{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1951.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1951.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1951.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1951.html"}],"law_id":61605,"edition_id":1,"section_id":61605,"structure_id":13396,"section_number":"6.2-1951","catch_line":"(Effective July 1, 2026) Surety bond","history":"2025, c. 214.","full_text":"A\n\nAn applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond, in a form satisfactory to the Commission, or, with the Commission’s approval, a deposit instead of a bond in accordance with this section.B\n\nThe minimum amount of the required security shall be:1\n\nThe greater of $100,000 or an amount equal to 100 percent of the applicant’s or licensee’s average daily money transmission liability in the Commonwealth calculated for the most recent quarter, up to a maximum of $1 million; or2\n\n$100,000 in the event that the applicant’s or licensee’s tangible net worth exceeds 10 percent of total assets.C\n\nAn applicant or licensee that maintains a bond of $1 million pursuant to subdivision B 1 or $100,000 pursuant to subdivision B 2 shall not be required to calculate its average daily money transmission liability in the Commonwealth for purposes of this section.D\n\nAn applicant or licensee may exceed the required security amount, including pursuant to subdivision A 5 of § 6.2-1953.E\n\nThe security device required by this section shall remain in place for five years after a licensee ceases money transmission activities. The Commission may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee’s outstanding money transmission transactions are reduced. The Commission may also permit any licensee to substitute a letter of credit, or such other form of security device as may be acceptable to the Commission, for the security device in place at the time the licensee ceases money transmission activities.F\n\nA surety bond shall remain effective until cancellation, which may occur only after 90 days’ written notice to the Commission. Cancellation does not affect the rights of any claimant for any liability incurred or accrued during the period for which the bond was in force.","order_by":null,"text":{"0":{"id":224931,"text":"An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond, in a form satisfactory to the Commission, or, with the Commission’s approval, a deposit instead of a bond in accordance with this section.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":224932,"text":"The minimum amount of the required security shall be:","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"B1"},"2":{"id":224933,"text":"The greater of $100,000 or an amount equal to 100 percent of the applicant’s or licensee’s average daily money transmission liability in the Commonwealth calculated for the most recent quarter, up to a maximum of $1 million; or","type":"section","prefixes":["B","1"],"prefix":"1","entire_prefix":"B1","prefix_anchor":"B1","level":2,"prior_prefix":"B","next_prefix":"B2"},"3":{"id":224934,"text":"$100,000 in the event that the applicant’s or licensee’s tangible net worth exceeds 10 percent of total assets.","type":"section","prefixes":["B","2"],"prefix":"2","entire_prefix":"B2","prefix_anchor":"B2","level":2,"prior_prefix":"B1","next_prefix":"C"},"4":{"id":224935,"text":"An applicant or licensee that maintains a bond of $1 million pursuant to subdivision B 1 or $100,000 pursuant to subdivision B 2 shall not be required to calculate its average daily money transmission liability in the Commonwealth for purposes of this section.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B2","next_prefix":"D"},"5":{"id":224936,"text":"An applicant or licensee may exceed the required security amount, including pursuant to subdivision A 5 of § 6.2-1953.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"6":{"id":224937,"text":"The security device required by this section shall remain in place for five years after a licensee ceases money transmission activities. The Commission may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee’s outstanding money transmission transactions are reduced. The Commission may also permit any licensee to substitute a letter of credit, or such other form of security device as may be acceptable to the Commission, for the security device in place at the time the licensee ceases money transmission activities.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"7":{"id":224938,"text":"A surety bond shall remain effective until cancellation, which may occur only after 90 days’ written notice to the Commission. Cancellation does not affect the rights of any claimant for any liability incurred or accrued during the period for which the bond was in force.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1951\/","history_text":"

