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2005 SESSION
054174540Be it enacted by the General Assembly of Virginia:
1. That § 6.1-371 of the Code of Virginia is amended and reenacted as follows:
§ 6.1-371. License required; exceptions.
No person, firm, corporation or other entity
shall engage in the business of selling money orders or, on or after January 1,
1995, engage in the business of money transmission, whether or not the person,
firm, corporation or other entity has a location in the
Commonwealth, unless such person, firm, corporation or
other entity obtains from the State Corporation Commission a
license issued pursuant to this chapter. However, the provisions of this
chapter shall not apply to: (i) the United States, or any department,
instrumentality or agency thereof; (ii) this the
Commonwealth, or any political subdivision thereof; (iii) a bank, trust
company, savings institution or credit union operating under the laws of the
United States or any state or territory thereof, or other
person, firm, corporation or
other entity to the extent
providing money transmission services, directly or through a
subsidiary, to or for one or more banks,
trust companies, savings institutions or
credit unions operating under the
laws of the United States or any state or territory thereof; or
(iv) a private security services business, licensed under § 9.1-139, that
transports or offers to transport money.
This chapter shall be construed by the Commission for the purpose of protecting, against financial loss, citizens of the Commonwealth who purchase money orders or who give money or control of their funds or credit into the custody of another person for transmission, regardless of whether the transmitter has any office, facility, agent or other physical presence in the Commonwealth.