§ 6.1-374. License required; conditions prerequisite to issuance; revocation for inability to meet obligations...
A. The Commission shall not issue a license unless it is of the opinion that the applicant will be able to and will perform its obligations to purchasers of money transmission services and purchasers, payees, and holders of money orders sold by it and its agents in this Commonwealth, and that the financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principal stockholders are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law and regulations. Each licensee under this chapter shall at all times have a net worth of not less than $100,000, or a higher amount not to exceed one million dollars as determined by the Commission, calculated in accordance with generally accepted accounting principles. Any person who was licensed as a money order seller under this chapter on July 1, 2001, shall have three years from that date to comply with the minimum net worth requirement of this section.
B. 1. The Commission may revoke a license, after hearing and not less than ten days' notice, if it reasonably determines that the licensee may be unable to perform its obligations, or that the licensee has willfully failed without reasonable cause to pay or provide for the payment of any of its obligations; but shall reinstate the license if the licensee proves that it has performed all of its obligations.
2. The Commission may also revoke a license, after hearing and not less than ten days' notice, upon any of the following:
a. Any ground for denial of a license under this chapter;
b. Any violation of the provisions of this chapter or regulations promulgated by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the licensee's business;
c. Conviction of a felony or misdemeanor involving fraud, misrepresentation, or deceit;
d. Entry of a judgment against such licensee involving fraud, misrepresentation, or deceit;
e. Entry of a federal or state administrative order against such licensee for violation of any law or any regulation applicable to the conduct of his business;
f. Refusal to permit an investigation or examination by the Commission;
g. Failure to pay any fee or assessment imposed by this chapter; or
h. Failure to comply with any order of the Commission.
(1974, c. 578; 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 2, 2009