{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1933.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1933.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1933.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1933.html"}],"law_id":64243,"edition_id":1,"section_id":64243,"structure_id":13396,"section_number":"6.2-1933","catch_line":"(Effective July 1, 2026) Issuance of license","history":"2025, c. 214.","full_text":"A\n\nWhen the Commission determines that an application is complete, the Commission shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and shall approve or deny the application within 120 days after the completion date. If the application is not approved or denied within 120 days after the completion date, the application shall be deemed approved and the license shall take effect as of the first business day after expiration of the 120-day period. The Commission may for good cause extend the application period.B\n\nA determination by the Commission that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the criminal background check response from the Federal Bureau of Investigation, and address all of the matters that are required and is not an assessment of the substance of the application or of the sufficiency of the information provided.C\n\nWhen an application is filed and considered complete under this section, the Commission shall investigate the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, each key individual, and each person in control of the applicant. The Commission may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The Commission shall issue a license to an applicant if the Commission finds that (i) the applicant, each key individual, and each person in control of the applicant have complied with &#xA7;&#xA7; 6.2-1931 and 6.2-1932; (ii) the applicant meets the requirements in &#xA7;&#xA7; 6.2-1950, 6.2-1951, and 6.2-1952; and (iii) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.D\n\nIf an applicant avails itself or is otherwise subject to a multistate licensing process, (i) the Commission may accept the investigation results of a lead investigative state for the purpose of subsection C if the Commission finds that the lead investigative state has sufficient staffing, expertise, and minimum standards or (ii) if the Commonwealth is a lead investigative state, the Commission may investigate the applicant pursuant to subsection C and the timeframes established by agreement through the multistate licensing process, provided, however, that in no case shall such timeframe be noncompliant with the application period established in subsection A.E\n\nThe Commission shall issue a formal written notice of the denial of a license application within 30 days of the decision to deny the application. The Commission shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the Commission under this subsection may appeal in accordance with applicable law.F\n\nThe initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year.","order_by":null,"text":{"0":{"id":233857,"text":"When the Commission determines that an application is complete, the Commission shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and shall approve or deny the application within 120 days after the completion date. If the application is not approved or denied within 120 days after the completion date, the application shall be deemed approved and the license shall take effect as of the first business day after expiration of the 120-day period. The Commission may for good cause extend the application period.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":233858,"text":"A determination by the Commission that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the criminal background check response from the Federal Bureau of Investigation, and address all of the matters that are required and is not an assessment of the substance of the application or of the sufficiency of the information provided.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":233859,"text":"When an application is filed and considered complete under this section, the Commission shall investigate the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, each key individual, and each person in control of the applicant. The Commission may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The Commission shall issue a license to an applicant if the Commission finds that (i) the applicant, each key individual, and each person in control of the applicant have complied with &#xA7;&#xA7; 6.2-1931 and 6.2-1932; (ii) the applicant meets the requirements in &#xA7;&#xA7; 6.2-1950, 6.2-1951, and 6.2-1952; and (iii) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant and the competence, experience, character, and general fitness of the key individuals and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":233860,"text":"If an applicant avails itself or is otherwise subject to a multistate licensing process, (i) the Commission may accept the investigation results of a lead investigative state for the purpose of subsection C if the Commission finds that the lead investigative state has sufficient staffing, expertise, and minimum standards or (ii) if the Commonwealth is a lead investigative state, the Commission may investigate the applicant pursuant to subsection C and the timeframes established by agreement through the multistate licensing process, provided, however, that in no case shall such timeframe be noncompliant with the application period established in subsection A.