State Codes and Statutes
Statutes > Virginia > Title-6-2 > Chapter-16 > 6-2-1604§ 6.2-1604. (Effective October 1, 2010) Bond required.
The application for a license shall also be accompanied by a bond filed withthe Commissioner with corporate surety authorized to execute such bond in theCommonwealth, in the sum of $25,000, or such greater sum as the Commissionermay require. The form of the bond shall be approved by the Commission. Thebond shall be continuously maintained thereafter in full force. The bondshall be conditioned upon the applicant or licensee performing all writtenagreements with borrowers or prospective borrowers, correctly and accuratelyaccounting for all funds received by him in his licensed business, andconducting his licensed business in conformity with this chapter and allapplicable law. Any person who may be damaged by noncompliance of a licenseewith any condition of such bond may proceed on such bond against theprincipal or surety thereon, or both, to recover damages. The aggregateliability under the bond shall not exceed the penal sum of the bond.
(1987, c. 596, § 6.1-413; 1989, c. 411; 2001, c. 511; 2010, c. 794.)
