Virginia § 59.1-447 - Bond or letter of credit required
Full text of Virginia Code of Virginia § 59.1-447 — Bond or letter of credit required, with citation guidance and answers to common questions.
§ 59.1-447. Bond or letter of credit required
A. Every travel club, before entering into a travel services agreement with a purchaser of travel services, shall file and maintain with the Commissioner, in a form and substance satisfactory to him, a bond with corporate surety from a company authorized to transact business in the Commonwealth, or a letter of credit from a bank insured by the Federal Insurance Deposit Corporation, or cash in the amounts indicated below:
| a | Amount of Cash, Bond, | |
| b | Number of Contracts | or Letter of Credit |
| c | 0 to 1500 | $60,000 |
| d | 1501 to 1750 | $70,000 |
| e | 1751 to 2000 | $80,000 |
| f | 2001 or more | $100,000 |
B. The bond or letter of credit required by subsection A of this section shall be in favor of the Commonwealth of Virginia for the benefit of any purchaser who is damaged by any violation of this chapter.
C. The aggregate liability of the bond or letter of credit to all persons for all breaches of the conditions of the bond or letter of credit shall in no event exceed the amount of the bond or letter of credit. The bond or letter of credit shall not be canceled or terminated except with the consent of the Commissioner. Bonds may be withdrawn by giving sixty-day advance written notice to the Commissioner, thereby releasing the surety from accruing future liability beyond the effective date of withdrawal. Such withdrawal shall not release the surety or otherwise cancel or terminate any liability existing at the time of the effective date of the withdrawal.
1993, c. 760; 1994, c. 482.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 59.1-447
What does Code of Virginia § 59.1-447 cover?
Section 59.1-447 ("Bond or letter of credit required") 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 § 59.1-447?
A common citation format is "Code of Virginia § 59.1-447" (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 § 59.1-447 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.