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":233861,"text":"The Commission shall issue a formal written notice of the denial of a license application within 30 days of the decision to deny the application. The Commission shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the Commission under this subsection may appeal in accordance with applicable law.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":233862,"text":"The initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13396,"edition_id":1,"name":"Money Transmitters","identifier":"19.1","label":"chapter","depth":3,"order_by":1,"parent_id":13060,"metadata":{},"date_created":"2026-06-26 03:44:48","date_modified":"2026-06-26 03:44:48","permalink":{"id":266479,"object_type":"structure","relational_id":13396,"identifier":"19.1","token":"6.2\/III\/19.1","url":"\/6.2\/III\/19.1\/","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":78099,"structure_id":13396,"section_number":"6.2-1922","catch_line":"(Effective July 1, 2026) Definitions","url":"\/6.2-1922\/","token":"6.2\/III\/19.1\/6.2-1922","metadata":false},{"id":82828,"structure_id":13396,"section_number":"6.2-1923","catch_line":"(Effective July 1, 2026) Exemptions","url":"\/6.2-1923\/","token":"6.2\/III\/19.1\/6.2-1923","metadata":false},{"id":71413,"structure_id":13396,"section_number":"6.2-1924","catch_line":"(Effective July 1, 2026) Implementation","url":"\/6.2-1924\/","token":"6.2\/III\/19.1\/6.2-1924","metadata":false},{"id":79717,"structure_id":13396,"section_number":"6.2-1925","catch_line":"(Effective July 1, 2026) Regulations","url":"\/6.2-1925\/","token":"6.2\/III\/19.1\/6.2-1925","metadata":false},{"id":65871,"structure_id":13396,"section_number":"6.2-1926","catch_line":"(Effective July 1, 2026) Supervision","url":"\/6.2-1926\/","token":"6.2\/III\/19.1\/6.2-1926","metadata":false},{"id":62025,"structure_id":13396,"section_number":"6.2-1927","catch_line":"(Effective July 1, 2026) Networked supervision","url":"\/6.2-1927\/","token":"6.2\/III\/19.1\/6.2-1927","metadata":false},{"id":70844,"structure_id":13396,"section_number":"6.2-1928","catch_line":"(Effective July 1, 2026) Relationship to federal law","url":"\/6.2-1928\/","token":"6.2\/III\/19.1\/6.2-1928","metadata":false},{"id":55220,"structure_id":13396,"section_number":"6.2-1929","catch_line":"(Effective July 1, 2026) License required","url":"\/6.2-1929\/","token":"6.2\/III\/19.1\/6.2-1929","metadata":false},{"id":65393,"structure_id":13396,"section_number":"6.2-1930","catch_line":"(Effective July 1, 2026) Consistent state licensing","url":"\/6.2-1930\/","token":"6.2\/III\/19.1\/6.2-1930","metadata":false},{"id":81034,"structure_id":13396,"section_number":"6.2-1931","catch_line":"(Effective July 1, 2026) Application for license","url":"\/6.2-1931\/","token":"6.2\/III\/19.1\/6.2-1931","metadata":false},{"id":68858,"structure_id":13396,"section_number":"6.2-1932","catch_line":"(Effective July 1, 2026) Information required for certain individuals","url":"\/6.2-1932\/","token":"6.2\/III\/19.1\/6.2-1932","metadata":false},{"id":64243,"structure_id":13396,"section_number":"6.2-1933","catch_line":"(Effective July 1, 2026) Issuance of license","url":"\/6.2-1933\/","token":"6.2\/III\/19.1\/6.2-1933","metadata":false},{"id":73816,"structure_id":13396,"section_number":"6.2-1934","catch_line":"(Effective July 1, 2026) License renewal","url":"\/6.2-1934\/","token":"6.2\/III\/19.1\/6.2-1934","metadata":false},{"id":63168,"structure_id":13396,"section_number":"6.2-1935","catch_line":"(Effective July 1, 2026) Maintenance of license","url":"\/6.2-1935\/","token":"6.2\/III\/19.1\/6.2-1935","metadata":false},{"id":64284,"structure_id":13396,"section_number":"6.2-1936","catch_line":"(Effective July 1, 2026) Acquisition of control","url":"\/6.2-1936\/","token":"6.2\/III\/19.1\/6.2-1936","metadata":false},{"id":70569,"structure_id":13396,"section_number":"6.2-1937","catch_line":"(Effective July 1, 2026) Change of key individual; notice and required information","url":"\/6.2-1937\/","token":"6.2\/III\/19.1\/6.2-1937","metadata":false},{"id":64010,"structure_id":13396,"section_number":"6.2-1938","catch_line":"(Effective July 1, 2026) Report of condition","url":"\/6.2-1938\/","token":"6.2\/III\/19.1\/6.2-1938","metadata":false},{"id":83608,"structure_id":13396,"section_number":"6.2-1939","catch_line":"(Effective July 1, 2026) Audited financials","url":"\/6.2-1939\/","token":"6.2\/III\/19.1\/6.2-1939","metadata":false},{"id":74501,"structure_id":13396,"section_number":"6.2-1940","catch_line":"(Effective