{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1937.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1937.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1937.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1937.html"}],"law_id":70569,"edition_id":1,"section_id":70569,"structure_id":13396,"section_number":"6.2-1937","catch_line":"(Effective July 1, 2026) Change of key individual; notice and required information","history":"2025, c. 214.","full_text":"A\n\nA licensee adding or replacing any key individual shall (i) provide notice in a manner prescribed by the Commission within 15 days after the effective date of the key individual&#8217;s appointment and (ii) cause the new key individual to provide the items required by &#xA7; 6.2-1932 within 45 days after the effective date.B\n\nWithin 90 days after the date on which the notice provided pursuant to subsection A was determined by the Commission to be complete, the Commission may investigate the key individual and issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual is not in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee.C\n\nA notice of disapproval shall contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval in accordance with applicable law.D\n\nIf the notice provided pursuant to subsection A is not disapproved within 90 days after the date on which the notice was determined to be complete, the key individual shall be deemed approved.E\n\nIf a multistate licensing process includes a key individual notice review and disapproval process and the licensee avails itself or is otherwise subject to the multistate licensing process, (i) the Commission may accept the determination of a lead investigative state 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 key individual using the timeframes established by agreement through the multistate licensing process notwithstanding the timeframes prescribed in subsections B and D.","order_by":null,"text":{"0":{"id":254629,"text":"A licensee adding or replacing any key individual shall (i) provide notice in a manner prescribed by the Commission within 15 days after the effective date of the key individual&#8217;s appointment and (ii) cause the new key individual to provide the items required by &#xA7; 6.2-1932 within 45 days after the effective date.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":254630,"text":"Within 90 days after the date on which the notice provided pursuant to subsection A was determined by the Commission to be complete, the Commission may investigate the key individual and issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual is not in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":254631,"text":"A notice of disapproval shall contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval in accordance with applicable law.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":254632,"text":"If the notice provided pursuant to subsection A is not disapproved within 90 days after the date on which the notice was determined to be complete, the key individual shall be deemed approved.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":254633,"text":"If a multistate licensing process includes a key individual notice review and disapproval process and the licensee avails itself or is otherwise subject to the multistate licensing process, (i) the Commission may accept the determination of a lead investigative state 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 key individual using the timeframes established by agreement through the multistate licensing process notwithstanding the timeframes prescribed in subsections B and D.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1937\/","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":false,"refers_to":[{"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\/"}],"permalink":{"id":266541,"object_type":"law","relational_id":70569,"identifier":"6.2-1937","token":"6.2\/III\/19.1\/6.2-1937","url":"\/6.2-1937\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1937\/","token":"6.2\/III\/19.1\/6.2-1937","dublin_core":{"Title":"(Effective July 1, 2026) Change of key individual; notice and required information","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1937","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> A <span class=\"dictionary\">licensee<\/span> adding or replacing any <span class=\"dictionary\">key individual<\/span> shall (i) provide notice in a manner prescribed by the <span class=\"dictionary\">Commission<\/span> within 15 days after the effective date of the <span class=\"dictionary\">key individual<\/span>&#8217;s appointment and (ii) cause the new <span class=\"dictionary\">key individual<\/span> to provide the items required by &#xA7; <a class=\"law\" title=\"(Effective July 1, 2026) Information required for certain individuals\" href=\"\/6.2-1932\/\">6.2-1932<\/a> within 45 days after the effective date. <a id=\"paragraph-254629\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1937\/#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> Within 90 days after the date on which the notice provided pursuant to subsection A was determined by the <span class=\"dictionary\">Commission<\/span> to be complete, the <span class=\"dictionary\">Commission<\/span> may investigate the <span class=\"dictionary\">key individual<\/span> and <span class=\"dictionary\">issue<\/span> a notice of disapproval of a <span class=\"dictionary\">key individual<\/span> if the competence, experience, character, or integrity of the individual is not in the best interests of the public or the customers of the <span class=\"dictionary\">licensee<\/span> to permit the individual to be a <span class=\"dictionary\">key individual<\/span> of such <span class=\"dictionary\">licensee<\/span>. <a id=\"paragraph-254630\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1937\/#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> A notice of disapproval shall contain a statement of the basis for disapproval and shall be sent to the <span class=\"dictionary\">licensee<\/span> and the disapproved individual. A <span class=\"dictionary\">licensee<\/span> may <span class=\"dictionary\">appeal<\/span> a notice of disapproval in accordance with applicable <span class=\"dictionary\">law<\/span>. <a id=\"paragraph-254631\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1937\/#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 the notice provided pursuant to subsection A is not disapproved within 90 days after the date on which the notice was determined to be complete, the <span class=\"dictionary\">key individual<\/span> shall be deemed approved. <a id=\"paragraph-254632\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1937\/#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 <span class=\"dictionary\">multistate licensing process<\/span> includes a <span class=\"dictionary\">key individual<\/span> notice review and disapproval process and the <span class=\"dictionary\">licensee<\/span> avails itself or is otherwise subject to the <span class=\"dictionary\">multistate licensing process<\/span>, (i) the <span class=\"dictionary\">Commission<\/span> may accept the determination of a lead investigative state 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 <span class=\"dictionary\">key individual<\/span> using the timeframes established by agreement through the <span class=\"dictionary\">multistate licensing process<\/span> notwithstanding the timeframes prescribed in subsections B and D. <a id=\"paragraph-254633\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-1937\/#E\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\n(EFFECTIVE JULY 1, 2026) CHANGE OF KEY INDIVIDUAL; NOTICE AND REQUIRED\nINFORMATION (\u00a7 6.2-1937)\n\nA. A licensee adding or replacing any key individual shall (i) provide notice in\na manner prescribed by the Commission within 15 days after the effective date of\nthe key individual&#8217;s appointment and (ii) cause the new key individual to\nprovide the items required by &#xA7; 6.2-1932 within 45 days after the effective\ndate.\n\nB. Within 90 days after the date on which the notice provided pursuant to\nsubsection A was determined by the Commission to be complete, the Commission may\ninvestigate the key individual and issue a notice of disapproval of a key\nindividual if the competence, experience, character, or integrity of the\nindividual is not in the best interests of the public or the customers of the\nlicensee to permit the individual to be a key individual of such licensee.\n\nC. A notice of disapproval shall contain a statement of the basis for\ndisapproval and shall be sent to the licensee and the disapproved individual. A\nlicensee may appeal a notice of disapproval in accordance with applicable law.\n\nD. If the notice provided pursuant to subsection A is not disapproved within 90\ndays after the date on which the notice was determined to be complete, the key\nindividual shall be deemed approved.\n\nE. If a multistate licensing process includes a key individual notice review and\ndisapproval process and the licensee avails itself or is otherwise subject to\nthe multistate licensing process, (i) the Commission may accept the\ndetermination of a lead investigative state if the Commission finds that the\nlead investigative state has sufficient staffing, expertise, and minimum\nstandards or (ii) if the Commonwealth is a lead investigative state, the\nCommission may investigate the key individual using the timeframes established\nby agreement through the multistate licensing process notwithstanding the\ntimeframes prescribed in subsections B and D.\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}}