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2013 SESSION

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13103777D
HOUSE BILL NO. 2162 Offered January 9, 2013 Prefiled January 9, 2013 A BILL to amend and reenact § 6.2-1902 of the Code of Virginia, relating to money order sales and money transmission services. ---------- Patron-- Comstock ---------- Referred to Committee on Commerce and Labor ----------

Be it enacted by the General Assembly of Virginia:

1.  That § 6.2-1902 of the Code of Virginia is amended and reenacted as follows:

 § 6.2-1902. Scope and construction of chapter.

A. The provisions of this chapter shall not apply to:

1. The United States, or any department, instrumentality or agency thereof;

2. The Commonwealth, or any political subdivision thereof;

3. Any 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 to the extent the person provides money transmission services as an agent of 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

4. Any private security services business, licensed under § 9.1-139, that transports or offers to transport money.

5. Any person designated as an agent of (i) the Commonwealth, its agencies or instrumentalities, or (ii) any political subdivision of the Commonwealth or its agencies or instrumentalities.

B. This chapter shall be construed by the Commission for the purpose of protecting, against financial loss, residents of the Commonwealth who (i) purchase money orders or (ii) give money or control of their funds or credit into the custody of another person for transmission, regardless of whether the money order seller or money transmitter has any office, facility, authorized delegate, or other physical presence in the Commonwealth.