{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1906.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1906.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1906.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1906.html"}],"law_id":55250,"edition_id":1,"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Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.","history":"1974, c. 578, \u00a7 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2025, c. 214.","full_text":"A\n\nThe Commission shall not issue a license to an applicant unless it determines that:1\n\nThe applicant will be able to and will perform its obligations to purchasers of money transmission services and purchasers, payees, and holders of money orders sold by it and its authorized delegates; and2\n\nThe financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with applicable law and regulations.B\n\nEach licensee shall at all times have a net worth of not less than $200,000, or a higher amount not to exceed $1 million as determined by the Commission, calculated in accordance with generally accepted accounting principles.","order_by":null,"text":{"0":{"id":202585,"text":"The Commission shall not issue a license to an applicant unless it determines that:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":202586,"text":"The applicant will be able to and will perform its obligations to purchasers of money transmission services and purchasers, payees, and holders of money orders sold by it and its authorized delegates; and","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":202587,"text":"The financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with applicable law and regulations.","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"B"},"3":{"id":202588,"text":"Each licensee shall at all times have a net worth of not less than $200,000, or a higher amount not to exceed $1 million as determined by the Commission, calculated in accordance with generally accepted accounting principles.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A2"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1906\/","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 7 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 1990, chapter 259; in 1994, chapter <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 2025, chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?251+ful+CHAP0214\">214<\/a>.<\/p>","references":[{"id":74185,"section_number":"6.2-1905","catch_line":"(Repealed effective July 1, 2026) Annual fees; expenses; annual reports; renewal.","order_by":null,"url":"\/6.2-1905\/"}],"refers_to":false,"permalink":{"id":266411,"object_type":"law","relational_id":55250,"identifier":"6.2-1906","token":"6.2\/III\/19\/6.2-1906","url":"\/6.2-1906\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1906\/","token":"6.2\/III\/19\/6.2-1906","dublin_core":{"Title":"(Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1906","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> The <span class=\"dictionary\">Commission<\/span> shall not <span class=\"dictionary\">issue<\/span> a license to an applicant unless it determines that: <a id=\"paragraph-202585\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1906\/#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> The applicant will be able to and will perform its obligations to purchasers of <span class=\"dictionary\">money transmission<\/span> services and purchasers, payees, and holders of <span class=\"dictionary\">money orders<\/span> sold by it and its <span class=\"dictionary\">authorized delegates<\/span>; and <a id=\"paragraph-202586\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1906\/#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> The financial responsibility, character, reputation, experience, and general fitness of the applicant and its <span class=\"dictionary\">members<\/span>, senior officers, directors, and <span class=\"dictionary\">principals<\/span> are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with applicable <span class=\"dictionary\">law<\/span> and regulations. <a id=\"paragraph-202587\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1906\/#A2\"><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> Each <span class=\"dictionary\">licensee<\/span> shall at all times have a net worth of not less than $200,000, or a higher amount not to exceed $1 million as determined by the <span class=\"dictionary\">Commission<\/span>, calculated in accordance with generally accepted accounting principles. <a id=\"paragraph-202588\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1906\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\n(REPEALED EFFECTIVE JULY 1, 2026) CONDITIONS PREREQUISITE TO ISSUANCE OF\nLICENSE; NET WORTH REQUIREMENT. (\u00a7 6.2-1906)\n\nA. The Commission shall not issue a license to an applicant unless it determines\nthat:\n\n   1. The applicant will be able to and will perform its obligations to\n   purchasers of money transmission services and purchasers, payees, and holders\n   of money orders sold by it and its authorized delegates; and\n\n   2. The financial responsibility, character, reputation, experience, and\n   general fitness of the applicant and its members, senior officers, directors,\n   and principals are such as to warrant belief that the business will be\n   operated efficiently and fairly, in the public interest, and in accordance\n   with applicable law and regulations.\n\nB. Each licensee shall at all times have a net worth of not less than $200,000,\nor a higher amount not to exceed $1 million as determined by the Commission,\ncalculated in accordance with generally accepted accounting principles.\n\nHISTORY: 1974, c. 578, \u00a7 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372;\n2009, c. 346; 2010, c. 794; 2014, c. 454; 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}}