July 1, 2026) Authorized delegate reporting","url":"\/6.2-1940\/","token":"6.2\/III\/19.1\/6.2-1940","metadata":false},{"id":76742,"structure_id":13396,"section_number":"6.2-1941","catch_line":"(Effective July 1, 2026) Reports of certain events","url":"\/6.2-1941\/","token":"6.2\/III\/19.1\/6.2-1941","metadata":false},{"id":56737,"structure_id":13396,"section_number":"6.2-1942","catch_line":"(Effective July 1, 2026) Reports required by federal law","url":"\/6.2-1942\/","token":"6.2\/III\/19.1\/6.2-1942","metadata":false},{"id":60649,"structure_id":13396,"section_number":"6.2-1943","catch_line":"(Effective July 1, 2026) Records","url":"\/6.2-1943\/","token":"6.2\/III\/19.1\/6.2-1943","metadata":false},{"id":63079,"structure_id":13396,"section_number":"6.2-1944","catch_line":"(Effective July 1, 2026) Relationship between licensee and authorized delegate; prohibited activities","url":"\/6.2-1944\/","token":"6.2\/III\/19.1\/6.2-1944","metadata":false},{"id":62969,"structure_id":13396,"section_number":"6.2-1945","catch_line":"(Effective July 1, 2026) Timely transmission","url":"\/6.2-1945\/","token":"6.2\/III\/19.1\/6.2-1945","metadata":false},{"id":64138,"structure_id":13396,"section_number":"6.2-1946","catch_line":"(Effective July 1, 2026) Refunds","url":"\/6.2-1946\/","token":"6.2\/III\/19.1\/6.2-1946","metadata":false},{"id":57065,"structure_id":13396,"section_number":"6.2-1947","catch_line":"(Effective July 1, 2026) Receipts","url":"\/6.2-1947\/","token":"6.2\/III\/19.1\/6.2-1947","metadata":false},{"id":61020,"structure_id":13396,"section_number":"6.2-1948","catch_line":"(Effective July 1, 2026) Notice","url":"\/6.2-1948\/","token":"6.2\/III\/19.1\/6.2-1948","metadata":false},{"id":59235,"structure_id":13396,"section_number":"6.2-1949","catch_line":"(Effective July 1, 2026) Payroll processing services","url":"\/6.2-1949\/","token":"6.2\/III\/19.1\/6.2-1949","metadata":false},{"id":81196,"structure_id":13396,"section_number":"6.2-1950","catch_line":"(Effective July 1, 2026) Net worth","url":"\/6.2-1950\/","token":"6.2\/III\/19.1\/6.2-1950","metadata":false},{"id":61605,"structure_id":13396,"section_number":"6.2-1951","catch_line":"(Effective July 1, 2026) Surety bond","url":"\/6.2-1951\/","token":"6.2\/III\/19.1\/6.2-1951","metadata":false},{"id":86619,"structure_id":13396,"section_number":"6.2-1952","catch_line":"(Effective July 1, 2026) Maintenance of permissible investments","url":"\/6.2-1952\/","token":"6.2\/III\/19.1\/6.2-1952","metadata":false},{"id":56681,"structure_id":13396,"section_number":"6.2-1953","catch_line":"(Effective July 1, 2026) Permissible investments","url":"\/6.2-1953\/","token":"6.2\/III\/19.1\/6.2-1953","metadata":false},{"id":61652,"structure_id":13396,"section_number":"6.2-1954","catch_line":"(Effective July 1, 2026) Suspension or revocation of license","url":"\/6.2-1954\/","token":"6.2\/III\/19.1\/6.2-1954","metadata":false},{"id":84954,"structure_id":13396,"section_number":"6.2-1955","catch_line":"(Effective July 1, 2026) Civil penalties","url":"\/6.2-1955\/","token":"6.2\/III\/19.1\/6.2-1955","metadata":false},{"id":54366,"structure_id":13396,"section_number":"6.2-1956","catch_line":"(Effective July 1, 2026) Cease and desist orders","url":"\/6.2-1956\/","token":"6.2\/III\/19.1\/6.2-1956","metadata":false},{"id":68409,"structure_id":13396,"section_number":"6.2-1957","catch_line":"(Effective July 1, 2026) Criminal penalty","url":"\/6.2-1957\/","token":"6.2\/III\/19.1\/6.2-1957","metadata":false}],"previous_section":{"id":68858,"structure_id":13396,"section_number":"6.2-1932","catch_line":"(Effective July 1, 2026) Information required for certain individuals","url":"\/6.2-1932\/","token":"6.2\/III\/19.1\/6.2-1932","metadata":false},"next_section":{"id":73816,"structure_id":13396,"section_number":"6.2-1934","catch_line":"(Effective July 1, 2026) License renewal","url":"\/6.2-1934\/","token":"6.2\/III\/19.1\/6.2-1934","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1933\/","history_text":"<p>This law was first created in 2025. The record of its establishment is cataloged in chapter <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?251+ful+CHAP0214\">214<\/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.<\/p>","references":[{"id":55220,"section_number":"6.2-1929","catch_line":"(Effective July 1, 2026) License required","order_by":null,"url":"\/6.2-1929\/"}],"refers_to":[{"id":81034,"section_number":"6.2-1931","catch_line":"(Effective July 1, 2026) Application for license","order_by":null,"url":"\/6.2-1931\/"},{"id":68858,"section_number":"6.2-1932","catch_line":"(Effective July 1, 2026) Information required for certain individuals","order_by":null,"url":"\/6.2-1932\/"},{"id":81196,"section_number":"6.2-1950","catch_line":"(Effective July 1, 2026) Net worth","order_by":null,"url":"\/6.2-1950\/"},{"id":61605,"section_number":"6.2-1951","catch_line":"(Effective July 1, 2026) Surety bond","order_by":null,"url":"\/6.2-1951\/"},{"id":86619,"section_number":"6.2-1952","catch_line":"(Effective