Virginia § 6.2-1016 Bond required

Virginia Statutes

§ 6.2-1016 — Bond required

Virginia § 6.2-1016

JurisdictionVirginia

Title 6.2FINANCIAL INSTITUTIONS AND SERVICES

Subtitle IIDEPOSITORY INSTITUTIONS AND TRUST ORGANIZATIONS

Ch. 10ENTITIES CONDUCTING TRUST BUSINESS

Art. 2TRUST COMPANIES

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Bluebook

Va. Code Ann. § 6.2-1016 (2026).

Text

A.No applicant shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission may from time to time require.

B.In no event shall the amount of the surety bond be less than $1 million.

C.The surety bond required by this section shall be for the benefit of:

1.Any person damaged as a result of a violation of the provisions of, or any regulation adopted pursuant to, this chapter;

2.Any person damaged by the negligence, fraud, or embezzlement of a trust company organized under this article or its directors, officers, or employees; and

3.Any person damaged by any other breach of trust of any trust company organized under this article or its directors, officers, or employees.

D.The Commission may

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A. No applicant shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission may from time to time require.

B. In no event shall the amount of the surety bond be less than $1 million.

C. The surety bond required by this section shall be for the benefit of:

1. Any person damaged as a result of a violation of the provisions of, or any regulation adopted pursuant to, this chapter;

2. Any person damaged by the negligence, fraud, or embezzlement of a trust company organized under this article or its directors, officers, or employees; and

3. Any person damaged by any other breach of trust of any trust company organized under this article or its directors, officers, or employees.

D. The Commission may revoke the certificate of any trust company that the Commission finds has failed to maintain a bond as required by this section.