Virginia Code 6.2-1901: License required; exception
A. No person shall engage in the business of selling money orders or engage in the business of money transmission, whether or not the person has a location in the Commonwealth, unless the person obtains from the Commission a license issued pursuant to this chapter.
Terms Used In Virginia Code 6.2-1901
- Authorized delegate: means a person designated or appointed by a licensee to sell money orders or provide money transmission services on behalf of the licensee. See Virginia Code 6.2-1900
- Commission: means the State Corporation Commission. See Virginia Code 6.2-100
- Licensee: means a person licensed under this chapter to engage in the business of selling money orders or the business of money transmission, or both. See Virginia Code 6.2-1900
- Money transmission: means receiving money or monetary value for transmission by wire, facsimile, electronic means or other means or selling or issuing stored value. See Virginia Code 6.2-1900
- Person: means any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or other legal or commercial entity. See Virginia Code 6.2-100
- Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
- Registry: means the licensing and registration system operated by the State Regulatory Registry LLC. See Virginia Code 6.2-1900
B. No license under this chapter shall be required of any authorized delegate of a licensee.
C. Every person required to be licensed under this chapter shall register with the Registry and be subject to such registration and renewal requirements as may be established by the Registry, in addition to any requirements of this chapter. In adopting regulations pursuant to § 6.2-1913, the Commission shall include any terms, conditions, or requirements applicable to such registration and renewal. Any fees required by the Registry shall be separate and apart from any fees imposed by this chapter. The Commission, at its discretion, may collect any registration and renewal fees on behalf of the Registry and remit such fees to the Registry or permit the Registry to collect any fees imposed by this chapter and remit such fees to the Commission.
D. In connection with its implementation and administration of this chapter, the Commission may establish agreements or contracts with the Registry or other entities designated by the Registry to collect, distribute, and maintain information and records and process fees related to persons required to be licensed under this chapter. In establishing such agreements or contracts, the Commission shall not be subject to the Virginia Public Procurement Act (§ 2.2-4300 et seq.).
1974, c. 578, §§ 6.1-371, 6.1-377; 1983, c. 156; 1987, c. 283; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2005, c. 314; 2009, c. 346; 2010, c. 794; 2019, c. 634.