                                 CODE OF VIRGINIA

BOND REQUIRED (§ 6.2-2029)

The application for a license shall be accompanied by a bond filed with the
Commissioner with corporate surety authorized to execute the bond in the
Commonwealth, in the principal amount as determined by the Commission. The
amount of the bond shall be not less than $25,000 nor more than $350,000. The
form of the bond shall be approved by the Commission. The bond shall be
continuously maintained thereafter in full force, and the Commission may require
the principal amount to be adjusted as it deems necessary. The bond shall be
conditioned upon the licensee performing all written agreements with consumers
and conducting the licensed business in conformity with this chapter and all
applicable law. Any person who may be damaged by noncompliance of the licensee
with any condition of the bond may proceed on the bond against the principal or
surety thereon, or both, to recover damages. The aggregate liability under the
bond shall not exceed the penal sum of the bond.

HISTORY: 2020, c. 785.