                                 CODE OF VIRGINIA

(EFFECTIVE JULY 1, 2026) ISSUANCE OF LICENSE (§ 6.2-1933)

A. When the Commission determines that an application is complete, the
Commission shall promptly notify the applicant in a record of the date on which
the application is determined to be complete, and shall approve or deny the
application within 120 days after the completion date. If the application is not
approved or denied within 120 days after the completion date, the application
shall be deemed approved and the license shall take effect as of the first
business day after expiration of the 120-day period. The Commission may for good
cause extend the application period.

B. A determination by the Commission that an application is complete and is
accepted for processing means only that the application, on its face, appears to
include all of the items, including the criminal background check response from
the Federal Bureau of Investigation, and address all of the matters that are
required and is not an assessment of the substance of the application or of the
sufficiency of the information provided.

C. When an application is filed and considered complete under this section, the
Commission shall investigate the financial condition and responsibility,
financial and business experience, competence, character, and general fitness of
the applicant, each key individual, and each person in control of the applicant.
The Commission may conduct an on-site investigation of the applicant, the
reasonable cost of which the applicant shall pay. The Commission shall issue a
license to an applicant if the Commission finds that (i) the applicant, each key
individual, and each person in control of the applicant have complied with
&#xA7;&#xA7; 6.2-1931 and 6.2-1932; (ii) the applicant meets the requirements in
&#xA7;&#xA7; 6.2-1950, 6.2-1951, and 6.2-1952; and (iii) the financial condition
and responsibility, financial and business experience, competence, character,
and general fitness of the applicant and the competence, experience, character,
and general fitness of the key individuals and persons in control of the
applicant indicate that it is in the interest of the public to permit the
applicant to engage in money transmission.

D. If an applicant avails itself or is otherwise subject to a multistate
licensing process, (i) the Commission may accept the investigation results of a
lead investigative state for the purpose of subsection C if the Commission finds
that the lead investigative state has sufficient staffing, expertise, and
minimum standards or (ii) if the Commonwealth is a lead investigative state, the
Commission may investigate the applicant pursuant to subsection C and the
timeframes established by agreement through the multistate licensing process,
provided, however, that in no case shall such timeframe be noncompliant with the
application period established in subsection A.

E. The Commission shall issue a formal written notice of the denial of a license
application within 30 days of the decision to deny the application. The
Commission shall set forth in the notice of denial the specific reasons for the
denial of the application. An applicant whose application is denied by the
Commission under this subsection may appeal in accordance with applicable law.

F. The initial license term shall begin on the day the application is approved.
The license shall expire on December 31 of the year in which the license term
began, unless the initial license date is between November 1 and December 31, in
which instance the initial license term shall run through December 31 of the
following year.

HISTORY: 2025, c. 214.