                                 CODE OF VIRGINIA

(REPEALED EFFECTIVE JULY 1, 2026) CONDITIONS PREREQUISITE TO ISSUANCE OF
LICENSE; NET WORTH REQUIREMENT. (§ 6.2-1906)

A. The Commission shall not issue a license to an applicant unless it determines
that:

   1. The applicant will be able to and will perform its obligations to
   purchasers of money transmission services and purchasers, payees, and holders
   of money orders sold by it and its authorized delegates; and

   2. The financial responsibility, character, reputation, experience, and
   general fitness of the applicant and its members, senior officers, directors,
   and principals are such as to warrant belief that the business will be
   operated efficiently and fairly, in the public interest, and in accordance
   with applicable law and regulations.

B. Each licensee shall at all times have a net worth of not less than $200,000,
or a higher amount not to exceed $1 million as determined by the Commission,
calculated in accordance with generally accepted accounting principles.

HISTORY: 1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372;
2009, c. 346; 2010, c. 794; 2014, c. 454; 2025, c. 214.