                                 CODE OF VIRGINIA

(REPEALED EFFECTIVE JULY 1, 2026) ANNUAL FEES; EXPENSES; ANNUAL REPORTS;
RENEWAL. (§ 6.2-1905)

A. Each licensee shall pay to the Commission annually on or before December 31 a
license renewal fee of $750. All fees paid pursuant to this chapter shall be
paid into the state treasury and credited to the &#8220;Financial Institutions
Special Fund &#x2014; State Corporation Commission.&#8221;

B. In order to defray the costs of their examination and supervision, every
licensee under this chapter shall pay an annual assessment calculated in
accordance with a schedule set by the Commission. The schedule shall bear a
reasonable relationship to the dollar volume of money orders sold and Virginia
money transmission business conducted by licensees, either directly or through
their authorized delegates, the costs of their examinations, and to other
factors relating to their supervision and regulation. All such fees shall be
assessed on or before August 1 for every calendar year. All such fees shall be
paid by licensees to the State Treasurer on or before September 1 following each
assessment.

C. In addition to the annual assessment prescribed in subsection B, when it
becomes necessary to examine or investigate the affairs, business, premises,
books, or records of a licensee or any of its authorized delegates at a location
outside the Commonwealth, the licensee shall be liable for and shall pay to the
Commission within 30 days of the presentation of an itemized statement, the
actual travel and reasonable living expenses incurred on account of its
examination or investigation, or shall pay a reasonable per diem rate approved
by the Commission.

D. Each licensee under this chapter shall file periodic written reports with the
Commissioner or the Registry containing such information as the Commissioner may
require concerning the licensee&#8217;s business and operations, including
audited financial statements. Reports shall be in the form and be submitted with
such frequency and by such dates as may be prescribed by the Commissioner. If a
licensee is unable to furnish copies of its audited financial statements by the
dates prescribed by the Commissioner, the licensee may request an extension,
which may be granted by the Commissioner for good cause shown.

E. If a license has expired or has been surrendered or revoked, the former
licensee shall immediately (i) cease selling money orders and engaging in the
money transmission business, and (ii) instruct its authorized delegates to cease
selling money orders and accepting funds for transmission on behalf of the
licensee. The Commission may grant relief from this subsection for good cause
shown.

F. A license issued under this chapter shall expire on December 31 of each year
unless it is renewed by a licensee prior to the expiration date. A licensee may
renew its license by (i) requesting renewal through the Registry; (ii) complying
with any requirements associated with such renewal request that are imposed by
the Registry; (iii) paying the license renewal fee prescribed in subsection A;
(iv) paying the annual assessment prescribed in subsection B; (v) filing the
periodic written reports and audited financial statements prescribed in
subsection D; and (vi) maintaining the minimum net worth specified in subsection
B of &#xA7; 6.2-1906, as evidenced by its audited financial statements. If the
Commissioner finds that the licensee has satisfied these requirements, the
Commissioner shall renew such person&#8217;s license. If a license has expired,
the former licensee may seek reinstatement on or before the last day of February
of the following calendar year. Upon finding that the former licensee has
complied with the renewal requirements set forth in this subsection and remitted
payment of a reinstatement fee of $1,000, the Commissioner shall reinstate such
person&#8217;s license.

HISTORY: 1974, c. 578, § 6.1-373; 1987, c. 283; 1994, cc. 312, 889; 2001, c.
372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2019, c. 634; 2025, c. 214.