July 1, 2026) Maintenance of permissible investments","order_by":null,"url":"\/6.2-1952\/"}],"permalink":{"id":266525,"object_type":"law","relational_id":64243,"identifier":"6.2-1933","token":"6.2\/III\/19.1\/6.2-1933","url":"\/6.2-1933\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1933\/","token":"6.2\/III\/19.1\/6.2-1933","dublin_core":{"Title":"(Effective July 1, 2026) Issuance of license","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1933","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> When the <span class=\"dictionary\">Commission<\/span> determines that an application is complete, the <span class=\"dictionary\">Commission<\/span> shall promptly notify the applicant in a record of the date on which the application is determined to be complete, and shall approve or deny the application within 120 days after the completion date. If the application is not approved or denied within 120 days after the completion date, the application shall be deemed approved and the license shall take effect as of the first business day after expiration of the 120-day period. The <span class=\"dictionary\">Commission<\/span> may for good cause extend the application period. <a id=\"paragraph-233857\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1933\/#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> A determination by the <span class=\"dictionary\">Commission<\/span> that an application is complete and is accepted for processing means only that the application, on its face, appears to include all of the items, including the criminal background check response from the Federal <span class=\"dictionary\">Bureau<\/span> of Investigation, and address all of the matters that are required and is not an assessment of the substance of the application or of the sufficiency of the information provided. <a id=\"paragraph-233858\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1933\/#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> When an application is filed and considered complete under this section, the <span class=\"dictionary\">Commission<\/span> shall investigate the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant, each <span class=\"dictionary\">key individual<\/span>, and each <span class=\"dictionary\">person<\/span> in <span class=\"dictionary\">control<\/span> of the applicant. The <span class=\"dictionary\">Commission<\/span> may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant shall pay. The <span class=\"dictionary\">Commission<\/span> shall <span class=\"dictionary\">issue<\/span> a license to an applicant if the <span class=\"dictionary\">Commission<\/span> finds that (i) the applicant, each <span class=\"dictionary\">key individual<\/span>, and each <span class=\"dictionary\">person<\/span> in <span class=\"dictionary\">control<\/span> of the applicant have complied with &#xA7;&#xA7; <a class=\"law\" title=\"(Effective July 1, 2026) Application for license\" href=\"\/6.2-1931\/\">6.2-1931<\/a> and <a class=\"law\" title=\"(Effective July 1, 2026) Information required for certain individuals\" href=\"\/6.2-1932\/\">6.2-1932<\/a>; (ii) the applicant meets the requirements in &#xA7;&#xA7; <a class=\"law\" title=\"(Effective July 1, 2026) Net worth\" href=\"\/6.2-1950\/\">6.2-1950<\/a>, <a class=\"law\" title=\"(Effective July 1, 2026) Surety bond\" href=\"\/6.2-1951\/\">6.2-1951<\/a>, and <a class=\"law\" title=\"(Effective July 1, 2026) Maintenance of permissible investments\" href=\"\/6.2-1952\/\">6.2-1952<\/a>; and (iii) the financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant and the competence, experience, character, and general fitness of the <span class=\"dictionary\">key individuals<\/span> and <span class=\"dictionary\">persons<\/span> in <span class=\"dictionary\">control<\/span> of the applicant indicate that it is in the interest of the public to permit the applicant to engage in <span class=\"dictionary\">money transmission<\/span>. <a id=\"paragraph-233859\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1933\/#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> If an applicant avails itself or is otherwise subject to a <span class=\"dictionary\">multistate licensing process<\/span>, (i) the <span class=\"dictionary\">Commission<\/span> may accept the investigation results of a lead investigative state for the purpose of subsection C if the <span class=\"dictionary\">Commission<\/span> finds that the lead investigative state has sufficient staffing, expertise, and minimum standards or (ii) if the Commonwealth is a lead investigative state, the <span class=\"dictionary\">Commission<\/span> may investigate the applicant pursuant to subsection C and the timeframes established by agreement through the <span class=\"dictionary\">multistate licensing process<\/span>, provided, however, that in no case shall such timeframe be noncompliant with the application period established in subsection A. <a