A. A licensee shall be liable for the payment of all funds collected for transmission by the licensee or its authorized delegates and all money orders which it sells, in whatever form and whether directly or through an authorized delegate, as the maker or drawer thereof according to the negotiable instrument laws of the Commonwealth. A licensee who sells a money order, whether directly or through an authorized delegate, upon which he is not designated as maker or drawer shall nevertheless have the same liabilities with respect thereto as if he had signed the money order as the maker or drawer thereof.
B. Every money order sold by a licensee, whether directly or through an authorized delegate, shall bear the name of the licensee clearly imprinted thereon as it appears on its license.
1974, c. 578, § 6.1-378; 2009, c. 346; 2010, c. 794.
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