                                 CODE OF VIRGINIA

(EFFECTIVE JULY 1, 2026) APPLICATION FOR LICENSE (§ 6.2-1931)

A. Applicants for a license, which shall be entities, shall apply in a form and
in a medium as prescribed by the Commission. Each such form shall contain
content as set forth in regulation, instruction, or procedure of the Commission
and may be changed or updated by the Commission in accordance with applicable
law in order to carry out the purposes of this chapter and maintain consistency
with NMLS licensing standards and practices. The application shall include, as
applicable:

   1. The legal name and business address of the applicant and any fictitious or
   trade name used by the applicant in conducting its business;

   2. A list of (i) any material litigation in which the applicant or any person
   in control of the applicant that is not an individual has been the subject of
   or involved in during the 10-year period preceding the submission of the
   application and (ii) criminal convictions of the applicant and each person in
   control of the applicant that is not an individual;

   3. A description of any money transmission previously provided by the
   applicant and the money transmission that the applicant seeks to provide under
   this chapter;

   4. A list of the applicant&#8217;s proposed authorized delegates and the
   locations where the applicant and its authorized delegates propose to engage
   in money transmission;

   5. A list of other states in which the applicant is licensed to engage in
   money transmission and any license revocations, suspensions, or other
   disciplinary action taken against the applicant in another state;

   6. Information concerning any bankruptcy or receivership proceedings affecting
   the applicant or a person in control of the applicant;

   7. A sample form of contract for authorized delegates;

   8. A sample form of payment instrument or stored value;

   9. The name and address of any federally insured depository financial
   institution through which the applicant plans to conduct money transmission;

   10. The date of the applicant&#8217;s incorporation or formation and
   jurisdiction of incorporation or formation;

   11. A certificate of good standing from the jurisdiction in which the
   applicant is incorporated or formed, provided that such jurisdiction furnishes
   certificates of good standing;

   12. A brief description of the structure or organization of the applicant,
   including any parents or subsidiaries of the applicant, and whether any
   parents or subsidiaries are publicly traded;

   13. The legal name and any fictitious or trade name of each key individual and
   person in control of the applicant;

   14. All business and residential addresses, and the employment history, as
   applicable, in the 10-year period preceding the submission of the application
   of each key individual and person in control of the applicant;

   15. A copy of audited financial statements of the applicant for the most
   recent fiscal year and for the two-year period preceding the submission of the
   application;

   16. A certified copy of unaudited financial statements of the applicant for
   the most recent fiscal quarter;

   17. If the applicant is a publicly traded corporation, a copy of the most
   recent report filed with the U. S. Securities and Exchange Commission under
   &#xA7; 13 of the federal Securities Exchange Act of 1934;

   18. If the applicant is a wholly owned subsidiary of (i) a corporation
   publicly traded in the United States, a copy of audited financial statements
   for the parent corporation for the most recent fiscal year or a copy of the
   parent corporation&#8217;s most recent report filed under &#xA7; 13 of the
   federal Securities Exchange Act of 1934, or (ii) a corporation publicly traded
   outside the United States, a copy of similar documentation filed with the
   regulator of the parent corporation&#8217;s domicile outside the United
   States;

   19. The name and address of the applicant&#8217;s registered agent in the
   Commonwealth; and

   20. Any other information the Commission reasonably requires with respect to
   the applicant and all key individuals and persons in control of the applicant.

B. A nonrefundable application fee of $1,000 shall accompany an application for
a license under this section.

C. If any material information provided in connection with an application
changes during the investigation period, the applicant shall immediately notify
the Commission.

HISTORY: 2025, c. 214.