{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-1954.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-1954.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-1954.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-1954.html"}],"law_id":61652,"edition_id":1,"section_id":61652,"structure_id":13396,"section_number":"6.2-1954","catch_line":"(Effective July 1, 2026) Suspension or revocation of license","history":"2025, c. 214.","full_text":"A\n\nThe Commission may suspend or revoke a license issued under this chapter upon any of the following grounds:1\n\nThe licensee violates any provisions of this chapter or a regulation adopted or an order issued under this chapter or violates any other law or regulation applicable to the conduct of the licensee’s business;2\n\nThe licensee does not cooperate with an examination or investigation by the Commission;3\n\nThe licensee has engaged or is engaging in fraud, misrepresentation, deceit, or gross negligence;4\n\nAn authorized delegate of the licensee (i) is convicted of a violation of a state or federal money laundering statute, (ii) violates any provisions of this chapter or a regulation adopted or an order issued under this chapter, or (iii) violates any other law or regulation applicable to the conduct of the licensee’s business;5\n\nAny ground for denial of a license under this chapter;6\n\nThe licensee has engaged or is engaging in an unsafe or unsound practice;7\n\nThe licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors;8\n\nThe licensee does not remove an authorized delegate after the Commission issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter;9\n\nThe Commission reasonably determines that (i) the licensee may be unable to perform its obligations or (ii) the licensee has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations;10\n\nEntry of a federal or state administrative order against the licensee for violation of any law or regulation applicable to the conduct of its business;11\n\nFailure to pay any fee imposed by this chapter; or12\n\nSuch other grounds as the Commission may prescribe by regulation.B\n\nIn determining whether a licensee is engaging in an unsafe or unsound practice, the Commission may consider the volume and condition of the licensee’s money transmission business, the magnitude of any loss, the gravity of any violation of this chapter, the previous conduct of the person involved, and any other factors that the Commission deems relevant.C\n\nFor the purposes of this section, acts of any key individual or person in control of a licensee shall be deemed acts of the licensee.D\n\nThe Commission shall not revoke or suspend a license issued under this chapter upon any of the grounds set forth in this section until it has given the licensee 21 days’ notice in writing of the reasons for the proposed revocation or suspension and has given the licensee an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to the principal place of business of such licensee or other address authorized under § 12.1-19.1 and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the person or persons named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not revoke or suspend the license except based upon findings made at such hearing. The hearing shall be conducted in accordance with the Commission’s Rules.","order_by":null,"text":{"0":{"id":225090,"text":"The Commission may suspend or revoke a license issued under this chapter upon any of the following grounds:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":225091,"text":"The licensee violates any provisions of this chapter or a regulation adopted or an order issued under this chapter or violates any other law or regulation applicable to the conduct of the licensee’s business;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":225092,"text":"The licensee does not cooperate with an examination or investigation by the Commission;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":225093,"text":"The licensee has engaged or is engaging in fraud, misrepresentation, deceit, or gross negligence;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":225094,"text":"An authorized delegate of the licensee (i) is convicted of a violation of a state or federal money laundering statute, (ii) violates any provisions of this chapter or a regulation adopted or an order issued under this chapter, or (iii) violates any other law or regulation applicable to the conduct of the licensee’s business;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":225095,"text":"Any ground for denial of a license under this chapter;","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":225096,"text":"The licensee has engaged or is engaging in an unsafe or unsound practice;","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"A7"},"7":{"id":225097,"text":"The licensee is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors;","type":"section","prefixes":["A","7"],"prefix":"7","entire_prefix":"A7","prefix_anchor":"A7","level":2,"prior_prefix":"A6","next_prefix":"A8"},"8":{"id":225098,"text":"The licensee does not remove an authorized delegate after the Commission issues and serves upon the licensee a final order including a finding that the authorized delegate has violated this chapter;","type":"section","prefixes":["A","8"],"prefix":"8","entire_prefix":"A8","prefix_anchor":"A8","level":2,"prior_prefix":"A7","next_prefix":"A9"},"9":{"id":225099,"text":"The