Virginia § 55.1-805 - Prohibited acts
Full text of Virginia Code of Virginia § 55.1-805 — Prohibited acts, with citation guidance and answers to common questions.
§ 55.1-805. Prohibited acts
A. A person who engages in the business of an exchange facilitator is prohibited from:
1. Making any material misrepresentations concerning any exchange facilitator transaction that are intended to mislead another;
2. Pursuing a continued course of misrepresentation or making false statements through advertising or otherwise;
3. Failing, within a reasonable time, to account for any moneys or property belonging to others that may be in the possession or under the control of the exchange facilitator;
4. Engaging in any conduct constituting fraudulent or dishonest dealings;
5. Committing any crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery, or other theft of property;
6. Materially failing to fulfill its contractual duties to the exchange client to deliver property or funds to the exchange client unless such failure is due to circumstances beyond the control of the exchange facilitator; or
7. Materially violating any of the provisions of this chapter.
B. A person who is an owner, officer, director, or employee of an exchange facilitator is prohibited from committing any crime involving fraud, misrepresentation, deceit, embezzlement, misappropriation of funds, robbery, or other theft of property; however, the commission of such crime by an officer, director, or employee of an exchange facilitator shall not be considered a violation of this chapter if the employment or appointment of such officer, director, or employee has been terminated and no clients of the exchange facilitator were harmed or full restitution has been made to all harmed clients within a reasonable period of time.
Frequently Asked Questions About Virginia § 55.1-805
What does Code of Virginia § 55.1-805 cover?
Section 55.1-805 ("Prohibited acts") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 55.1-805?
A common citation format is "Code of Virginia § 55.1-805" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 55.1-805 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.