                                 CODE OF VIRGINIA

OTHER REPORTING REQUIREMENTS (§ 6.2-2036)

A. Within 15 days following the occurrence of any of the following events, a
licensee shall file a written report with the Commission describing such event
and its expected impact on the business of the licensee:

   1. The filing of bankruptcy, reorganization, or receivership proceedings by or
   against the licensee;

   2. The institution of administrative or regulatory proceedings against the
   licensee by any governmental authority;

   3. Any felony indictments of the licensee or any of its members, partners,
   directors, officers, trustees, beneficiaries, or principals, if known;

   4. Any felony conviction of the licensee or any of its members, partners,
   directors, officers, trustees, beneficiaries, or principals, if known;

   5. The institution of an action against the licensee under the Virginia
   Consumer Protection Act (&#xA7; 59.1-196 et seq.) by the Attorney General or
   any other governmental authority; or

   6. Such other event as the Commission may prescribe by regulation.

B. Within 30 days of judgment against the licensee in a civil action relating to
the debt settlement services agreement of a consumer, a licensee shall file a
written report with the Commission describing such event and its expected impact
on the business of the licensee.

C. Within 10 days of receipt of any qualified audit, a licensee shall notify the
Commission and describe what steps are being taken to address concerns raised in
the audit.

HISTORY: 2020, c. 785.