Va. Code Ann. § 6.2-1016
This is the official text of Va. Code Ann. § 6.2-1016, part of Virginia’s Code of Virginia — the complete compiled statutory law of Virginia, organized into 60+ numbered titles by subject.
Not legal advice. This page reproduces the official text of a government statute for reference only. Laws change, and how a statute applies depends on your specific facts. For advice about your situation, consult a licensed attorney in your state.
Bond required
Official statutory text
A. No applicant shall obtain a certificate without filing with the Commission, and maintaining continuously thereafter, a surety bond in such amount as the Commission may from time to time require.
B. In no event shall the amount of the surety bond be less than $1 million.
C. The surety bond required by this section shall be for the benefit of:
1. Any person damaged as a result of a violation of the provisions of, or any regulation adopted pursuant to, this chapter;
2. Any person damaged by the negligence, fraud, or embezzlement of a trust company organized under this article or its directors, officers, or employees; and
3. Any person damaged by any other breach of trust of any trust company organized under this article or its directors, officers, or employees.
D. The Commission may revoke the certificate of any trust company that the Commission finds has failed to maintain a bond as required by this section.
1993, c. 432, § 6.1-32.17; 2010, c. 794 .
B. In no event shall the amount of the surety bond be less than $1 million.
C. The surety bond required by this section shall be for the benefit of:
1. Any person damaged as a result of a violation of the provisions of, or any regulation adopted pursuant to, this chapter;
2. Any person damaged by the negligence, fraud, or embezzlement of a trust company organized under this article or its directors, officers, or employees; and
3. Any person damaged by any other breach of trust of any trust company organized under this article or its directors, officers, or employees.
D. The Commission may revoke the certificate of any trust company that the Commission finds has failed to maintain a bond as required by this section.
1993, c. 432, § 6.1-32.17; 2010, c. 794 .
Status: in_force · Read it on the official government site
Need a lawyer in Virginia?
Find a Virginia lawyer
About this page: Statute text is reproduced from official government publishers via the
Open US Law dataset
(Vaquill AI, snapshot v2026.08, CC BY 4.0). Primary legislative text like this is public domain under the government-edicts doctrine
(Georgia v. Public.Resource.Org, 2020). We link every section back to its official source so you can verify it independently.