54.1-4411 - Substantial equivalency provisions for persons who hold the license of another state.
§ 54.1-4411. Substantial equivalency provisions for persons who hold thelicense of another state.
A. A person who holds the license of another state shall be considered tohave met requirements that are substantially equivalent to those prescribedby the Board if:
1. The Board has determined that the education, CPA examination, andexperience requirements of the state are substantially equivalent to thoseprescribed by the Board, or
2. The person has demonstrated meeting education, CPA examination, andexperience requirements that are substantially equivalent to those prescribedby the Board.
B. A person who holds the license of another state and meets the substantialequivalency provisions of subsection A shall not be required to hold aVirginia license to use the CPA title in Virginia provided that either (i) heprovides services to the public using the CPA title and the principal placeof business in which he provides those services is in other states or (ii) hedoes not provide services to the public using the CPA title. However, to usethe CPA title in Virginia, the person shall:
1. Consent to be subject to:
a. The provisions of this chapter and regulations promulgated by the Boardthat apply to the holder of a Virginia license,
b. The jurisdiction of the Board in all disciplinary proceedings arising outof matters related to his use of the CPA title in Virginia, and
c. The Board's authority to revoke or suspend his privilege to use the CPAtitle in Virginia and to impose penalties for the person's violations of theprovisions of this chapter and regulations promulgated by the Board.
2. Consent to the appointment of the executive director of the board ofaccountancy of the state that issued the license as his agent, upon whomprocess may be served (i) in any action or proceeding by the Board againsthim, or (ii) in any civil action in Virginia courts arising out of his usingthe CPA title in Virginia. In the event he holds a license from more than onestate, the Board shall establish which executive director shall serve as hisagent.
3. Consent to the personal and subject matter jurisdiction of the courts ofVirginia in any civil action arising out of his use of the CPA title inVirginia and agree that the proper venue for such actions is in Virginia.
4. Agree to cease using the CPA title in Virginia if he is no longer licensed.
C. A holder of a Virginia license who is using the CPA title in another stateunder substantial equivalency provisions of statutes of the state orregulations promulgated by the board of accountancy of the state shall besubject to disciplinary action by the Board for an act or omission committedin that state. The Board may investigate any complaint made to or by theboard of accountancy of any state related to the person's use of the CPAtitle in that state.
D. The Board may cooperate and share information with appropriate authoritiesin other states in investigations or enforcement matters concerningviolations of the provisions of this chapter or regulations promulgated bythe Board and comparable statutes or regulations of other states or boards ofaccountancy.
(2001, c. 832; 2003, c. 291; 2007, c. 804.)