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Financial institutions; regulation of money transmitters; penalty. Replaces existing state law regulating money transmitters with comprehensive provisions aimed at standardizing the regulation of money transmitters across the 50 states. The bill includes provisions for the licensure of money transmitters, supervision and implementation by the State Corporation Commission, acquisition of control of a licensee, mandatory disclosures, reporting and records requirements, authorized delegates, mandatory disclosures, prudential standards, and enforcement. The bill has a delayed effective date of July 1, 2026.
Introduced
Jan 6, 2025
Last Action
Mar 21, 2025
Session
VA 2025
Sponsors
1 primary · 0 co
Approved by Governor-Chapter 214 (Effective 07/01/26)
Acts of Assembly Chapter text (CHAP0214)
Fiscal Impact Statement from State Corporation Commission (HB1942)
Governor's Action Deadline 11:59 p.m., March 24, 2025
Enrolled Bill communicated to Governor on March 11, 2025
Signed by President
Signed by Speaker
Bill text as passed House and Senate (HB1942ER)
Enrolled
Senate substitute agreed to by House (89-Y 9-N)
Read third time
Passed Senate with substitute (40-Y 0-N)
Engrossed by Senate - committee substitute
Commerce and Labor Substitute agreed to
Reading of substitute waived
Passed by for the day
Rules suspended
Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
Reported from Commerce and Labor with substitute (15-Y 0-N)
Committee substitute printed 25107314D-S1
Referred to Committee on Commerce and Labor
Constitutional reading dispensed (on 1st reading)
Read third time and passed House (95-Y 3-N)
Read second time and engrossed
Read first time
Reported from Labor and Commerce (21-Y 1-N)
Subcommittee recommends reporting (7-Y 0-N)
Fiscal Impact Statement from State Corporation Commission (HB1942)
Assigned L & C sub: Subcommittee #1
Referred to Committee on Labor and Commerce
Prefiled and ordered printed; Offered 01-13-2025 25102855D
Get a plain-English explanation of what this bill does, who it affects, and why it matters.
Acts of Assembly Chapter text (CHAP0214)
Joshua G. Cole