7; <a class=\"law\" title=\"(Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.\" href=\"\/6.2-1906\/\">6.2-1906<\/a>, as evidenced by its audited financial statements. If the <span class=\"dictionary\">Commissioner<\/span> finds that the <span class=\"dictionary\">licensee<\/span> has satisfied these requirements, the <span class=\"dictionary\">Commissioner<\/span> shall renew such <span class=\"dictionary\">person<\/span>&#8217;s license. If a license has expired, the former <span class=\"dictionary\">licensee<\/span> may seek reinstatement on or before the last day of February of the following calendar year. Upon <span class=\"dictionary\">finding<\/span> that the former <span class=\"dictionary\">licensee<\/span> has complied with the renewal requirements set forth in this subsection and remitted payment of a reinstatement fee of $1,000, the <span class=\"dictionary\">Commissioner<\/span> shall reinstate such <span class=\"dictionary\">person<\/span>&#8217;s license. <a id=\"paragraph-266742\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1905\/#F\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\n(REPEALED EFFECTIVE JULY 1, 2026) ANNUAL FEES; EXPENSES; ANNUAL REPORTS;\nRENEWAL. (\u00a7 6.2-1905)\n\nA. Each licensee shall pay to the Commission annually on or before December 31 a\nlicense renewal fee of $750. All fees paid pursuant to this chapter shall be\npaid into the state treasury and credited to the &#8220;Financial Institutions\nSpecial Fund &#x2014; State Corporation Commission.&#8221;\n\nB. In order to defray the costs of their examination and supervision, every\nlicensee under this chapter shall pay an annual assessment calculated in\naccordance with a schedule set by the Commission. The schedule shall bear a\nreasonable relationship to the dollar volume of money orders sold and Virginia\nmoney transmission business conducted by licensees, either directly or through\ntheir authorized delegates, the costs of their examinations, and to other\nfactors relating to their supervision and regulation. All such fees shall be\nassessed on or before August 1 for every calendar year. All such fees shall be\npaid by licensees to the State Treasurer on or before September 1 following each\nassessment.\n\nC. In addition to the annual assessment prescribed in subsection B, when it\nbecomes necessary to examine or investigate the affairs, business, premises,\nbooks, or records of a licensee or any of its authorized delegates at a location\noutside the Commonwealth, the licensee shall be liable for and shall pay to the\nCommission within 30 days of the presentation of an itemized statement, the\nactual travel and reasonable living expenses incurred on account of its\nexamination or investigation, or shall pay a reasonable per diem rate approved\nby the Commission.\n\nD. Each licensee under this chapter shall file periodic written reports with the\nCommissioner or the Registry containing such information as the Commissioner may\nrequire concerning the licensee&#8217;s business and operations, including\naudited financial statements. Reports shall be in the form and be submitted with\nsuch frequency and by such dates as may be prescribed by the Commissioner. If a\nlicensee is unable to furnish copies of its audited financial statements by the\ndates prescribed by the Commissioner, the licensee may request an extension,\nwhich may be granted by the Commissioner for good cause shown.\n\nE. If a license has expired or has been surrendered or revoked, the former\nlicensee shall immediately (i) cease selling money orders and engaging in the\nmoney transmission business, and (ii) instruct its authorized delegates to cease\nselling money orders and accepting funds for transmission on behalf of the\nlicensee. The Commission may grant relief from this subsection for good cause\nshown.\n\nF. A license issued under this chapter shall expire on December 31 of each year\nunless it is renewed by a licensee prior to the expiration date. A licensee may\nrenew its license by (i) requesting renewal through the Registry; (ii) complying\nwith any requirements associated with such renewal request that are imposed by\nthe Registry; (iii) paying the license renewal fee prescribed in subsection A;\n(iv) paying the annual assessment prescribed in subsection B; (v) filing the\nperiodic written reports and audited financial statements prescribed in\nsubsection D; and (vi) maintaining the minimum net worth specified in subsection\nB of &#xA7; 6.2-1906, as evidenced by its audited financial statements. If the\nCommissioner finds that the licensee has satisfied these requirements, the\nCommissioner shall renew such person&#8217;s license. If a license has expired,\nthe former licensee may seek reinstatement on or before the last day of February\nof the following calendar year. Upon finding that the former licensee has\ncomplied with the renewal requirements set forth in this subsection and remitted\npayment of a reinstatement fee of $1,000, the Commissioner shall reinstate such\nperson&#8217;s license.\n\nHISTORY: 1974, c. 578, \u00a7 6.1-373; 1987, c. 283; 1994, cc. 312, 889; 2001, c.\n372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2019, c. 634; 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}}