id=\"paragraph-233860\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1933\/#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> The <span class=\"dictionary\">Commission<\/span> shall <span class=\"dictionary\">issue<\/span> a formal written notice of the denial of a license application within 30 days of the decision to deny the application. The <span class=\"dictionary\">Commission<\/span> shall set forth in the notice of denial the specific reasons for the denial of the application. An applicant whose application is denied by the <span class=\"dictionary\">Commission<\/span> under this subsection may <span class=\"dictionary\">appeal<\/span> in accordance with applicable <span class=\"dictionary\">law<\/span>. <a id=\"paragraph-233861\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1933\/#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> The initial license term shall begin on the day the application is approved. The license shall expire on December 31 of the year in which the license term began, unless the initial license date is between November 1 and December 31, in which instance the initial license term shall run through December 31 of the following year. <a id=\"paragraph-233862\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1933\/#F\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\n(EFFECTIVE JULY 1, 2026) ISSUANCE OF LICENSE (\u00a7 6.2-1933)\n\nA. When the Commission determines that an application is complete, the\nCommission shall promptly notify the applicant in a record of the date on which\nthe application is determined to be complete, and shall approve or deny the\napplication within 120 days after the completion date. If the application is not\napproved or denied within 120 days after the completion date, the application\nshall be deemed approved and the license shall take effect as of the first\nbusiness day after expiration of the 120-day period. The Commission may for good\ncause extend the application period.\n\nB. A determination by the Commission that an application is complete and is\naccepted for processing means only that the application, on its face, appears to\ninclude all of the items, including the criminal background check response from\nthe Federal Bureau of Investigation, and address all of the matters that are\nrequired and is not an assessment of the substance of the application or of the\nsufficiency of the information provided.\n\nC. When an application is filed and considered complete under this section, the\nCommission shall investigate the financial condition and responsibility,\nfinancial and business experience, competence, character, and general fitness of\nthe applicant, each key individual, and each person in control of the applicant.\nThe Commission may conduct an on-site investigation of the applicant, the\nreasonable cost of which the applicant shall pay. The Commission shall issue a\nlicense to an applicant if the Commission finds that (i) the applicant, each key\nindividual, and each person in control of the applicant have complied with\n&#xA7;&#xA7; 6.2-1931 and 6.2-1932; (ii) the applicant meets the requirements in\n&#xA7;&#xA7; 6.2-1950, 6.2-1951, and 6.2-1952; and (iii) the financial condition\nand responsibility, financial and business experience, competence, character,\nand general fitness of the applicant and the competence, experience, character,\nand general fitness of the key individuals and persons in control of the\napplicant indicate that it is in the interest of the public to permit the\napplicant to engage in money transmission.\n\nD. If an applicant avails itself or is otherwise subject to a multistate\nlicensing process, (i) the Commission may accept the investigation results of a\nlead investigative state for the purpose of subsection C if the Commission finds\nthat the lead investigative state has sufficient staffing, expertise, and\nminimum standards or (ii) if the Commonwealth is a lead investigative state, the\nCommission may investigate the applicant pursuant to subsection C and the\ntimeframes established by agreement through the multistate licensing process,\nprovided, however, that in no case shall such timeframe be noncompliant with the\napplication period established in subsection A.\n\nE. The Commission shall issue a formal written notice of the denial of a license\napplication within 30 days of the decision to deny the application. The\nCommission shall set forth in the notice of denial the specific reasons for the\ndenial of the application. An applicant whose application is denied by the\nCommission under this subsection may appeal in accordance with applicable law.\n\nF. The initial license term shall begin on the day the application is approved.\nThe license shall expire on December 31 of the year in which the license term\nbegan, unless the initial license date is between November 1 and December 31, in\nwhich instance the initial license term shall run through December 31 of the\nfollowing year.\n\nHISTORY: 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}}