                                 CODE OF VIRGINIA

BOND REQUIRED (§ 6.2-1523.3)

An application for a license under this chapter shall be accompanied by a bond
filed with the Commissioner with corporate surety authorized to execute such
bond in the Commonwealth, in the sum of $25,000, or such greater sum as the
Commission may require, but not to exceed a total of $500,000. The form of such
bond shall be approved by the Commission. Such bond shall be continuously
maintained thereafter in full force. Such bond shall be conditioned upon the
applicant or licensee performing all written agreements with borrowers or
prospective borrowers, correctly and accurately accounting for all funds
received by it in its licensed business, and conducting its licensed business in
conformity with this chapter and all applicable laws. Any person who may be
damaged by noncompliance of the licensee with any condition of such bond may
proceed on such bond against the principal or surety thereon, or both, to
recover damages. The aggregate liability under the bond shall not exceed the
penal sum of the bond.

HISTORY: 2020, cc. 1215, 1258.