{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1952.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1952.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1952.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1952.html"}],"law_id":86619,"edition_id":1,"section_id":86619,"structure_id":13396,"section_number":"6.2-1952","catch_line":"(Effective July 1, 2026) Maintenance of permissible investments","history":"2025, c. 214.","full_text":"A\n\nA licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations in all states.B\n\nExcept for permissible investments enumerated in subsection A of § 6.2-1953, the Commission, with respect to any licensee, may by regulation or order limit the extent to which a specific investment within a class of permissible investments may be considered a permissible investment if the specific investment represents undue risk to customers that is not reflected in the market value of the investment.C\n\nPermissible investments, even if commingled with other assets of the licensee, shall be deemed to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money transmission obligations in the event of insolvency, the filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) for bankruptcy or reorganization, the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or an action by a creditor against the licensee who is not a beneficiary of this statutory trust. No permissible investments impressed with a trust pursuant to this subsection shall be subject to attachment, levy of execution, or sequestration by order of any court, except when for a beneficiary of this statutory trust.D\n\nUpon the establishment of a statutory trust in accordance with subsection C or when any funds are drawn on a letter of credit pursuant to subdivision A 4 of § 6.2-1953, the Commission shall notify the applicable regulator of each state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable. Notice shall be deemed given if provided pursuant to a multistate agreement or through NMLS. Funds drawn on a letter of credit, and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money transmission obligations, shall be deemed to be held in trust for the benefit of such purchasers and holders on a pro rata and equitable basis in accordance with statutes pursuant to which permissible investments are required to be held in the Commonwealth and other states, as applicable. Any statutory trust established hereunder shall be terminated upon extinguishment of all of the licensee’s outstanding money transmission obligations.E\n\nThe Commission by regulation or by order may allow other types of investments that the Commission determines are of sufficient liquidity and quality to be a permissible investment. The Commission is authorized to participate in efforts with other state regulators to determine whether other types of investments are of sufficient liquidity and quality to be a permissible investment.","order_by":null,"text":{"0":{"id":310215,"text":"A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations in all states.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":310216,"text":"Except for permissible investments enumerated in subsection A of § 6.2-1953, the Commission, with respect to any licensee, may by regulation or order limit the extent to which a specific investment within a class of permissible investments may be considered a permissible investment if the specific investment represents undue risk to customers that is not reflected in the market value of the investment.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":310217,"text":"Permissible investments, even if commingled with other assets of the licensee, shall be deemed to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money transmission obligations in the event of insolvency, the filing of a petition by or against the licensee under the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) for bankruptcy or reorganization, the filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or an action by a creditor against the licensee who is not a beneficiary of this statutory trust. No permissible investments impressed with a trust pursuant to this subsection shall be subject to attachment, levy of execution, or sequestration by order of any court, except when for a beneficiary of this statutory trust.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":310218,"text":"Upon the establishment of a statutory trust in accordance with subsection C or when any funds are drawn on a letter of credit pursuant to subdivision A 4 of § 6.2-1953, the Commission shall notify the applicable regulator of each state in which the licensee is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable. Notice shall be deemed given if provided pursuant to a multistate agreement or through NMLS. Funds drawn on a letter of credit, and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money transmission obligations, shall be deemed to be held in trust for the benefit of such purchasers and holders on a pro rata and equitable basis in accordance with statutes pursuant to which permissible investments are required to be held in the Commonwealth and other states, as applicable. Any statutory trust established hereunder shall be terminated upon extinguishment of all of the licensee’s outstanding money transmission obligations.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":310219,"text":"The Commission by regulation or by order may allow other types of investments that the Commission determines are of sufficient liquidity and quality to be a permissible investment. The Commission is authorized to participate in efforts with other state regulators to determine whether other types of investments are of sufficient liquidity and quality to be a permissible investment.","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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1952\/","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\/"},{"id":56681,"section_number":"6.2-1953","catch_line":"(Effective July 1, 2026) Permissible investments","order_by":null,"url":"\/6.2-1953\/"}],"refers_to":[{"id":56681,"section_number":"6.2-1953","catch_line":"(Effective July 1, 2026) Permissible investments","order_by":null,"url":"\/6.2-1953\/"}],"permalink":{"id":266601,"object_type":"law","relational_id":86619,"identifier":"6.2-1952","token":"6.2\/III\/19.1\/6.2-1952","url":"\/6.2-1952\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1952\/","token":"6.2\/III\/19.1\/6.2-1952","dublin_core":{"Title":"(Effective July 1, 2026) Maintenance of permissible investments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1952","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A licensee<\/span> shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations<\/span> in all states. