A. When remitting license and permit receipts, each clerk or agent shall make a report to the Director, in a manner prescribed by the Director, which shall show (i) the quantity of licenses of each kind sold and the amount of gross collections for each kind of license, (ii) the amount of collections retained as compensation pursuant to § 29.1-332, (iii) the net amount remitted to the Department, (iv) the amount of voluntary contributions collected pursuant to subsection B of § 29.1-330, and (v) any other information that the Director may require.

B. For failure to make a report and remit the amount due within 30 days after the due date, the clerk or agent shall forfeit his compensation for issuing licenses on such report. If an agent fails to have funds in an amount equal to the Department's records of reported license sales in any account from which remission of revenues to the Department is made by periodic electronic transfer, he shall forfeit his compensation for issuing licenses during the period covered by the transfer of the funds. For any subsequent failure to have funds equal to the Department's records of reported license sales in an account from which remission of revenues to the Department is made by periodic electronic transfer, the Director may revoke the person's status as a license agent.

C. For license sales made by telephone or electronic media, the reports and remittances to the Department shall be made not less than quarterly and in accordance with a schedule prescribed by the Board. For license sales made other than by telephone or electronic media, the reports and remittances to the Department shall be made as follows:

1. For July and August, not later than September 5.

2. For September, October, November and December, monthly, not later than the fifth of the succeeding month.

3. For January, February and March, quarterly, not later than April 5.

4. For April, May and June, quarterly, not later than July 5.

Code 1950, §§ 29-70, 29-72, 29-73; 1976, c. 660; 1987, c. 488; 1992, c. 374; 2000, c. 132; 2003, cc. 95, 737.