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1999 SESSION

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993376825
SENATE BILL NO. 1071 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on Commerce and Labor on February 8, 1999) (Patron Prior to Substitute--Senator Stolle) A BILL to amend the Code of Virginia by adding in Chapter 12 of Title 6.1 a section numbered 6.1-378.3, relating to money order sales; designation of payees; penalties.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 12 of Title 6.1 a section numbered 6.1-378.3 as follows:

§ 6.1-378.3. Sale or issuance of bearer money orders; prohibition.

A. No agent of a licensee shall sell a money order with a face amount of $750 or more that does not designate a specific payee.

B. This section applies only to paper money orders; and does not apply to travelers checks, electronic instruments, stored value products or other similar instruments for the transmission or payment of money.

C. This provision shall not apply to money orders sold or issued by insured financial institutions.

D. Licensees shall inform their agents of the obligations imposed by this section.