The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute the bond in the Commonwealth, in the principal amount as determined by the Commission. The amount of the bond shall be not less than $25,000 nor more than $350,000. The form of the bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force, and the Commission may require the principal amount to be adjusted as it deems necessary. The bond shall be conditioned upon the licensee performing all written agreements with consumers and conducting the licensed business in conformity with this chapter and all applicable law. Any person who may be damaged by noncompliance of the licensee with any condition of the bond may proceed on the bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.
2020, c. 785.
Structure Code of Virginia
Title 6.2 - Financial Institutions and Services
Chapter 20.1 - Debt Settlement Services Providers
§ 6.2-2027. License requirement; exceptions
§ 6.2-2028. Application for license; form; content; fee
§ 6.2-2030. Investigation of applications
§ 6.2-2032. Licenses; places of business; changes
§ 6.2-2033. Acquisition of control; application
§ 6.2-2034. Retention of books, accounts, and records; responding to Bureau
§ 6.2-2036. Other reporting requirements
§ 6.2-2037. Investigations; examinations
§ 6.2-2040. Licensees providing debt settlement services; prohibited and required business methods
§ 6.2-2043. Suspension or revocation of license
§ 6.2-2044. Cease and desist orders
§ 6.2-2045. Notice of proposed suspension or revocation
§ 6.2-2048. Private right of action
§ 6.2-2049. Authority of Attorney General; referral by Commission to Attorney General
§ 6.2-2050. Violation of the Virginia Consumer Protection Act