A. The Commission shall have authority to investigate and examine the affairs, business, premises, books, and records of all money order sellers and money transmitters and their authorized delegates. Except as provided herein, the Commission shall make an examination of each licensee at least once in every three-year period and shall adjust the surety bond or alternative security device as it may deem necessary in accordance with § 6.2-1904. The Commission may also examine any authorized delegate of a licensee as often as it is deemed to be in the public interest. Examinations under this section may be conducted in conjunction with examinations to be performed by representatives of agencies of the federal government or another state. The Commission, in lieu of an examination, may accept the examination report of the federal government or another state.
B. Any person designated by the Commission to make investigations or examinations pursuant to this section shall have authority to (i) administer oaths; (ii) examine under oath in the course of such investigations or examinations, the principals, members, owners, officers, directors, partners, and employees of any person required to be licensed by this chapter or such person's authorized delegates; and (iii) compel the production of documents. The principals, members, owners, officers, directors, partners, and employees of any person being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all premises, books, records, and information that the person making such investigation or examination deems necessary.
C. The Commission shall report violations of the licensing requirements of § 6.2-1901 to the attorney for the Commonwealth of the city or county in which such violation occurs.
1974, c. 578, § 6.1-375; 1976, c. 531; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 19 - Money Order Sellers and Money Transmitters
§ 6.2-1901. License required; exception
§ 6.2-1902. Scope and construction of chapter
§ 6.2-1903. Application for license; financial statements; application fee
§ 6.2-1904.1. Investigation of applications
§ 6.2-1905. Annual fees; expenses; annual reports; renewal
§ 6.2-1906. Conditions prerequisite to issuance of license; net worth requirement
§ 6.2-1906.1. Licenses; places of business; changes
§ 6.2-1907. License revocation
§ 6.2-1908. Notice of proposed revocation
§ 6.2-1909. Cease and desist orders
§ 6.2-1910. Investigations; examinations; reporting violations
§ 6.2-1911. Conduct of business through authorized delegates of licensee
§ 6.2-1912. Liability of licensee for payment of money order; money order to bear name of licensee
§ 6.2-1914. Acquisition of control; application
§ 6.2-1915. Sale or issuance of bearer money orders; prohibition
§ 6.2-1916. Retention of books, accounts, and records
§ 6.2-1917. Other reporting requirements
§ 6.2-1918. Maintenance of permissible investments