§ 6.1-375. Selling without license; examination of books by Commission; penalty
Any person required by this chapter to have a license who sells money orders or engages in the business of money transmission without first being licensed shall be guilty of a Class 1 misdemeanor. The Commission shall have authority to examine the books and records of all persons engaged in the sale of money orders or engaged in the business of money transmission either directly or through agents and shall report violations of this chapter to the attorney for the Commonwealth of the city or county in which such violation occurs. The Commission may make an examination of the books and records of each licensee as often as it is deemed to be in the public interest, and shall adjust the surety bond as it may deem necessary in accordance with § 6.1-372 A. If the Commission determines, based on the licensee's financial statements and past history of operations in the Commonwealth that an examination is unnecessary, the examination may be waived by the Commission. The examination may be conducted in conjunction with examinations to be performed by representatives of agencies of another state or states. The Commission, in lieu of an examination, may accept the examination report of an agency of another state or a report prepared by an independent accounting firm. Every licensee so examined shall pay all costs and expenses associated with such examination within thirty days of assessment. For the foregoing purposes, the person designated by the Commission to make such examinations shall have authority to administer oaths, examine under oath in the course of such examinations, the principals, officers, directors, partners, and employees of any person required to be licensed by this chapter and compel the production of documents.
(1974, c. 578; 1976, c. 531; 1990, c. 259; 1994, c. 889; 2001, c. 372.)
Sections: Previous 6.1-370 6.1-371 6.1-372 6.1-373 6.1-374 6.1-375 6.1-376 6.1-377 6.1-378 6.1-378.1 6.1-378.2 6.1-378.3 6.1-378.4 6.1-379 6.1-380 NextLast modified: April 16, 2009