Virginia § 6.2-1950 (Effective July 1, 2026) Net worth

Virginia Statutes

§ 6.2-1950 — (Effective July 1, 2026) Net worth

Virginia § 6.2-1950

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. § 6.2-1950 (2026).

Text

A.A licensee shall maintain at all times a tangible net worth in an amount not less than the following:

1.For a licensee with total assets in an amount not greater than $100 million, the greater of $100,000 or three percent of the value of the licensee's total assets.

2.For a licensee with total assets in an amount greater than $100 million and not greater than $1 billion, the sum of $3 million and two percent of the additional assets in excess of $100 million.

3.For a licensee with total assets in an amount greater than $1 billion, the sum of $21 million and 0.5 percent of the additional assets in excess of $1 billion.

B.Tangible net worth shall be demonstrated at initial application and thereafter in a manner prescribed by the Commission.

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A. A licensee shall maintain at all times a tangible net worth in an amount not less than the following:

1. For a licensee with total assets in an amount not greater than $100 million, the greater of $100,000 or three percent of the value of the licensee's total assets.

2. For a licensee with total assets in an amount greater than $100 million and not greater than $1 billion, the sum of $3 million and two percent of the additional assets in excess of $100 million.

3. For a licensee with total assets in an amount greater than $1 billion, the sum of $21 million and 0.5 percent of the additional assets in excess of $1 billion.

B. Tangible net worth shall be demonstrated at initial application and thereafter in a manner prescribed by the Commission.