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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 10. Finance and Financial Institutions |
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Agency 5. State Corporation Commission |
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Chapter 120. Money Order Sellers and Money Transmitters |
Section 80. Permissible investments
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A. Permissible investments maintained by a licensee pursuant to § 6.2-1918 of the Code of Virginia shall be unencumbered and held solely in the name of the licensee.
B. In addition to the investments specified in § 6.2-1919 of the Code of Virginia, the following investments shall be considered permissible under § 6.2-1918 of the Code of Virginia: any receivables that are (i) payable to a licensee from any bank, savings institution, or credit union that is chartered under the laws of the United States or any state thereof; (ii) comprised of funds that have been tendered by residents of the United States for money transmission transactions; and (iii) no more than seven days old.
C. The receivables specified in § 6.2-1919 A 5 of the Code of Virginia shall be limited to funds that have been collected by a licensee's authorized delegates directly from residents of the United States for money transmission transactions.
Historical Notes
Derived from Volume 31, Issue 12, eff. February 15, 2015.