Commission reasonably determines that (i) the licensee may be unable to perform its obligations or (ii) the licensee has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations;","type":"section","prefixes":["A","9"],"prefix":"9","entire_prefix":"A9","prefix_anchor":"A9","level":2,"prior_prefix":"A8","next_prefix":"A10"},"10":{"id":225100,"text":"Entry of a federal or state administrative order against the licensee for violation of any law or regulation applicable to the conduct of its business;","type":"section","prefixes":["A","10"],"prefix":"10","entire_prefix":"A10","prefix_anchor":"A10","level":2,"prior_prefix":"A9","next_prefix":"A11"},"11":{"id":225101,"text":"Failure to pay any fee imposed by this chapter; or","type":"section","prefixes":["A","11"],"prefix":"11","entire_prefix":"A11","prefix_anchor":"A11","level":2,"prior_prefix":"A10","next_prefix":"A12"},"12":{"id":225102,"text":"Such other grounds as the Commission may prescribe by regulation.","type":"section","prefixes":["A","12"],"prefix":"12","entire_prefix":"A12","prefix_anchor":"A12","level":2,"prior_prefix":"A11","next_prefix":"B"},"13":{"id":225103,"text":"In determining whether a licensee is engaging in an unsafe or unsound practice, the Commission may consider the volume and condition of the licensee’s money transmission business, the magnitude of any loss, the gravity of any violation of this chapter, the previous conduct of the person involved, and any other factors that the Commission deems relevant.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A12","next_prefix":"C"},"14":{"id":225104,"text":"For the purposes of this section, acts of any key individual or person in control of a licensee shall be deemed acts of the licensee.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"15":{"id":225105,"text":"The Commission shall not revoke or suspend a license issued under this chapter upon any of the grounds set forth in this section until it has given the licensee 21 days’ notice in writing of the reasons for the proposed revocation or suspension and has given the licensee an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to the principal place of business of such licensee or other address authorized under § 12.1-19.1 and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the person or persons named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not revoke or suspend the license except based upon findings made at such hearing. The hearing shall be conducted in accordance with the Commission’s Rules.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-1954\/","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":false,"refers_to":[{"id":71702,"section_number":"12.1-19.1","catch_line":"Service of process on the Clerk of the State Corporation Commission as statutory agent","order_by":null,"url":"\/12.1-19.1\/"}],"permalink":{"id":266609,"object_type":"law","relational_id":61652,"identifier":"6.2-1954","token":"6.2\/III\/19.1\/6.2-1954","url":"\/6.2-1954\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-1954\/","token":"6.2\/III\/19.1\/6.2-1954","dublin_core":{"Title":"(Effective July 1, 2026) Suspension or revocation of license","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1954","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> may suspend or revoke a license issued under this chapter upon any of the following grounds: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The licensee<\/span> violates any provisions of this chapter or a regulation adopted or an order<\/span> issued under this chapter or violates any other law<\/span> or regulation applicable to the conduct of the licensee<\/span>’s business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The licensee<\/span> does not cooperate with an examination or investigation by the Commission<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The licensee<\/span> has engaged or is engaging in fraud<\/span>, misrepresentation, deceit, or gross negligence<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> An authorized delegate<\/span> of the licensee<\/span> (i) is convicted of a violation of a state or federal money<\/span> laundering statute<\/span>, (ii) violates any provisions of this chapter or a regulation adopted or an order<\/span> issued under this chapter, or (iii) violates any other law<\/span> or regulation applicable to the conduct of the licensee<\/span>’s business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Any ground for denial of a license under this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> The licensee<\/span> has engaged or is engaging in an unsafe or unsound practice; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The licensee<\/span> is insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> The licensee<\/span> does not remove an authorized delegate<\/span> after the Commission<\/span> issues<\/span> and serves upon the licensee<\/span> a final order<\/span> including a finding<\/span> that the authorized delegate<\/span> has violated this chapter; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> The Commission<\/span> reasonably determines that (i) the licensee<\/span> may be unable to perform its obligations or (ii) the licensee<\/span> has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> Entry of a federal or state administrative order against the licensee<\/span> for violation of any law<\/span> or regulation applicable to the conduct of its business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> Failure to pay any fee imposed by this chapter; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> Such other grounds as the Commission<\/span> may prescribe by regulation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In determining whether a licensee<\/span> is engaging in an unsafe or unsound practice, the Commission<\/span> may consider the volume and condition of the licensee<\/span>’s money transmission<\/span> business, the magnitude of any loss, the gravity of any violation of this chapter, the previous conduct of the person<\/span> involved, and any other factors that the Commission<\/span> deems relevant. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> For the purposes of this section, acts of any key individual<\/span> or person<\/span> in control<\/span> of a licensee<\/span> shall be deemed acts of the licensee<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Commission<\/span> shall not revoke or suspend a license issued under this chapter upon any of the grounds set forth in this section until it has given the licensee<\/span> 21 days’ notice in writing of the reasons for the proposed revocation<\/span> or suspension and has given the licensee<\/span> an opportunity to introduce evidence<\/span> and be heard. The notice shall be sent by certified mail to the principal place of business of such licensee<\/span> or other address authorized under § 12.1-19.1<\/a> and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the person<\/span> or persons<\/span> named therein may file with the clerk of the Commission<\/span> a written request for a hearing<\/span>. If a hearing<\/span> is requested, the Commission<\/span> shall not revoke or suspend the license except based upon findings<\/span> made at such hearing<\/span>. The hearing<\/span> shall be conducted in accordance with the Commission<\/span>’s Rules. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\n(EFFECTIVE JULY 1, 2026) SUSPENSION OR REVOCATION OF LICENSE (\u00a7 6.2-1954)\n\nA. The Commission may suspend or revoke a license issued under this chapter upon\nany of the following grounds:\n\n 1. The licensee violates any provisions of this chapter or a regulation\n adopted or an order issued under this chapter or violates any other law or\n regulation applicable to the conduct of the licensee’s business;\n\n 2. The licensee does not cooperate with an examination or investigation by the\n Commission;\n\n 3. The licensee has engaged or is engaging in fraud, misrepresentation,\n deceit, or gross negligence;\n\n 4. An authorized delegate of the licensee (i) is convicted of a violation of a\n state or federal money laundering statute, (ii) violates any provisions of\n this chapter or a regulation adopted or an order issued under this chapter, or\n (iii) violates any other law or regulation applicable to the conduct of the\n licensee’s business;\n\n 5. Any ground for denial of a license under this chapter;\n\n 6. The licensee has engaged or is engaging in an unsafe or unsound practice;\n\n 7. The licensee is insolvent, suspends payment of its obligations, or makes a\n general assignment for the benefit of its creditors;\n\n 8. The licensee does not remove an authorized delegate after the Commission\n issues and serves upon the licensee a final order including a finding that the\n authorized delegate has violated this chapter;\n\n 9. The Commission reasonably determines that (i) the licensee may be unable to\n perform its obligations or (ii) the licensee has willfully failed without\n reasonable cause to pay or provide for the payment of any of its obligations;\n\n 10. Entry of a federal or state administrative order against the licensee for\n violation of any law or regulation applicable to the conduct of its business;\n\n 11. Failure to pay any fee imposed by this chapter; or\n\n 12. Such other grounds as the Commission may prescribe by regulation.\n\nB. In determining whether a licensee is engaging in an unsafe or unsound\npractice, the Commission may consider the volume and condition of the\nlicensee’s money transmission business, the magnitude of any loss, the\ngravity of any violation of this chapter, the previous conduct of the person\ninvolved, and any other factors that the Commission deems relevant.\n\nC. For the purposes of this section, acts of any key individual or person in\ncontrol of a licensee shall be deemed acts of the licensee.\n\nD. The Commission shall not revoke or suspend a license issued under this\nchapter upon any of the grounds set forth in this section until it has given the\nlicensee 21 days’ notice in writing of the reasons for the proposed\nrevocation or suspension and has given the licensee an opportunity to introduce\nevidence and be heard. The notice shall be sent by certified mail to the\nprincipal place of business of such licensee or other address authorized under\n§ 12.1-19.1 and shall state with particularity the grounds for the\ncontemplated action. Within 14 days of mailing the notice, the person or persons\nnamed therein may file with the clerk of the Commission a written request for a\nhearing. If a hearing is requested, the Commission shall not revoke or suspend\nthe license except based upon findings made at such hearing. The hearing shall\nbe conducted in accordance with the Commission’s Rules.\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}}