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Except for permissible investments enumerated in subsection A of § 6.2-1953<\/a>, the Commission<\/span>, with respect to any licensee<\/span>, may by regulation or order<\/span> limit the extent to which a specific investment within a class of permissible investments may be considered a permissible investment if the specific investment represents undue risk to customers that is not reflected in the market value of the investment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Permissible investments, even if commingled with other assets<\/span> of the licensee<\/span>, shall be deemed to be held in trust for the benefit of the purchasers and holders of the licensee<\/span>’s outstanding money transmission obligations<\/span> in the event of insolvency, the filing of a petition<\/span> by or against the licensee<\/span> under the United States Bankruptcy Code<\/span> (11 U.S.C. § 101 et seq.) for bankruptcy or reorganization, the filing of a petition<\/span> by or against the licensee<\/span> for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or an action by a creditor<\/span> against the licensee<\/span> who is not a beneficiary of this statutory trust. No permissible investments impressed with a trust pursuant to this subsection shall be subject to attachment<\/span>, levy<\/span> of execution, or sequestration by order<\/span> of any court<\/span>, except when for a beneficiary of this statutory trust. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Upon the establishment of a statutory trust in accordance with subsection C or when any funds are drawn on a letter of credit pursuant to subdivision A 4 of § 6.2-1953<\/a>, the Commission<\/span> shall notify the applicable regulator of each state in which the licensee<\/span> is licensed to engage in money transmission, if any, of the establishment of the trust or the funds drawn on the letter of credit, as applicable. Notice shall be deemed given if provided pursuant to a multistate agreement or through NMLS<\/span>. Funds drawn on a letter of credit, and any other permissible investments held in trust for the benefit of the purchasers and holders of the licensee<\/span>’s outstanding money transmission obligations<\/span>, shall be deemed to be held in trust for the benefit of such purchasers and holders on a pro rata and equitable<\/span> basis in accordance with statutes<\/span> pursuant to which permissible investments are required to be held in the Commonwealth<\/span> and other states, as applicable. Any statutory trust established hereunder shall be terminated upon extinguishment of all of the licensee<\/span>’s outstanding money transmission obligations<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Commission<\/span> by regulation or by order<\/span> may allow other types of investments that the Commission<\/span> determines are of sufficient liquidity and quality to be a permissible investment. The Commission<\/span> is authorized to participate in efforts with other state regulators to determine whether other types of investments are of sufficient liquidity and quality to be a permissible investment. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(EFFECTIVE JULY 1, 2026) MAINTENANCE OF PERMISSIBLE INVESTMENTS (\u00a7 6.2-1952)\n\nA. A licensee shall maintain at all times permissible investments that have a\nmarket value computed in accordance with generally accepted accounting\nprinciples of not less than the aggregate amount of all of its outstanding money\ntransmission obligations in all states.\n\nB. Except for permissible investments enumerated in subsection A of §\n6.2-1953, the Commission, with respect to any licensee, may by regulation or\norder limit the extent to which a specific investment within a class of\npermissible investments may be considered a permissible investment if the\nspecific investment represents undue risk to customers that is not reflected in\nthe market value of the investment.\n\nC. Permissible investments, even if commingled with other assets of the\nlicensee, shall be deemed to be held in trust for the benefit of the purchasers\nand holders of the licensee’s outstanding money transmission obligations\nin the event of insolvency, the filing of a petition by or against the licensee\nunder the United States Bankruptcy Code (11 U.S.C. § 101 et seq.) for\nbankruptcy or reorganization, the filing of a petition by or against the\nlicensee for receivership, the commencement of any other judicial or\nadministrative proceeding for its dissolution or reorganization, or an action by\na creditor against the licensee who is not a beneficiary of this statutory\ntrust. No permissible investments impressed with a trust pursuant to this\nsubsection shall be subject to attachment, levy of execution, or sequestration\nby order of any court, except when for a beneficiary of this statutory trust.\n\nD. Upon the establishment of a statutory trust in accordance with subsection C\nor when any funds are drawn on a letter of credit pursuant to subdivision A 4 of\n§ 6.2-1953, the Commission shall notify the applicable regulator of each\nstate in which the licensee is licensed to engage in money transmission, if any,\nof the establishment of the trust or the funds drawn on the letter of credit, as\napplicable. Notice shall be deemed given if provided pursuant to a multistate\nagreement or through NMLS. Funds drawn on a letter of credit, and any other\npermissible investments held in trust for the benefit of the purchasers and\nholders of the licensee’s outstanding money transmission obligations,\nshall be deemed to be held in trust for the benefit of such purchasers and\nholders on a pro rata and equitable basis in accordance with statutes pursuant\nto which permissible investments are required to be held in the Commonwealth and\nother states, as applicable. Any statutory trust established hereunder shall be\nterminated upon extinguishment of all of the licensee’s outstanding money\ntransmission obligations.\n\nE. The Commission by regulation or by order may allow other types of investments\nthat the Commission determines are of sufficient liquidity and quality to be a\npermissible investment. The Commission is authorized to participate in efforts\nwith other state regulators to determine whether other types of investments are\nof sufficient liquidity and quality to be a permissible investment.\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}}