pc
nid 91751
Apr 03, 2026
ataylor@vixio.com
Virginia
VA SCC - Public Comment Submission
financial services
145% of draft length
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1691 charsVirginia State Corporation Commission Initiates Rulemaking on Money Order Sellers and Money Transmitters
The Virginia State Corporation Commission (SCC) has initiated an ex parte rulemaking proceeding to amend the Rules Governing Money Order Sellers and Money Transmitters. The case is identified as BFI-2026-00008.
This rulemaking addresses the regulatory framework applicable to entities engaged in money order sales and money transmission services within Virginia. The SCC is seeking to update existing rules that govern these financial service providers, which play a critical role in facilitating payment and fund transfer services for consumers and businesses across the state.
The ex parte nature of this proceeding indicates that the SCC is conducting the rulemaking on its own motion, rather than in response to a specific petition or complaint. This approach allows the commission to proactively review and modernise regulatory requirements to ensure they remain appropriate and effective.
The SCC has opened the proceeding to public comment, inviting stakeholders including money order sellers, money transmitters, consumer advocates, and other interested parties to submit written comments on the proposed amendments. Public comments can be submitted through the SCC's case information portal. The specific deadline for comment submission and any subsequent procedural dates will be available through the official case docket.
Stakeholders should monitor the SCC's website for updates on this rulemaking, including any proposed rule amendments, hearing dates, and final adoption timelines.
**Reference:**
Virginia State Corporation Commission, Cases: SCC Ex Parte: In the matter of amending the Rules Governing Money Order Sellers and Money Transmitters (Case No. BFI-2026-00008)
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2451 charsVirginia State Corporation Commission Issues Proposed Amendments to Money Transmitter Regulations
On April 3, 2026, the Virginia State Corporation Commission (SCC) issued an order initiating a proceeding to amend the rules governing money transmitters.
The proposed amended rules are prompted by the state's 2025 passage of House Bill 1942 , which will take effect July 1, 2026 and replace the existing state law regulating money transmitters with a complete adoption of the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act . The proposed amended rules were submitted to the SCC by the Virginia Bureau of Financial Institutions and are needed to conform existing regulations in Chapter 120 of the Virginia Administrative Code to the new statutory framework and implement various provisions of the modernized act.
Key amendments include:
Licensing and NMLS Integration : Applications for licensure must now be submitted through the Nationwide Multistate Licensing System and Registry (NMLS). Applicants are required to provide audited financial statements for the most recent fiscal year and the preceding two-year period.
Reporting Obligations : Licensees must file a report with the Commissioner of Financial Institutions within three business days after the licensee has reason to know of an indictment, charge, or conviction of any of the following persons for a felony: the licensee, a key individual or person in control of the licensee, an authorized delegate of the licensee, or an employee of the licensee.
Tangible Net Worth Requirements : In alignment with the new Chapter 19.1, licensees must demonstrate tangible net worth through audited financial statements and quarterly reports of condition (such as call reports) during the initial application.
Surety Bond Standards : Every licensee must maintain a surety bond in a principal amount determined by the Commissioner. Notices of cancellation of the surety bond should be submitted to the Commissioner through NMLS.
Permissible Investments : Investments must be unencumbered and held solely in the name of the licensee. Specific receivables (e.g., those funded by debit/credit cards from US-chartered banks) may be considered permissible if they are no more than seven days old.
Any interested person may comment on, propose modifications or supplements to, or request a hearing on the proposed amended rules by following the instructions on the SCC's website: scc.virginia.gov/case-information/submit-public-comments no later than May 22, 2026.