{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1914.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1914.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1914.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1914.html"}],"law_id":54449,"edition_id":1,"section_id":54449,"structure_id":13061,"section_number":"6.2-1914","catch_line":"(Repealed effective July 1, 2026) Acquisition of control; application.","history":"1998, c. 10, \u00a7 6.1-378.2; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2019, c. 634; 2025, c. 214.","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 other entity licensed to conduct business under this chapter unless such person first:1\n\nFiles an application with the Commission in such form as the Commission may prescribe from time to time;2\n\nDelivers such information as the Commission 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\nFurnishes 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. For the purpose of investigating these directors, senior officers, principals, and members, such individuals shall comply with one or both of the following, as applicable:\n\t\t\t\ta. In the case of directors, senior officers, principals, and members who have resided in the United States at any time within the previous 10 years, such individuals shall consent to a national and state criminal history records check and submit to fingerprinting. Each director, senior officer, principal, and member shall pay for the cost of such fingerprinting and criminal records check. Such individuals shall cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commissioner:1\n\nThe Bureau, which 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’ 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; or2\n\nThe Registry, provided that it is capable of processing such criminal history records check.\n\t\t\t\t\tb. In the case of directors, senior officers, principals, and members who have resided outside of the United States at any time within the previous 10 years, such individuals shall cause an investigative background report to be submitted to the Commissioner. The report shall be prepared by an independent search firm that is acceptable to the Commissioner and be in the English language. Each director, senior officer, principal, and member shall pay for the cost of such report, and the report shall be sent directly by the search firm to the Commissioner or his designee, who shall be an employee of the Commission; and4\n\nPays such application fee as the Commission may prescribe.B\n\nIf any material information provided by the applicant changes during the investigation period, the applicant shall immediately notify the Commissioner.C\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 the applicable laws and regulations. The Commission shall grant or deny the application within 90 days from the date a completed application, accompanied by the required fee, is filed unless the period is extended by the Commission. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial.D\n\nThe provisions of this section shall not apply to the acquisition of an interest in a licensee directly or indirectly by merger, consolidation, or otherwise, (i) by or with a person licensed under this chapter, (ii) by or with a person affiliated through common ownership with the licensee, or (iii) by bequest, descent, 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 Commission of such acquisition within 30 days after its closing.E\n\nIf any person acquires an ownership interest in a licensee without obtaining prior approval from the Commission as required by this section, the Commission may for good cause shown order such person to divest himself or itself of such ownership interest.F\n\nThe Commission may not enter an order requiring divestiture pursuant to subsection E until it has given the person 21 days’ notice in writing of the reasons for the proposed divestiture and has given the person an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to such person and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the person named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not require divestiture except based upon findings made at such hearing.","order_by":null,"text":{"0":{"id":199819,"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 other entity licensed to conduct business under this chapter unless such person first:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":199820,"text":"Files an application with the Commission in such form as the Commission 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":199821,"text":"Delivers such information as the Commission 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":199822,"text":"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. For the purpose of investigating these directors, senior officers, principals, and members, such individuals shall comply with one or both of the following, as applicable:\n\t\t\t\ta. In the case of directors, senior officers, principals, and members who have resided in the United States at any time within the previous 10 years, such individuals shall consent to a national and state criminal history records check and submit to fingerprinting. Each director, senior officer, principal, and member shall pay for the cost of such fingerprinting and criminal records check. Such individuals shall cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commissioner:","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A31"},"4":{"id":199823,"text":"The Bureau, which 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’ 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","type":"section","prefixes":["A","3","1"],"prefix":"1","entire_prefix":"A31","prefix_anchor":"A31","level":3,"prior_prefix":"A3","next_prefix":"A32"},"5":{"id":199824,"text":"The Registry, provided that it is capable of processing such criminal history records check.\n\t\t\t\t\tb. In the case of directors, senior officers, principals, and members who have resided outside of the United States at any time within the previous 10 years, such individuals shall cause an investigative background report to be submitted to the Commissioner. The report shall be prepared by an independent search firm that is acceptable to the Commissioner and be in the English language. Each director, senior officer, principal, and member shall pay for the cost of such report, and the report shall be sent directly by the search firm to the Commissioner or his designee, who shall be an employee of the Commission; and","type":"section","prefixes":["A","3","2"],"prefix":"2","entire_prefix":"A32","prefix_anchor":"A32","level":3,"prior_prefix":"A31","next_prefix":"A4"},"6":{"id":199825,"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":"A32","next_prefix":"B"},"7":{"id":199826,"text":"If any material information provided by the applicant changes during the investigation period, the applicant shall immediately notify the Commissioner.