10 Va. Admin. Code § 5-120-70 - Acquisitions; additional business requirements and restrictions; operating rules
A. Any person
submitting an application to acquire, directly or indirectly, 25% or more of
the voting shares of a corporation or 25% or more of the ownership of any other
person licensed to conduct business under Chapter 19 shall pay a nonrefundable
application fee of $500.
B. A
licensee shall not permit an authorized delegate to designate or appoint a
subdelegate to sell money orders or engage in money transmission
business.
C. A licensee shall
comply with Chapter 19 , this chapter, and all other state and federal laws and
regulations applicable to the conduct of its business. For purposes of Chapter
19 and this chapter, the acts and omissions of a licensee's authorized
delegates shall be deemed acts and omissions of such licensee.
D. In addition to the records specified in
subsection B of §
6.2-1916
of the Code of Virginia, a licensee shall maintain in its principal place of
business such other books, accounts, and records as the commissioner may
reasonably require in order to determine whether such licensee is complying
with the provisions of Chapter 19 , this chapter, and other laws and regulations
applicable to the conduct of its business.
E. If a licensee, authorized delegate, or
former licensee disposes of records containing a consumer's personal financial
information or copies of a consumer's identification documents, such records
and copies shall be shredded, incinerated, or otherwise disposed of in a secure
manner. A licensee, authorized delegate, or former licensee may arrange for
service from a business record destruction vendor.
F. A licensee or former licensee shall
provide the following information to the bureau within 10 days after such
person's license is surrendered or revoked or the licensed business is
otherwise closed:
(i) the names, addresses,
telephone numbers, fax numbers, and email addresses of a designated contact
person and the person who consumers may contact regarding outstanding money
orders or money transmission transactions;
(ii) the location of the licensee's or former
licensee's money order and money transmission records; and
(iii) any additional information that the
bureau may reasonably require. A licensee or former licensee shall maintain
current information with the bureau until the licensee or former licensee has
no outstanding money orders and money transmission transactions.
G. A person shall remain subject
to the provisions of Chapter 19 and this chapter applicable to licensees in
connection with all money orders sold and money or monetary value received for
transmission while licensed under Chapter 19 notwithstanding the occurrence of
any of the following events:
1. The person's
license is surrendered or revoked; or
2. The person ceases selling money orders or
transmitting money or monetary value.
H. A licensee shall not provide any
information to a Virginia resident that is false, misleading, or
deceptive.
I. A licensee shall not
engage in any activity that directly or indirectly results in an evasion of the
provisions of Chapter 19 or this chapter.
J. A licensee shall continuously maintain the
requirements and standards for licensure prescribed in §
6.2-1906
of the Code of Virginia.
Notes
Statutory Authority: §§ 6.2-1913 and 12.1-13 of the Code of Virginia.
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