79584254.1-4106Virginia Decodedhttps://vacode.org2016Professions And OccupationsOccupations Regulated By Local Governing BodiesPrecious Metals DealersBond or letter of credit required of dealers when permit obtained1981, c. 581, § 54-859.21; 1988, c. 765.http://law.lis.virginia.gov/vacode/54.1-4106/54.1-4108Permit required; method of obtaining permit; no convictions of certain crimes; approval of weighing devices; renewal; permanent location required/54.1-4108/54.1-4111Local ordinances/54.1-4111//54.1-4106/54.1/V/41/54.1-4106

Every dealer shall secure a permit as required by § 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.section

A

AA1

If any county, city, or town has an ordinance which regulates the purchase and sale of precious metals and gems pursuant to § 54.1-4111, such bond or letter of credit shall be executed in favor of the local governing body.section

B

BB1

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.section

C

CC1