Virginia Code 54.1-4003: Bond required; private action on bond
Current as of: 2023 | Check for updates
|
Other versions
A. No natural person shall be licensed as a pawnbroker or engage in the business of a pawnbroker without having in existence a bond with surety in the minimum amount of $50,000 to secure the payment of any judgment recovered under the provisions of subsection B.
Terms Used In Virginia Code 54.1-4003
- Bond with surety: includes the payment in cash of the full amount of the required bond and, in such case, no surety shall be required. See Virginia Code 1-205
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
B. Any person who recovers a judgment against a licensed pawnbroker for the pawnbroker’s misconduct may maintain an action in his own name upon the bond of the pawnbroker if the execution issued upon such judgment is wholly or partially unsatisfied.
Code 1950, § 54-845; 1988, c. 765; 1998, c. 848; 2019, c. 238.