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A4","next_prefix":"C"},"8":{"id":199827,"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 the applicable laws and regulations. The Commission shall grant or deny the application within 90 days from the date a completed application, accompanied by the required fee, is filed unless the period is extended by the Commission. If the application is denied, the Commission shall notify the applicant of the denial and the reasons for the denial.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"9":{"id":199828,"text":"The provisions of this section shall not apply to the acquisition of an interest in a licensee directly or indirectly by merger, consolidation, or otherwise, (i) by or with a person licensed under this chapter, (ii) by or with a person affiliated through common ownership with the licensee, or (iii) by bequest, descent, 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 Commission of such acquisition within 30 days after its closing.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"10":{"id":199829,"text":"If any person acquires an ownership interest in a licensee without obtaining prior approval from the Commission as required by this section, the Commission may for good cause shown order such person to divest himself or itself of such ownership interest.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"11":{"id":199830,"text":"The Commission may not enter an order requiring divestiture pursuant to subsection E until it has given the person 21 days’ notice in writing of the reasons for the proposed divestiture and has given the person an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to such person and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the person named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not require divestiture except based upon findings made at such hearing.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1914\/","history_text":"

This law was first created in 1998. The record of its establishment is cataloged in chapter 10<\/a> 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. 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 2009, chapter 346<\/a>; in 2010, chapter 794<\/a>; in 2014, chapter 454<\/a>; in 2019, chapter 634<\/a>; in 2025, chapter 214<\/a>.<\/p>","references":[{"id":57678,"section_number":"6.2-1917","catch_line":"(Repealed effective July 1, 2026) Other reporting requirements.","order_by":null,"url":"\/6.2-1917\/"}],"refers_to":false,"permalink":{"id":266447,"object_type":"law","relational_id":54449,"identifier":"6.2-1914","token":"6.2\/III\/19\/6.2-1914","url":"\/6.2-1914\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1914\/","token":"6.2\/III\/19\/6.2-1914","dublin_core":{"Title":"(Repealed effective July 1, 2026) Acquisition of control; application.","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1914","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Except as provided in this section, no 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 other entity<\/span> licensed to conduct business under this chapter unless such person<\/span> first: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Files an application with the Commission<\/span> in such form as the Commission<\/span> may prescribe from time to time; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Delivers such information as the Commission<\/span> may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors, senior officers, principals<\/span>, and members<\/span>, and of any proposed new directors, senior officers, principals<\/span>, or members<\/span> of the licensee<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Furnishes to the Commissioner<\/span> information concerning the identity of the directors, senior officers, principals<\/span>, and members<\/span> of the applicant, and of any proposed new directors, senior officers, principals<\/span>, or members<\/span> of the licensee<\/span>. For the purpose of investigating these directors, senior officers, principals<\/span>, and members<\/span>, such individuals shall comply with one or both of the following, as applicable:\n\t\t\t\ta. In the case of directors, senior officers, principals<\/span>, and members<\/span> who have resided in the United States at any time within the previous 10 years, such individuals shall consent to a national and state criminal history records check and submit to fingerprinting. Each director, senior officer, principal<\/span>, and member<\/span> shall pay for the cost of such fingerprinting and criminal records check. Such individuals shall cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commissioner<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The Bureau<\/span>, which 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’ fingerprints and personal descriptive information to the Federal 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 Commissioner<\/span> or his designee, who shall be an employee of the Commission<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The Registry<\/span>, provided that it is capable of processing such criminal history records check.\n\t\t\t\t\tb. In the case of directors, senior officers, principals<\/span>, and members<\/span> who have resided outside of the United States at any time within the previous 10 years, such individuals shall cause an investigative background report to be submitted to the Commissioner<\/span>. The report shall be prepared by an independent search firm that is acceptable to the Commissioner<\/span> and be in the English language. Each director, senior officer, principal<\/span>, and member<\/span> shall pay for the cost of such report, and the report shall be sent directly by the search firm to the Commissioner<\/span> or his designee, who shall be an employee of the Commission<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Pays such application fee as the Commission<\/span> may prescribe. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If any material<\/span> information provided by the applicant changes during the investigation period, the applicant shall immediately notify the Commissioner<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Upon the filing and investigation of an application, the Commission<\/span> shall permit the applicant to acquire the interest in the licensee<\/span> if it finds that the applicant, its members<\/span> if applicable, its directors, senior officers, and principals<\/span>, and any proposed new directors, members<\/span>, senior officers, and 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 the applicable laws<\/span> and regulations. The Commission<\/span> shall grant or deny the application within 90 days from the date a completed application, accompanied by the required fee, is filed unless the period is extended by the Commission<\/span>. If the application is denied, the Commission<\/span> shall notify the applicant of the denial and the reasons for the denial. