{"law_id":"795842","section_number":"54.1-4106","catch_line":"Bond or letter of credit required of dealers when permit obtained","history":"1981, c. 581, \u00a7 54-859.21; 1988, c. 765.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/54.1-4106\/","refers_to":[{"id":"765142","section_number":"54.1-4108","catch_line":"Permit required; method of obtaining permit; no convictions of certain crimes; approval of weighing devices; renewal; permanent location required","url":"\/54.1-4108\/"},{"id":"787607","section_number":"54.1-4111","catch_line":"Local ordinances","url":"\/54.1-4111\/"}],"url":"\/54.1-4106\/","token":"54.1\/V\/41\/54.1-4106","structure":{"1":{"id":"276","name":"Precious Metals Dealers","identifier":"41","label":"chapter","url":"\/54.1\/V\/41\/"},"2":{"id":"275","name":"Occupations Regulated By Local Governing Bodies","identifier":"V","label":"subtitle","url":"\/54.1\/V\/"},"3":{"id":"92","name":"Professions And Occupations","identifier":"54.1","label":"title","url":"\/54.1\/"}},"referred_to_by":false,"edition_id":"11","section_id":"795842","structure_id":"276","full_text":"A Every dealer shall secure a permit as required by \u00a7 54.1-4108, and each dealer at the time of obtaining such permit shall enter into a recognizance to the Commonwealth secured by a corporate surety authorized to do business in this Commonwealth, in the penal sum of $ 10,000, conditioned upon due observance of the terms of this chapter. In lieu of a bond, a dealer may cause to be issued by a bank authorized to do business in the Commonwealth a letter of credit in favor of the Commonwealth for $ 10,000.\r\rB If any county, city, or town has an ordinance which regulates the purchase and sale of precious metals and gems pursuant to \u00a7 54.1-4111, such bond or letter of credit shall be executed in favor of the local governing body.\r\rC A single bond upon an employer or principal may be written or a single letter of credit issued to cover all employees and all transactions occurring at a single location.\r\r","text":{"0":{"id":"2568838","text":"Every dealer shall secure a permit as required by \u00a7 54.1-4108, and each dealer at the time of obtaining such permit shall enter into a recognizance to the Commonwealth secured by a corporate surety authorized to do business in this Commonwealth, in the penal sum of $ 10,000, conditioned upon due observance of the terms of this chapter. In lieu of a bond, a dealer may cause to be issued by a bank authorized to do business in the Commonwealth a letter of credit in favor of the Commonwealth for $ 10,000.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2568839","text":"If any county, city, or town has an ordinance which regulates the purchase and sale of precious metals and gems pursuant to \u00a7 54.1-4111, such bond or letter of credit shall be executed in favor of the local governing body.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1},"2":{"id":"2568840","text":"A single bond upon an employer or principal may be written or a single letter of credit issued to cover all employees and all transactions occurring at a single location.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1}},"ancestry":{"1":{"id":"276","name":"Precious Metals Dealers","identifier":"41","label":"chapter","url":"\/54.1\/V\/41\/"},"2":{"id":"275","name":"Occupations Regulated By Local Governing Bodies","identifier":"V","label":"subtitle","url":"\/54.1\/V\/"},"3":{"id":"92","name":"Professions And Occupations","identifier":"54.1","label":"title","url":"\/54.1\/"}},"structure_contents":{"0":{"id":"775117","structure_id":"276","section_number":"54.1-4100","catch_line":"Definitions","url":"\/54.1-4100\/","token":"54.1\/V\/41\/54.1-4100"},"1":{"id":"766257","structure_id":"276","section_number":"54.1-4101","catch_line":"Records to be kept; copy furnished to local