SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2001 SESSION

  • | print version

HB 2161 Money order sales and money transmission services.

Introduced by: Clifton A. (Chip) Woodrum | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Money order sales and money transmission services. Eliminates the requirement that a licensee have a physical presence in Virginia, so long as transactions are being conducted by Virginia citizens. Applicants for licenses are now required to submit audited financial statements and have a minimum net worth between $100,000 and one million dollars. The penalty for unlicensed entities engaging in these regulated businesses is raised from a Class 3 misdemeanor to a Class 1 misdemeanor. The State Corporation Commission has enhanced examination powers over licensees, may examine licensees in conjunction with the regulatory authorities of other states, and may now impose civil penalties for violations.


FULL TEXT

AMENDMENTS

HISTORY