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The provisions of this section shall not apply to the acquisition of an interest in a licensee<\/span> directly or indirectly by merger, consolidation<\/span>, or otherwise, (i) by or with a person<\/span> licensed under this chapter, (ii) by or with a person<\/span> affiliated through common ownership with the licensee<\/span>, or (iii) by bequest, descent, survivorship, or by operation of law<\/span>. The person<\/span> acquiring an interest in a licensee<\/span> in a transaction which is exempt from filing an application by this subsection shall send written notice to the Commission<\/span> of such acquisition within 30 days after its closing. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If any person<\/span> acquires an ownership interest in a licensee<\/span> without obtaining prior approval from the Commission<\/span> as required by this section, the Commission<\/span> may for good cause shown order<\/span> such person<\/span> to divest himself or itself of such ownership interest. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Commission<\/span> may not enter an order<\/span> requiring divestiture pursuant to subsection E until it has given the person<\/span> 21 days’ notice in writing of the reasons for the proposed divestiture and has given the person<\/span> an opportunity to introduce evidence<\/span> and be heard. The notice shall be sent by certified mail to such person<\/span> and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the person<\/span> named therein may file with the clerk of the Commission<\/span> a written request for a hearing<\/span>. If a hearing<\/span> is requested, the Commission<\/span> shall not require divestiture except based upon findings<\/span> made at such hearing<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(REPEALED EFFECTIVE JULY 1, 2026) ACQUISITION OF CONTROL; APPLICATION. (\u00a7\n6.2-1914)\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 other entity licensed to conduct\nbusiness under this chapter unless such person first:\n\n 1. Files an application with the Commission in such form as the Commission may\n prescribe from time to time;\n\n 2. Delivers such information as the Commission may require concerning the\n financial responsibility, background, experience, and activities of the\n applicant, its directors, senior officers, principals, and members, and of any\n proposed new directors, senior officers, principals, or members of the\n licensee;\n\n 3. Furnishes to the Commissioner information concerning the identity of the\n directors, senior officers, principals, and members of the applicant, and of\n any proposed new directors, senior officers, principals, or members of the\n licensee. For the purpose of investigating these directors, senior officers,\n principals, and members, such individuals shall comply with one or both of the\n following, as applicable:\n \t\t\t\ta. In the case of directors, senior officers, principals, and members who\n have resided in the United States at any time within the previous 10 years,\n such individuals shall consent to a national and state criminal history\n records check and submit to fingerprinting. Each director, senior officer,\n principal, and member shall pay for the cost of such fingerprinting and\n criminal records check. Such individuals shall cause their fingerprints,\n personal descriptive information, and records check fees to be submitted to\n either of the following, as prescribed by the Commissioner:\n\n 1. The Bureau, which 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\n individuals’ fingerprints and personal descriptive information to the\n Federal Bureau of Investigation for the purpose of obtaining national\n criminal history record information regarding such individuals, and (ii)\n forward the results of the state and national records search to the\n Commissioner or his designee, who shall be an employee of the Commission; or\n\n 2. The Registry, provided that it is capable of processing such criminal\n history records check.\n \t\t\t\t\tb. In the case of directors, senior officers, principals, and members\n who have resided outside of the United States at any time within the\n previous 10 years, such individuals shall cause an investigative background\n report to be submitted to the Commissioner. The report shall be prepared by\n an independent search firm that is acceptable to the Commissioner and be in\n the English language. Each director, senior officer, principal, and member\n shall pay for the cost of such report, and the report shall be sent directly\n by the search firm to the Commissioner or his designee, who shall be an\n employee of the Commission; and\n\n 4. Pays such application fee as the Commission may prescribe.\n\nB. If any material information provided by the applicant changes during the\ninvestigation period, the applicant shall immediately notify the Commissioner.\n\nC. 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 the\napplicable laws and regulations. The Commission shall grant or deny the\napplication within 90 days from the date a completed application, accompanied by\nthe required fee, is filed unless the period is extended by the Commission. If\nthe application is denied, the Commission shall notify the applicant of the\ndenial and the reasons for the denial.\n\nD. The provisions of this section shall not apply to the acquisition of an\ninterest in a licensee directly or indirectly by merger, consolidation, or\notherwise, (i) by or with a person licensed under this chapter, (ii) by or with\na person affiliated through common ownership with the licensee, or (iii) by\nbequest, descent, survivorship, or by operation of law. The person acquiring an\ninterest in a licensee in a transaction which is exempt from filing an\napplication by this subsection shall send written notice to the Commission of\nsuch acquisition within 30 days after its closing.\n\nE. If any person acquires an ownership interest in a licensee without obtaining\nprior approval from the Commission as required by this section, the Commission\nmay for good cause shown order such person to divest himself or itself of such\nownership interest.\n\nF. The Commission may not enter an order requiring divestiture pursuant to\nsubsection E until it has given the person 21 days’ notice in writing of\nthe reasons for the proposed divestiture and has given the person an opportunity\nto introduce evidence and be heard. The notice shall be sent by certified mail\nto such person and shall state with particularity the grounds for the\ncontemplated action. Within 14 days of mailing the notice, the person named\ntherein may file with the clerk of the Commission a written request for a\nhearing. If a hearing is requested, the Commission shall not require divestiture\nexcept based upon findings made at such hearing.\n\nHISTORY: 1998, c. 10, \u00a7 6.1-378.2; 2009, c. 346; 2010, c. 794; 2014, c. 454;\n2019, 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}}