6.2-1915 - (Effective October 1, 2010) Sale or issuance of bearer money orders; prohibition.
§ 6.2-1915. (Effective October 1, 2010) Sale or issuance of bearer moneyorders; prohibition.
A. No authorized delegate of a licensee shall sell a money order with a faceamount of $750 or more that does not designate a specific payee.
B. This section applies only to paper money orders.
C. This section does not apply to (i) travelers checks, (ii) electronicinstruments, (iii) stored value products or other similar instruments for thetransmission or payment of money, or (iv) money orders sold or issued byinsured financial institutions.
D. Licensees shall inform their authorized delegates of the obligationsimposed by this section.
(1999, c. 355, § 6.1-378.2; 2009, c. 346; 2010, c. 794.)