A. No authorized delegate of a licensee shall sell a money order with a face amount of $750 or more that does not designate a specific payee.
B. This section applies only to paper money orders.
C. This section does not apply to (i) travelers checks, (ii) electronic instruments, (iii) stored value products or other similar instruments for the transmission or payment of money, or (iv) money orders sold or issued by insured financial institutions.
D. Licensees shall inform their authorized delegates of the obligations imposed by this section.
1999, c. 355, § 6.1-378.3; 2009, c. 346; 2010, c. 794.