                                 CODE OF VIRGINIA

BOND REQUIRED (§ 6.2-1604)

The application for a license shall also 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 Commissioner may
require. The form of the bond shall be approved by the Commission. The bond
shall be continuously maintained thereafter in full force. The 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 him in his licensed business, and conducting his licensed
business in conformity with this chapter and all applicable law. Any person who
may be damaged by noncompliance of a 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: 1987, c. 596, § 6.1-413; 1989, c. 411; 2001, c. 511; 2010, c. 794.