Virginia § 6.2-1906 - (Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.
Full text of Virginia Code of Virginia § 6.2-1906 — (Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement., with citation guidance and answers to common questions.
§ 6.2-1906. (Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.
A. The Commission shall not issue a license to an applicant unless it determines that:
1. The applicant will be able to and will perform its obligations to purchasers of money transmission services and purchasers, payees, and holders of money orders sold by it and its authorized delegates; and
2. The financial responsibility, character, reputation, experience, and general fitness of the applicant and its members, senior officers, directors, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with applicable law and regulations.
B. Each licensee shall at all times have a net worth of not less than $200,000, or a higher amount not to exceed $1 million as determined by the Commission, calculated in accordance with generally accepted accounting principles.
1974, c. 578, § 6.1-374; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c. 346; 2010, c. 794; 2014, c. 454; 2025, c. 214.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 6.2-1906
What does Code of Virginia § 6.2-1906 cover?
Section 6.2-1906 ("(Repealed effective July 1, 2026) Conditions prerequisite to issuance of license; net worth requirement.") 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 § 6.2-1906?
A common citation format is "Code of Virginia § 6.2-1906" (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 § 6.2-1906 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.