Separate license for each place of business; transfer or amendment or license; mandatory holding period for impact licenses; posting; expiration; civil penalties.

Va. Code Ann. § 4.1-702
in effect
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A. Each license granted by the Board shall designate the place where the business of the licensee will be carried on. A separate license shall be required for each separate place of business. B. No license shall be transferable from one location to another unless such transfer is conducted in accordance with Board regulations. No license shall be assigned, sold, or transferred, nor shall ownership or control of a license be changed, unless the licensee has received prior written approval by the Board and such assignment, sale, transfer, or change is conducted in accordance with Board regulations. Any such change made without approval of the Board is void and shall constitute grounds for immediate suspension or revocation of all affected licenses. C. No impact licensee, nor any person holding a direct or indirect beneficial interest therein, shall sell, assign, or transfer a controlling interest of more than 49 percent of the license to any person or entity for a period of five years from the date the license is issued. The Board may, by regulation, provide for an exception to this mandatory holding period for transfers made as part of an estate plan to a family member or into a trust for the benefit of the licensee's immediate family. D. The Board may permit a licensee to amend the classification of an existing license without complying with the posting and publishing procedures required by § 4.1-1000 if the effect of the amendment is to reduce materially the privileges of an existing license. E. Each license shall be posted in a location conspicuous to the public at the place where the licensee carries on the business for which the license is granted. F. The privileges conferred by any license granted by the Board shall continue until the last day of the twelfth month next ensuing or the last day of the designated month and year of expiration, except the license may be sooner terminated for any cause for which the Board would be entitled to refuse to grant a license or by operation of law, voluntary surrender, or order of the Board. The Board may grant licenses for one year based on the fees set by the Board pursuant to § 4.1-1002 . 2026, Sp. Sess. I, c. 1 .
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://law.lis.virginia.gov/vacode/4.1-702/Fetched: 10/16/2026