Virginia § 6.2-2036 Other reporting requirements

Virginia Statutes

§ 6.2-2036 — Other reporting requirements

Virginia § 6.2-2036

Title 6.2Financial Institutions and Services

Subtitle IIIOther Regulated Providers of Financial Services

Ch. 20.1Debt Settlement Services Providers

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Bluebook

Va. Code Ann. § 6.2-2036 (2026).

Text

A.Within 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact on the business of the licensee:

1.The filing of bankruptcy, reorganization, or receivership proceedings by or against the licensee;

2.The institution of administrative or regulatory proceedings against the licensee by any governmental authority;

3.Any felony indictments of the licensee or any of its members, partners, directors, officers, trustees, beneficiaries, or principals, if known;

4.Any felony conviction of the licensee or any of its members, partners, directors, officers, trustees, beneficiaries, or principals, if known;

5.The institution of an action against the licensee under the Virginia Con

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A. Within 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact on the business of the licensee:

1. The filing of bankruptcy, reorganization, or receivership proceedings by or against the licensee;

2. The institution of administrative or regulatory proceedings against the licensee by any governmental authority;

3. Any felony indictments of the licensee or any of its members, partners, directors, officers, trustees, beneficiaries, or principals, if known;

4. Any felony conviction of the licensee or any of its members, partners, directors, officers, trustees, beneficiaries, or principals, if known;

5. The institution of an action against the licensee under the Virginia Consumer Protection Act (§ 59.1-196 et seq.) by the Attorney General or any other governmental authority; or

6. Such other event as the Commission may prescribe by regulation.

B. Within 30 days of judgment against the licensee in a civil action relating to the debt settlement services agreement of a consumer, a licensee shall file a written report with the Commission describing such event and its expected impact on the business of the licensee.

C. Within 10 days of receipt of any qualified audit, a licensee shall notify the Commission and describe what steps are being taken to address concerns raised in the audit.