{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/6.2-2029.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/6.2-2029.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/6.2-2029.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/6.2-2029.html"}],"law_id":374069,"edition_id":2,"section_id":374069,"structure_id":53199,"section_number":"6.2-2029","catch_line":"Bond required","history":"2020, c. 785.","full_text":"The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute the bond in the Commonwealth, in the principal amount as determined by the Commission. The amount of the bond shall be not less than $25,000 nor more than $350,000. The form of the bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force, and the Commission may require the principal amount to be adjusted as it deems necessary. The bond shall be conditioned upon the licensee performing all written agreements with consumers and conducting the licensed business in conformity with this chapter and all applicable law. Any person who may be damaged by noncompliance of the licensee with any condition of the bond may proceed on the bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.\n\n","order_by":null,"text":{"0":{"id":1396425,"text":"The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute the bond in the Commonwealth, in the principal amount as determined by the Commission. The amount of the bond shall be not less than $25,000 nor more than $350,000. The form of the bond shall be approved by the Commission. The bond shall be continuously maintained thereafter in full force, and the Commission may require the principal amount to be adjusted as it deems necessary. The bond shall be conditioned upon the licensee performing all written agreements with consumers and conducting the licensed business in conformity with this chapter and all applicable law. Any person who may be damaged by noncompliance of the licensee with any condition of the bond may proceed on the bond against the principal or surety thereon, or both, to recover damages. The aggregate liability under the bond shall not exceed the penal sum of the bond.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":53199,"edition_id":2,"name":"Debt Settlement Services Providers","identifier":"20.1","label":"chapter","depth":3,"order_by":8,"parent_id":53187,"metadata":{"child_laws":25,"child_structures":0},"date_created":"2026-08-02 03:12:48","date_modified":"2026-08-02 12:28:08","permalink":{"id":1493733,"object_type":"structure","relational_id":53199,"identifier":"20.1","token":"6.2\/III\/20.1","url":"\/6.2\/III\/20.1\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53187,"edition_id":2,"name":"Other Regulated Providers of Financial Services","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53152,"metadata":{"child_laws":332,"child_structures":12},"date_created":"2026-08-02 03:12:17","date_modified":"2026-08-02 12:28:07","permalink":{"id":1492723,"object_type":"structure","relational_id":53187,"identifier":"III","token":"6.2\/III","url":"\/6.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53152,"edition_id":2,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":10,"parent_id":null,"metadata":{"child_laws":961,"child_structures":89},"date_created":"2026-08-02 03:11:41","date_modified":"2026-08-02 12:27:53","permalink":{"id":1490251,"object_type":"structure","relational_id":53152,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":374066,"structure_id":53199,"section_number":"6.2-2026","catch_line":"Definitions","url":"\/6.2-2026\/","token":"6.2\/III\/20.1\/6.2-2026","metadata":false},{"id":374067,"structure_id":53199,"section_number":"6.2-2027","catch_line":"License requirement; exceptions","url":"\/6.2-2027\/","token":"6.2\/III\/20.1\/6.2-2027","metadata":false},{"id":374068,"structure_id":53199,"section_number":"6.2-2028","catch_line":"Application for license; form; content; fee","url":"\/6.2-2028\/","token":"6.2\/III\/20.1\/6.2-2028","metadata":false},{"id":374069,"structure_id":53199,"section_number":"6.2-2029","catch_line":"Bond required","url":"\/6.2-2029\/","token":"6.2\/III\/20.1\/6.2-2029","metadata":false},{"id":374071,"structure_id":53199,"section_number":"6.2-2030","catch_line":"Investigation of applications","url":"\/6.2-2030\/","token":"6.2\/III\/20.1\/6.2-2030","metadata":false},{"id":374072,"structure_id":53199,"section_number":"6.2-2031","catch_line":"Qualifications","url":"\/6.2-2031\/","token":"6.2\/III\/20.1\/6.2-2031","metadata":false},{"id":374073,"structure_id":53199,"section_number":"6.2-2032","catch_line":"Licenses; places of business; changes","url":"\/6.2-2032\/","token":"6.2\/III\/20.1\/6.2-2032","metadata":false},{"id":374074,"structure_id":53199,"section_number":"6.2-2033","catch_line":"Acquisition of control; application","url":"\/6.2-2033\/","token":"6.2\/III\/20.1\/6.2-2033","metadata":false},{"id":374075,"structure_id":53199,"section_number":"6.2-2034","catch_line":"Retention of books, accounts, and records; responding to Bureau","url":"\/6.2-2034\/","token":"6.2\/III\/20.1\/6.2-2034","metadata":false},{"id":374076,"structure_id":53199,"section_number":"6.2-2035","catch_line":"Annual report","url":"\/6.2-2035\/","token":"6.2\/III\/20.1\/6.2-2035","metadata":false},{"id":374077,"structure_id":53199,"section_number":"6.2-2036","catch_line":"Other reporting requirements","url":"\/6.2-2036\/","token":"6.2\/III\/20.1\/6.2-2036","metadata":false},{"id":374078,"structure_id":53199,"section_number":"6.2-2037","catch_line":"Investigations; examinations","url":"\/6.2-2037\/","token":"6.2\/III\/20.1\/6.2-2037","metadata":false},{"id":374079,"structure_id":53199,"section_number":"6.2-2038","catch_line":"Annual