{"data":{"id":"us-va/va.-code-54.1-4106","jurisdiction":"us-va","citation":"Va. Code § 54.1-4106","heading":"Bond or letter of credit required of dealers when permit obtained","body":"A. Every dealer shall secure a permit as required by § 54.1-4108, and each dealer at the time of obtaining such permit shall enter into a recognizance to the Commonwealth secured by a corporate surety authorized to do business in this Commonwealth, in the penal sum of $10,000, conditioned upon due observance of the terms of this chapter. In lieu of a bond, a dealer may cause to be issued by a bank authorized to do business in the Commonwealth a letter of credit in favor of the Commonwealth for $10,000.B. If any county, city, or town has an ordinance which regulates the purchase and sale of precious metals and gems pursuant to § 54.1-4111, such bond or letter of credit shall be executed in favor of the local governing body.C. A single bond upon an employer or principal may be written or a single letter of credit issued to cover all employees and all transactions occurring at a single location.1981, c. 581, § 54-859.21; 1988, c. 765.","path":["Title 54.1. PROFESSIONS AND OCCUPATIONS","Subtitle V. OCCUPATIONS REGULATED BY LOCAL GOVERNING BODIES","Chapter 41. PRECIOUS METALS DEALERS"],"source_url":"https://law.lis.virginia.gov/vacode/54.1-4106/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:17:24Z","sha256":"51cfff7fec5423989a565cc05912ec03356cbe033ed7b8c8d3cda8c03ac58522","source_id":"us-va","stale":true,"prev":"us-va/va.-code-54.1-4105","next":"us-va/va.-code-54.1-4107"},"notice":"GroundRules: Original legal text. Not legal advice."}