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Virginia Payday Lender Bond or Check Cashing Bond

What is a Virginia Payday Lender Bond or Check Cashing Bond?

A surety bond must be furnished by Virginia Payday Lenders and Check Cashing businesses pursuant to ยง 6.2-1804 of the Code of Virginia. The surety bond secures the principal's obligation to perform all written agreements with borrowers or prospective borrowers, along with ensuring correct and accurate accounting for all monies received by the licensed business. Additionally, the bond mandates compliance with the provisions of Chapter 18 of Title 6.2 of the Code of Virginia, all relevant regulations, and all other laws applicable to the conduct of its payday lending or check cashing business. The bonded payday lender must satisfy all losses, damages and financial liability due to the State Corporation Commission or anyone damaged by the principal's violations of laws and regulations in the course of business as a payday lender. The surety company may terminate this surety bond obligation through ninety (90) days prior written notification to the principal and the Commissioner of Financial Institutions.

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