6.2-1905 - (Effective October 1, 2010) Annual fees; expenses; annual reports; renewal.
§ 6.2-1905. (Effective October 1, 2010) Annual fees; expenses; annualreports; renewal.
A. Each licensee shall pay to the Commission annually on or before September1 a license renewal fee of $750. All fees paid pursuant to this chapter shallbe paid into the state treasury and credited to the "Financial InstitutionsSpecial Fund - State Corporation Commission."
B. In order to defray the costs of their examination and supervision, everylicensee under this chapter shall pay an annual assessment calculated inaccordance with a schedule set by the Commission. The schedule shall bear areasonable relationship to the dollar volume of money orders sold andVirginia money transmission business conducted by licensees, either directlyor through their authorized delegates, the costs of their examinations, andto other factors relating to their supervision and regulation. All such feesshall be assessed on or before August 1 for every calendar year. All suchfees shall be paid by licensees to the State Treasurer on or before September1 following each assessment.
C. In addition to the annual assessment prescribed in subsection B, when itbecomes necessary to examine or investigate the books and records of alicensee at a location outside the Commonwealth, the licensee shall be liablefor and shall pay to the Commission within 30 days of the presentation of anitemized statement, the actual travel and reasonable living expenses incurredon account of its examination and supervision, or shall pay a reasonable perdiem rate approved by the Commission.
D. Each licensee under this chapter shall annually, on or before April 15,file a written report with the Commissioner along with such information asthe Commissioner may require concerning the licensee's business, includingaudited financial statements. If a licensee is unable to furnish copies ofits audited financial statements by April 15, the licensee may request anextension, which may be granted by the Commissioner for good cause shown.
E. Every license shall remain in force until it expires or has beensurrendered or revoked. The expiration, surrender, or revocation of a licenseshall not affect any preexisting legal right or obligation of the licensee.
F. If a license has expired or has been surrendered or revoked, the formerlicensee shall immediately (i) cease selling money orders and engaging in themoney transmission business, and (ii) instruct its authorized delegates tocease selling money orders and accepting funds for transmission on behalf ofthe licensee. The Commission may grant relief from this subsection for goodcause shown.
G. A license issued under this chapter shall expire on September 30 of eachyear unless it is renewed by a licensee. A licensee may renew its license bycomplying with the following: (i) paying its license renewal fee inaccordance with subsection A; (ii) paying its annual assessment in accordancewith subsection B; (iii) filing its annual report and audited financialstatements in accordance with subsection D; and (iv) maintaining the minimumnet worth specified in subsection B of § 6.2-1906, as evidenced by itsaudited financial statements. Upon receiving a licensee's renewal fee, annualassessment, and the documents and other information required by this section,the Commissioner shall renew such person's license. If a license has expired,the former licensee may seek reinstatement within three months after thelicense expiration date. Upon receiving a former licensee's renewal fee,annual assessment, and the documents and other information required by thissection, together with payment of a reinstatement fee of $1,000, theCommissioner shall reinstate such person's license.
(1974, c. 578, § 6.1-373; 1987, c. 283; 1994, cc. 312, 889; 2001, c. 372;2009, c. 346; 2010, c. 794.)