6.1-375 - (Repealed effective October 1, 2010) Selling without license; examination of books by Commission; penalty.
§ 6.1-375. (Repealed effective October 1, 2010) Selling without license;examination of books by Commission; penalty.
A. Any person required by this chapter to have a license who sells moneyorders or engages in the business of money transmission without first beinglicensed shall be guilty of a Class 1 misdemeanor.
B. The Commission shall have authority to examine the books and records ofall persons engaged in the sale of money orders or engaged in the business ofmoney transmission, either directly or through authorized delegates, andshall report violations of § 6.1-371 to the attorney for the Commonwealth ofthe city or county in which such violation occurs. Except as provided herein,the Commission shall make an examination of the books and records of eachlicensee at least once in every three-year period, and shall adjust thesurety bond or alternative security device as it may deem necessary inaccordance with § 6.1-372. The Commission may also examine the books andrecords of any authorized delegate of a licensee as often as it is deemed tobe in the public interest. Examinations under this section may be conductedin conjunction with examinations to be performed by representatives ofagencies of the federal government or another state. The Commission, in lieuof an examination, may accept the examination report of an agency of thefederal government or another state. For the foregoing purposes, the persondesignated by the Commission to make such examinations shall have authorityto administer oaths, examine under oath in the course of such examinations,the principals, officers, directors, partners, and employees of any personrequired to be licensed by this chapter or such person's authorizeddelegates, and compel the production of documents.
(1974, c. 578; 1976, c. 531; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009,c. 346.)