{"law_id":"767862","section_number":"6.2-1918","catch_line":"Maintenance of permissible investments","history":"2009, c. 346, \u00a7 6.1-378.7; 2010, c. 794.","order_by":null,"metadata":false,"court_decisions":{},"official_url":"http:\/\/law.lis.virginia.gov\/vacode\/6.2-1918\/","refers_to":false,"url":"\/6.2-1918\/","token":"6.2\/III\/19\/6.2-1918","structure":{"1":{"id":"594","name":"Money Order Sellers And Money Transmitters","identifier":"19","label":"chapter","url":"\/6.2\/III\/19\/"},"2":{"id":"446","name":"Other Regulated Providers Of Financial Services","identifier":"III","label":"subtitle","url":"\/6.2\/III\/"},"3":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"referred_to_by":false,"edition_id":"11","section_id":"767862","structure_id":"594","full_text":"A A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate dollar amount of all of its (i) outstanding money orders from all states, and (ii) outstanding money transmission transactions from all states.\r\rB The Commission, with respect to any licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The Commission may prescribe by regulation other types of investments that the Commission determines to have a safety substantially equivalent to other permissible investments.\r\rC Permissible investments shall be deemed to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money orders and money transmission services in the event of bankruptcy or receivership of the licensee.\r\r","text":{"0":{"id":"2474939","text":"A licensee shall maintain at all times permissible investments that have a market value computed in accordance with generally accepted accounting principles of not less than the aggregate dollar amount of all of its (i) outstanding money orders from all states, and (ii) outstanding money transmission transactions from all states.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1},"1":{"id":"2474940","text":"The Commission, with respect to any licensees, may limit the extent to which a type of investment within a class of permissible investments may be considered a permissible investment, except for money and certificates of deposit issued by a bank. The Commission may prescribe by regulation other types of investments that the Commission determines to have a safety substantially equivalent to other permissible investments.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1},"2":{"id":"2474941","text":"Permissible investments shall be deemed to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding money orders and money transmission services in the event of bankruptcy or receivership of the licensee.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1}},"ancestry":{"1":{"id":"594","name":"Money Order Sellers And Money Transmitters","identifier":"19","label":"chapter","url":"\/6.2\/III\/19\/"},"2":{"id":"446","name":"Other Regulated Providers Of Financial Services","identifier":"III","label":"subtitle","url":"\/6.2\/III\/"},"3":{"id":"332","name":"Financial Institutions And Services","identifier":"6.2","label":"title","url":"\/6.2\/"}},"structure_contents":{"0":{"id":"770617","structure_id":"594","section_number":"6.2-1900","catch_line":"Definitions","url":"\/6.2-1900\/","token":"6.2\/III\/19\/6.2-1900"},"1":{"id":"776596","structure_id":"594","section_number":"6.2-1901","catch_line":"License required; exception","url":"\/6.2-1901\/","token":"6.2\/III\/19\/6.2-1901"},"2":{"id":"766473","structure_id":"594","section_number":"6.2-1902","catch_line":"Scope and construction of chapter","url":"\/6.2-1902\/","token":"6.2\/III\/19\/6.2-1902"},"3":{"id":"769162","structure_id":"594","section_number":"6.2-1903","catch_line":"Application for license; financial statements; application fee","url":"\/6.2-1903\/","token":"6.2\/III\/19\/6.2-1903"},"4":{"id":"787567","structure_id":"594","section_number":"6.2-1904","catch_line":"Bond required","url":"\/6.2-1904\/","token":"6.2\/III\/19\/6.2-1904"},"5":{"id":"768029","structure_id":"594","section_number":"6.2-1904.1","catch_line":"Investigation of applications","url":"\/6.2-1904.1\/","token":"6.2\/III\/19\/6.2-1904.1"},"6":{"id":"768562","structure_id":"594","section_number":"6.2-1905","catch_line":"Annual fees; expenses; annual reports; renewal","url":"\/6.2-1905\/","token":"6.2\/III\/19\/6.2-1905"},"7":{"id":"770845","structure_id":"594","section_number":"6.2-1906","catch_line":"Conditions prerequisite to issuance of license; net worth requirement","url":"\/6.2-1906\/","token":"6.2\/III\/19\/6.2-1906"},"8":{"id":"786226","structure_id":"594","section_number":"6.2-1906.1","catch_line":"Licenses; places of