                                 CODE OF VIRGINIA

(EFFECTIVE JULY 1, 2026) CHANGE OF KEY INDIVIDUAL; NOTICE AND REQUIRED
INFORMATION (§ 6.2-1937)

A. A licensee adding or replacing any key individual shall (i) provide notice in
a manner prescribed by the Commission within 15 days after the effective date of
the key individual&#8217;s appointment and (ii) cause the new key individual to
provide the items required by &#xA7; 6.2-1932 within 45 days after the effective
date.

B. Within 90 days after the date on which the notice provided pursuant to
subsection A was determined by the Commission to be complete, the Commission may
investigate the key individual and issue a notice of disapproval of a key
individual if the competence, experience, character, or integrity of the
individual is not in the best interests of the public or the customers of the
licensee to permit the individual to be a key individual of such licensee.

C. A notice of disapproval shall contain a statement of the basis for
disapproval and shall be sent to the licensee and the disapproved individual. A
licensee may appeal a notice of disapproval in accordance with applicable law.

D. If the notice provided pursuant to subsection A is not disapproved within 90
days after the date on which the notice was determined to be complete, the key
individual shall be deemed approved.

E. If a multistate licensing process includes a key individual notice review and
disapproval process and the licensee avails itself or is otherwise subject to
the multistate licensing process, (i) the Commission may accept the
determination of a lead investigative state 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 key individual using the timeframes established
by agreement through the multistate licensing process notwithstanding the
timeframes prescribed in subsections B and D.

HISTORY: 2025, c. 214.