6.1-378.3 - (Repealed effective October 1, 2010) Sale or issuance of bearer money orders; prohibition.
§ 6.1-378.3. (Repealed effective October 1, 2010) Sale or issuance of bearermoney orders; prohibition.
A. No authorized delegate of a licensee shall sell a money order with a faceamount of $750 or more that does not designate a specific payee.
B. This section applies only to paper money orders and does not apply totravelers checks, electronic instruments, stored value products or othersimilar instruments for the transmission or payment of money.
C. This provision shall not apply to money orders sold or issued by insuredfinancial institutions.
D. Licensees shall inform their authorized delegates of the obligationsimposed by this section.
(1999, c. 355; 2009, c. 346.)