Virginia Code 6.2-1915: Sale or issuance of bearer money orders; prohibition
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A. No authorized delegate of a licensee shall sell a money order with a face amount of $750 or more that does not designate a specific payee.
Terms Used In Virginia Code 6.2-1915
- 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
- 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 order: means a check, traveler's check, draft, or other instrument for the transmission or payment of money or monetary value whether or not negotiable. See Virginia Code 6.2-1900
- Stored value: means monetary value that is evidenced by an electronic record. See Virginia Code 6.2-1900
B. This section applies only to paper money orders.
C. This section does not apply to (i) travelers checks, (ii) electronic instruments, (iii) stored value products or other similar instruments for the transmission or payment of money, or (iv) money orders sold or issued by insured financial institutions.
D. Licensees shall inform their authorized delegates of the obligations imposed by this section.