                                 CODE OF VIRGINIA

BOND REQUIRED (§ 6.2-2604)

The application for a license shall be accompanied by a bond filed with the
Commissioner with corporate surety authorized to execute such bond, in the
principal amount as determined by the Commissioner. The amount of the bond shall
be not less than $50,000 nor more than $500,000. The form of such bond shall be
approved by the Commissioner. Such bond shall be continuously maintained
thereafter in full force. Such bond shall be conditioned upon the applicant or
licensee performing all written agreements pertaining to qualified education
loans, correctly and accurately accounting for all funds received by the
applicant or licensee in connection with qualified education loans, and
conducting its business in conformity with this chapter and all applicable laws.
The aggregate liability under the bond shall not exceed the penal sum of the
bond.

HISTORY: 2020, cc. 1198, 1250.