Virginia § 6.2-1930 (Effective July 1, 2026) Consistent state licensing

Virginia Statutes

§ 6.2-1930 — (Effective July 1, 2026) Consistent state licensing

Virginia § 6.2-1930

Title 6.2Financial Institutions and Services

Subtitle IIIOther Regulated Providers of Financial Services

Ch. 19.1Money Transmitters

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Bluebook

Va. Code Ann. § 6.2-1930 (2026).

Text

A.In order to establish consistent licensing between the Commonwealth and other states, the Commission may (i) implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted similar provisions or multistate licensing processes and (ii) participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with this chapter.

B.In order to fulfill the purposes of this chapter, the Commission may establish relationships or contracts with NMLS or other entities designated by NMLS to enable the Commission to (i) collect and maintain records, (ii) coordinate multistate licensing processes and supervision processes, (iii) collect and process fees, and (iv) facilitat

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A. In order to establish consistent licensing between the Commonwealth and other states, the Commission may (i) implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted similar provisions or multistate licensing processes and (ii) participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with this chapter.

B. In order to fulfill the purposes of this chapter, the Commission may establish relationships or contracts with NMLS or other entities designated by NMLS to enable the Commission to (i) collect and maintain records, (ii) coordinate multistate licensing processes and supervision processes, (iii) collect and process fees, and (iv) facilitate communication between the Commonwealth and licensees or other persons subject to this chapter. In establishing such contracts, the Commission shall not be subject to the Virginia Public Procurement Act (§ 2.2-4300 et seq.).

C. The Commission may utilize NMLS for all aspects of this chapter, including license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.

D. The Commission may utilize NMLS forms, processes, and functionalities in accordance with this chapter. In the event NMLS does not provide functionality, forms, or processes for a provision of this chapter, the Commission may strive to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees that are licensed in multiple jurisdictions.

E. Every person required to be licensed under this chapter shall register with NMLS and be subject to such registration and renewal requirements as may be established by NMLS, in addition to any requirements of this chapter.