6.1-374 - (Repealed effective October 1, 2010) License required; conditions prerequisite to issuance; revocation for inability to meet obligations; reinstatement after revocation.
§ 6.1-374. (Repealed effective October 1, 2010) License required; conditionsprerequisite to issuance; revocation for inability to meet obligations;reinstatement after revocation.
A. The Commission shall not issue a license unless it is of the opinion thatthe applicant will be able to and will perform its obligations to purchasersof money transmission services and purchasers, payees, and holders of moneyorders sold by it and its authorized delegates in this Commonwealth, and thatthe financial responsibility, character, reputation, experience, and generalfitness of the applicant and its members, senior officers, directors, andprincipals are such as to warrant belief that the business will be operatedefficiently and fairly, in the public interest, and in accordance with thelaw and regulations. Each licensee under this chapter shall at all times havea net worth of not less than $200,000, or a higher amount not to exceed $1million as determined by the Commission, calculated in accordance withgenerally accepted accounting principles. Any person who was licensed underthis chapter on July 1, 2009, shall have three years from that date to complywith the minimum net worth requirement of this section, during which periodthe licensee shall at all times have a net worth of not less than $100,000,or a higher amount not to exceed $1 million as determined by the Commission,calculated in accordance with generally accepted accounting principles.
B. The Commissioner may make such investigations as he deems necessary todetermine if the applicant has complied with all applicable provisions of lawand regulations adopted thereunder.
C. The Commission may revoke a license issued under this chapter:
1. If it reasonably determines that (i) a licensee is engaging in one or moreunsafe or unsound practices, (ii) a licensee may be unable to perform itsobligations, or (iii) a licensee has willfully failed without reasonablecause to pay or provide for the payment of any of its obligations; or
2. Upon any of the following grounds:
a. Any ground for denial of a license under this chapter;
b. Any violation of the provisions of this chapter or regulations promulgatedby the Commission pursuant thereto, or a violation of any other law orregulation applicable to the conduct of the licensee's business;
c. Conviction of a felony or misdemeanor involving fraud, misrepresentation,or deceit;
d. Entry of a judgment against such licensee involving fraud,misrepresentation, or deceit;
e. Entry of a federal or state administrative order against such licensee forviolation of any law or any regulation applicable to the conduct of hisbusiness;
f. Refusal to permit an investigation or examination by the Commission;
g. Failure to pay any fee or assessment imposed by this chapter; or
h. Failure to comply with any order of the Commission.
(1974, c. 578; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c. 346.)