Virginia § 6.2-1951 - (Effective July 1, 2026) Surety bond
Full text of Virginia Code of Virginia § 6.2-1951 — (Effective July 1, 2026) Surety bond, with citation guidance and answers to common questions.
§ 6.2-1951. (Effective July 1, 2026) Surety bond
A. An applicant for a money transmission license shall provide, and a licensee at all times shall maintain, security consisting of a surety bond, in a form satisfactory to the Commission, or, with the Commission's approval, a deposit instead of a bond in accordance with this section.
B. The minimum amount of the required security shall be:
1. The greater of $100,000 or an amount equal to 100 percent of the applicant's or licensee's average daily money transmission liability in the Commonwealth calculated for the most recent quarter, up to a maximum of $1 million; or
2. $100,000 in the event that the applicant's or licensee's tangible net worth exceeds 10 percent of total assets.
C. An applicant or licensee that maintains a bond of $1 million pursuant to subdivision B 1 or $100,000 pursuant to subdivision B 2 shall not be required to calculate its average daily money transmission liability in the Commonwealth for purposes of this section.
D. An applicant or licensee may exceed the required security amount, including pursuant to subdivision A 5 of § 6.2-1953.
E. The security device required by this section shall remain in place for five years after a licensee ceases money transmission activities. The Commission may permit the security device to be reduced or eliminated prior to that time to the extent the amount of such licensee's outstanding money transmission transactions are reduced. The Commission may also permit any licensee to substitute a letter of credit, or such other form of security device as may be acceptable to the Commission, for the security device in place at the time the licensee ceases money transmission activities.
F. A surety bond shall remain effective until cancellation, which may occur only after 90 days' written notice to the Commission. Cancellation does not affect the rights of any claimant for any liability incurred or accrued during the period for which the bond was in force.
2025, c. 214.
Source: official Virginia text · Last verified 2026-08-27
Frequently Asked Questions About Virginia § 6.2-1951
What does Code of Virginia § 6.2-1951 cover?
Section 6.2-1951 ("(Effective July 1, 2026) Surety bond") 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 § 6.2-1951?
A common citation format is "Code of Virginia § 6.2-1951" (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 § 6.2-1951 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.