Code of Virginia § 54.1-4003. Bond required; private action on bond.
102 words·~1 min read·
/va/title-54-1/chapter-40/54-1-4003·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
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 .