fees","url":"\/6.2-2038\/","token":"6.2\/III\/20.1\/6.2-2038","metadata":{"court_decisions":""}},{"id":374080,"structure_id":53199,"section_number":"6.2-2039","catch_line":"Regulations","url":"\/6.2-2039\/","token":"6.2\/III\/20.1\/6.2-2039","metadata":false},{"id":374082,"structure_id":53199,"section_number":"6.2-2040","catch_line":"Licensees providing debt settlement services; prohibited and required business methods","url":"\/6.2-2040\/","token":"6.2\/III\/20.1\/6.2-2040","metadata":false},{"id":374083,"structure_id":53199,"section_number":"6.2-2041","catch_line":"Fee","url":"\/6.2-2041\/","token":"6.2\/III\/20.1\/6.2-2041","metadata":{"court_decisions":""}},{"id":374084,"structure_id":53199,"section_number":"6.2-2042","catch_line":"Advertising","url":"\/6.2-2042\/","token":"6.2\/III\/20.1\/6.2-2042","metadata":false},{"id":374085,"structure_id":53199,"section_number":"6.2-2043","catch_line":"Suspension or revocation of license","url":"\/6.2-2043\/","token":"6.2\/III\/20.1\/6.2-2043","metadata":false},{"id":374086,"structure_id":53199,"section_number":"6.2-2044","catch_line":"Cease and desist orders","url":"\/6.2-2044\/","token":"6.2\/III\/20.1\/6.2-2044","metadata":false},{"id":374087,"structure_id":53199,"section_number":"6.2-2045","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-2045\/","token":"6.2\/III\/20.1\/6.2-2045","metadata":false},{"id":374088,"structure_id":53199,"section_number":"6.2-2046","catch_line":"Civil penalties","url":"\/6.2-2046\/","token":"6.2\/III\/20.1\/6.2-2046","metadata":false},{"id":374089,"structure_id":53199,"section_number":"6.2-2047","catch_line":"Criminal penalty","url":"\/6.2-2047\/","token":"6.2\/III\/20.1\/6.2-2047","metadata":false},{"id":374090,"structure_id":53199,"section_number":"6.2-2048","catch_line":"Private right of action","url":"\/6.2-2048\/","token":"6.2\/III\/20.1\/6.2-2048","metadata":false},{"id":374091,"structure_id":53199,"section_number":"6.2-2049","catch_line":"Authority of Attorney General; referral by Commission to Attorney General","url":"\/6.2-2049\/","token":"6.2\/III\/20.1\/6.2-2049","metadata":false},{"id":374092,"structure_id":53199,"section_number":"6.2-2050","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-2050\/","token":"6.2\/III\/20.1\/6.2-2050","metadata":false}],"previous_section":{"id":374068,"structure_id":53199,"section_number":"6.2-2028","catch_line":"Application for license; form; content; fee","url":"\/6.2-2028\/","token":"6.2\/III\/20.1\/6.2-2028","metadata":false},"next_section":{"id":374071,"structure_id":53199,"section_number":"6.2-2030","catch_line":"Investigation of applications","url":"\/6.2-2030\/","token":"6.2\/III\/20.1\/6.2-2030","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2029\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapter 785<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":374072,"section_number":"6.2-2031","catch_line":"Qualifications","order_by":null,"url":"\/6.2-2031\/"}],"refers_to":false,"permalink":{"id":1493747,"object_type":"law","relational_id":374069,"identifier":"6.2-2029","token":"6.2\/III\/20.1\/6.2-2029","url":"\/6.2-2029\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/6.2-2029\/","token":"6.2\/III\/20.1\/6.2-2029","dublin_core":{"Title":"Bond required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2029","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The application for a license shall be accompanied by a bond<\/span> filed with the Commissioner<\/span> with corporate surety<\/span> authorized to execute the bond<\/span> in the Commonwealth, in the principal<\/span> amount as determined by the Commission<\/span>. The amount of the bond<\/span> shall be not less than $25,000 nor more than $350,000. The form of the bond<\/span> shall be approved by the Commission<\/span>. The bond<\/span> shall be continuously maintained thereafter in full force, and the Commission<\/span> may require the principal<\/span> amount to be adjusted as it deems necessary. The bond<\/span> shall be conditioned upon the licensee<\/span> performing all written agreements with consumers<\/span> and conducting the licensed business in conformity with this chapter and all applicable law<\/span>. Any person<\/span> who may be damaged by noncompliance of the licensee<\/span> with any condition of the bond<\/span> may proceed on the bond<\/span> against the principal<\/span> or surety<\/span> thereon, or both, to recover damages<\/span>. The aggregate liability under the bond<\/span> shall not exceed the penal sum of the bond<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND REQUIRED (\u00a7 6.2-2029)\n\nThe application for a license shall be accompanied by a bond filed with the\nCommissioner with corporate surety authorized to execute the bond in the\nCommonwealth, in the principal amount as determined by the Commission. The\namount of the bond shall be not less than $25,000 nor more than $350,000. The\nform of the bond shall be approved by the Commission. The bond shall be\ncontinuously maintained thereafter in full force, and the Commission may require\nthe principal amount to be adjusted as it deems necessary. The bond shall be\nconditioned upon the licensee performing all written agreements with consumers\nand conducting the licensed business in conformity with this chapter and all\napplicable law. Any person who may be damaged by noncompliance of the licensee\nwith any condition of the bond may proceed on the bond against the principal or\nsurety thereon, or both, to recover damages. The aggregate liability under the\nbond shall not exceed the penal sum of the bond.\n\nHISTORY: 2020, c. 785.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}