This law was first created in 2025. The record of its establishment is cataloged in chapter 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":64243,"section_number":"6.2-1933","catch_line":"(Effective July 1, 2026) Issuance of license","order_by":null,"url":"\/6.2-1933\/"},{"id":64284,"section_number":"6.2-1936","catch_line":"(Effective July 1, 2026) Acquisition of control","order_by":null,"url":"\/6.2-1936\/"}],"refers_to":false,"permalink":{"id":266597,"object_type":"law","relational_id":61605,"identifier":"6.2-1951","token":"6.2\/III\/19.1\/6.2-1951","url":"\/6.2-1951\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1951\/","token":"6.2\/III\/19.1\/6.2-1951","dublin_core":{"Title":"(Effective July 1, 2026) Surety bond","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1951","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> An applicant for a money transmission<\/span> license shall provide, and a licensee<\/span> at all times shall maintain, security consisting of a surety<\/span> bond<\/span>, in a form satisfactory to the Commission<\/span>, or, with the Commission<\/span>’s approval, a deposit instead of a bond<\/span> in accordance with this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The minimum amount of the required security shall be: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The greater of $100,000 or an amount equal to 100 percent of the applicant’s or licensee<\/span>’s average daily money transmission liability<\/span> in the Commonwealth<\/span> calculated for the most recent quarter, up to a maximum of $1 million; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> $100,000 in the event that the applicant’s or licensee<\/span>’s tangible net worth<\/span> exceeds 10 percent of total assets<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> An applicant or licensee<\/span> that maintains a bond<\/span> of $1 million pursuant to subdivision B 1 or $100,000 pursuant to subdivision B 2 shall not be required to calculate its average daily money transmission liability<\/span> in the Commonwealth<\/span> for purposes of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> An applicant or licensee<\/span> may exceed the required security amount, including pursuant to subdivision A 5 of § 6.2-1953<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The security device required by this section shall remain in place for five years after a licensee<\/span> ceases money transmission activities. The Commission<\/span> may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee<\/span>’s outstanding money transmission transactions are reduced. The Commission<\/span> may also permit any licensee<\/span> to substitute a letter of credit, or such other form of security device as may be acceptable to the Commission<\/span>, for the security device in place at the time the licensee<\/span> ceases money transmission activities. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A surety<\/span> bond<\/span> shall remain effective until cancellation, which may occur only after 90 days’ written notice to the Commission<\/span>. Cancellation does not affect the rights of any claimant for any liability incurred or accrued during the period for which the bond<\/span> was in force. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(EFFECTIVE JULY 1, 2026) SURETY BOND (\u00a7 6.2-1951)\n\nA. An applicant for a money transmission license shall provide, and a licensee\nat all times shall maintain, security consisting of a surety bond, in a form\nsatisfactory to the Commission, or, with the Commission’s approval, a\ndeposit instead of a bond in accordance with this section.\n\nB. The minimum amount of the required security shall be:\n\n 1. The greater of $100,000 or an amount equal to 100 percent of the\n applicant’s or licensee’s average daily money transmission\n liability in the Commonwealth calculated for the most recent quarter, up to a\n maximum of $1 million; or\n\n 2. $100,000 in the event that the applicant’s or licensee’s\n tangible net worth exceeds 10 percent of total assets.\n\nC. An applicant or licensee that maintains a bond of $1 million pursuant to\nsubdivision B 1 or $100,000 pursuant to subdivision B 2 shall not be required to\ncalculate its average daily money transmission liability in the Commonwealth for\npurposes of this section.\n\nD. An applicant or licensee may exceed the required security amount, including\npursuant to subdivision A 5 of § 6.2-1953.\n\nE. The security device required by this section shall remain in place for five\nyears after a licensee ceases money transmission activities. The Commission may\npermit the security device to be reduced or eliminated prior to that time to the\nextent the amount of such licensee’s outstanding money transmission\ntransactions are reduced. The Commission may also permit any licensee to\nsubstitute a letter of credit, or such other form of security device as may be\nacceptable to the Commission, for the security device in place at the time the\nlicensee ceases money transmission activities.\n\nF. A surety bond shall remain effective until cancellation, which may occur only\nafter 90 days’ written notice to the Commission. Cancellation does not\naffect the rights of any claimant for any liability incurred or accrued during\nthe period for which the bond was in force.\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}}