2010 Code of Virginia
Title 6.2 - FINANCIAL INSTITUTIONS AND SERVICES.
Chapter 19 - Money Order Sellers and Money Transmitters (6.2-1900 thru 6.2-1921)
6.2-1910 - (Effective October 1, 2010) Examination of books by Commission; reporting violations.

§ 6.2-1910. (Effective October 1, 2010) Examination of books by Commission; reporting violations.

A. The Commission shall have authority to examine the books and records of all money order sellers and money transmitters, either directly or through authorized delegates. Except as provided herein, the Commission shall make an examination of the books and records of each licensee at least once in every three-year period, and shall adjust the surety bond or alternative security device as it may deem necessary in accordance with § 6.2-1904. The Commission may also examine the books and records of any authorized delegate of a licensee as often as it is deemed to be in the public interest. Examinations under this section may be conducted in conjunction with examinations to be performed by representatives of agencies of the federal government or another state. The Commission, in lieu of an examination, may accept the examination report of the federal government or another state.

B. Any person designated by the Commission to make examinations pursuant to this section shall have authority to (i) administer oaths, (ii) examine under oath in the course of such examinations, the principals, officers, directors, partners, and employees of any person required to be licensed by this chapter or such person's authorized delegates, and (iii) compel the production of documents.

C. The Commission shall report violations of the licensing requirements of § 6.2-1901 to the attorney for the Commonwealth of the city or county in which such violation occurs.

(1974, c. 578, § 6.1-375; 1976, c. 531; 1990, c. 259; 1994, c. 889; 2001, c. 372; 2009, c. 346; 2010, c. 794.)