A Virginia licensee is denied the chance to do business by another state in 2026 and tells no one here. Must the licensee report the other jurisdiction denial?
Correct Answer
C) Reportable: a denial by any state or governmental authority is listed
The reportable events include the licensee filing for bankruptcy or reorganization, the institution of revocation or suspension proceedings by any state or governmental authority, the denial of the opportunity to engage in business by any state or governmental authority, and any felony indictment or conviction of the licensee or its people. Other choices: any state is named expressly; finality is not required, since the institution of proceedings is itself listed; and doing business there is not the test. Source: Va. Code § 6.2-1621(A)(3)
Why This Is the Correct Answer
The reportable events include the licensee filing for bankruptcy or reorganization, the institution of revocation or suspension proceedings by any state or governmental authority, the denial of the opportunity to engage in business by any state or governmental authority, and any felony indictment or conviction of the licensee or its people. Other choices: any state is named expressly; finality is not required, since the institution of proceedings is itself listed; and doing business there is not the test. Source: Va. Code § 6.2-1621(A)(3)
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