authorities","url":"\/54.1-4101\/","token":"54.1\/V\/41\/54.1-4101"},"2":{"id":"796251","structure_id":"276","section_number":"54.1-4101.1","catch_line":"Officers may examine records or property; warrantless search and seizure authorized","url":"\/54.1-4101.1\/","token":"54.1\/V\/41\/54.1-4101.1"},"3":{"id":"789990","structure_id":"276","section_number":"54.1-4102","catch_line":"Credentials and statement of ownership required from seller","url":"\/54.1-4102\/","token":"54.1\/V\/41\/54.1-4102"},"4":{"id":"781554","structure_id":"276","section_number":"54.1-4103","catch_line":"Prohibited purchases","url":"\/54.1-4103\/","token":"54.1\/V\/41\/54.1-4103"},"5":{"id":"792722","structure_id":"276","section_number":"54.1-4104","catch_line":"Dealer to retain purchases","url":"\/54.1-4104\/","token":"54.1\/V\/41\/54.1-4104"},"6":{"id":"782206","structure_id":"276","section_number":"54.1-4105","catch_line":"Record of disposition","url":"\/54.1-4105\/","token":"54.1\/V\/41\/54.1-4105"},"7":{"id":"795842","structure_id":"276","section_number":"54.1-4106","catch_line":"Bond or letter of credit required of dealers when permit obtained","url":"\/54.1-4106\/","token":"54.1\/V\/41\/54.1-4106"},"8":{"id":"779112","structure_id":"276","section_number":"54.1-4107","catch_line":"Private action on bond or letter of credit","url":"\/54.1-4107\/","token":"54.1\/V\/41\/54.1-4107"},"9":{"id":"765142","structure_id":"276","section_number":"54.1-4108","catch_line":"Permit required; method of obtaining permit; no convictions of certain crimes; approval of weighing devices; renewal; permanent location required","url":"\/54.1-4108\/","token":"54.1\/V\/41\/54.1-4108"},"10":{"id":"793073","structure_id":"276","section_number":"54.1-4109","catch_line":"Exemptions from chapter","url":"\/54.1-4109\/","token":"54.1\/V\/41\/54.1-4109"},"11":{"id":"778294","structure_id":"276","section_number":"54.1-4110","catch_line":"Penalties; first and subsequent offenses","url":"\/54.1-4110\/","token":"54.1\/V\/41\/54.1-4110"},"12":{"id":"787607","structure_id":"276","section_number":"54.1-4111","catch_line":"Local ordinances","url":"\/54.1-4111\/","token":"54.1\/V\/41\/54.1-4111"}},"previous_section":{"id":"782206","structure_id":"276","section_number":"54.1-4105","catch_line":"Record of disposition","url":"\/54.1-4105\/","token":"54.1\/V\/41\/54.1-4105"},"next_section":{"id":"779112","structure_id":"276","section_number":"54.1-4107","catch_line":"Private action on bond or letter of credit","url":"\/54.1-4107\/","token":"54.1\/V\/41\/54.1-4107"},"references":false,"formats":{"txt":"\/54.1-4106.txt","json":"\/54.1-4106.json","xml":"\/54.1-4106.xml"},"dublin_core":{"Title":"Bond or letter of credit required of dealers when permit obtained","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-4106","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nBOND OR LETTER OF CREDIT REQUIRED OF DEALERS WHEN PERMIT OBTAINED (\u00a7 54.1-4106)\n\nA. Every dealer shall secure a permit as required by \u00a7 54.1-4108, and each\ndealer at the time of obtaining such permit shall enter into a recognizance to\nthe Commonwealth secured by a corporate surety authorized to do business in this\nCommonwealth, in the penal sum of $ 10,000, conditioned upon due observance of\nthe terms of this chapter. In lieu of a bond, a dealer may cause to be issued by\na bank authorized to do business in the Commonwealth a letter of credit in favor\nof the Commonwealth for $ 10,000.\n\nB. If any county, city, or town has an ordinance which regulates the purchase\nand sale of precious metals and gems pursuant to \u00a7 54.1-4111, such bond or\nletter of credit shall be executed in favor of the local governing body.\n\nC. A single bond upon an employer or principal may be written or a single letter\nof credit issued to cover all employees and all transactions occurring at a\nsingle location.\n\nHISTORY: 1981, c. 581, \u00a7 54-859.21; 1988, c. 765."}