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Can you summarize 6.2 VACV Chapter 19?
Money Order Sellers and Money Transmitters
Short Summary
The provided legal document content covers various aspects of the money order sellers and money transmitters industry in Virginia. It includes information on licensing requirements, reporting obligations, permissible investments, money order regulations, retention of records, license renewal, changes to licenses, revocation of licenses, acquisition of control, surety bonds, and license applications. The documents apply to individuals or entities engaged in the business of selling money orders or transmitting money, with certain exemptions for specific entities. Non-compliance or violation of the provisions may result in penalties such as Class 1 misdemeanor charges, civil penalties not exceeding $2,500, or cease and desist orders. The documents aim to regulate and protect residents of Virginia who purchase money orders or entrust their funds or credit to money order sellers and money transmitters.
Whom does it apply to?
Individuals or entities engaged in the business of selling money orders or transmitting money
What does it govern?
Money order sellers and money transmitters
What are exemptions?
Exemptions include the United States and its departments, state and local government entities, banks, trust companies, savings institutions, credit unions, private security services businesses licensed for money transportation, and entities explicitly designated as agents of governmental authorities
What are the Penalties?
Class 1 misdemeanor, civil penalties not exceeding $2,500, cease and desist orders
Jurisdiction
Virginia