business; changes","url":"\/6.2-1906.1\/","token":"6.2\/III\/19\/6.2-1906.1"},"9":{"id":"795308","structure_id":"594","section_number":"6.2-1907","catch_line":"License revocation","url":"\/6.2-1907\/","token":"6.2\/III\/19\/6.2-1907"},"10":{"id":"774543","structure_id":"594","section_number":"6.2-1908","catch_line":"Notice of proposed revocation","url":"\/6.2-1908\/","token":"6.2\/III\/19\/6.2-1908"},"11":{"id":"773384","structure_id":"594","section_number":"6.2-1909","catch_line":"Cease and desist orders","url":"\/6.2-1909\/","token":"6.2\/III\/19\/6.2-1909"},"12":{"id":"795973","structure_id":"594","section_number":"6.2-1910","catch_line":"Investigations; examinations; reporting violations","url":"\/6.2-1910\/","token":"6.2\/III\/19\/6.2-1910"},"13":{"id":"788706","structure_id":"594","section_number":"6.2-1911","catch_line":"Conduct of business through authorized delegates of licensee","url":"\/6.2-1911\/","token":"6.2\/III\/19\/6.2-1911"},"14":{"id":"786449","structure_id":"594","section_number":"6.2-1912","catch_line":"Liability of licensee for payment of money order; money order to bear name of licensee","url":"\/6.2-1912\/","token":"6.2\/III\/19\/6.2-1912"},"15":{"id":"777222","structure_id":"594","section_number":"6.2-1913","catch_line":"Regulations","url":"\/6.2-1913\/","token":"6.2\/III\/19\/6.2-1913"},"16":{"id":"786490","structure_id":"594","section_number":"6.2-1914","catch_line":"Acquisition of control; application","url":"\/6.2-1914\/","token":"6.2\/III\/19\/6.2-1914"},"17":{"id":"771370","structure_id":"594","section_number":"6.2-1915","catch_line":"Sale or issuance of bearer money orders; prohibition","url":"\/6.2-1915\/","token":"6.2\/III\/19\/6.2-1915"},"18":{"id":"792443","structure_id":"594","section_number":"6.2-1916","catch_line":"Retention of books, accounts, and records","url":"\/6.2-1916\/","token":"6.2\/III\/19\/6.2-1916"},"19":{"id":"789191","structure_id":"594","section_number":"6.2-1917","catch_line":"Other reporting requirements","url":"\/6.2-1917\/","token":"6.2\/III\/19\/6.2-1917"},"20":{"id":"767862","structure_id":"594","section_number":"6.2-1918","catch_line":"Maintenance of permissible investments","url":"\/6.2-1918\/","token":"6.2\/III\/19\/6.2-1918"},"21":{"id":"765392","structure_id":"594","section_number":"6.2-1919","catch_line":"Types of permissible investments","url":"\/6.2-1919\/","token":"6.2\/III\/19\/6.2-1919"},"22":{"id":"770010","structure_id":"594","section_number":"6.2-1920","catch_line":"Civil penalties","url":"\/6.2-1920\/","token":"6.2\/III\/19\/6.2-1920"},"23":{"id":"781390","structure_id":"594","section_number":"6.2-1921","catch_line":"Criminal penalty","url":"\/6.2-1921\/","token":"6.2\/III\/19\/6.2-1921"}},"previous_section":{"id":"789191","structure_id":"594","section_number":"6.2-1917","catch_line":"Other reporting requirements","url":"\/6.2-1917\/","token":"6.2\/III\/19\/6.2-1917"},"next_section":{"id":"765392","structure_id":"594","section_number":"6.2-1919","catch_line":"Types of permissible investments","url":"\/6.2-1919\/","token":"6.2\/III\/19\/6.2-1919"},"references":[{"id":"765392","section_number":"6.2-1919","catch_line":"Types of permissible investments","url":"\/6.2-1919\/"}],"formats":{"txt":"\/6.2-1918.txt","json":"\/6.2-1918.json","xml":"\/6.2-1918.xml"},"dublin_core":{"Title":"Maintenance of permissible investments","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-1918","Relation":"Code of Virginia"},"plain_text":"                                 CODE OF VIRGINIA\n\nMAINTENANCE OF PERMISSIBLE INVESTMENTS (\u00a7 6.2-1918)\n\nA. A licensee shall maintain at all times permissible investments that have a\nmarket value computed in accordance with generally accepted accounting\nprinciples of not less than the aggregate dollar amount of all of its (i)\noutstanding money orders from all states, and (ii) outstanding money\ntransmission transactions from all states.\n\nB. The Commission, with respect to any licensees, may limit the extent to which\na type of investment within a class of permissible investments may be considered\na permissible investment, except for money and certificates of deposit issued by\na bank. The Commission may prescribe by regulation other types of investments\nthat the Commission determines to have a safety substantially equivalent to\nother permissible investments.\n\nC. Permissible investments shall be deemed to be held in trust for the benefit\nof the purchasers and holders of the licensee’s outstanding money orders\nand money transmission services in the event of bankruptcy or receivership of\nthe licensee.\n\nHISTORY: 2009, c. 346, \u00a7 6.1-378.7; 2010, c. 794."}