VirginiaFinancial institutions; regulation of money transmitters, penalty, effective date.
What it does
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.
More detail
The bill has a delayed effective date of July 1, 2026.
Where do you stand?
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2025
- Mar 21Acts of Assembly Chapter text (CHAP0214)Latest
- Mar 21Approved by Governor Glenn Youngkin-Chapter 214 (Effective 07/01/26)Became Law
- Mar 19Fiscal Impact Statement from State Corporation Commission (HB1942)
- Mar 11Governor's Action Deadline 11:59 p.m., March 24, 2025To Governor
- Mar 11Enrolled Bill communicated to Governor on March 11, 2025Minor
- Mar 10Signed by PresidentMajor
- Mar 7Signed by SpeakerMajor
- Mar 7Bill text as passed House and Senate (HB1942ER)Major
- Mar 7EnrolledMinor
- Feb 20Senate substitute agreed to by House (89-Y 9-N)Major
- Vote recorded Senate substitute agreed to by House (89-Y 9-N). Result: pass.Lower
- Feb 19Passed Senate with substitute (40-Y 0-N)Passed Senate
- Vote recorded Passed Senate (40-Y 0-N). Result: pass.Upper
- Feb 19Engrossed by Senate - committee substituteMajor
- Feb 19Commerce and Labor Substitute agreed to
- Feb 19Reading of substitute waived
- Feb 19Read third timeMinor
- Feb 18Passed by for the day
- Vote recorded Constitutional reading dispensed (on 2nd reading) (40-Y 0-N). Result: pass.Upper
- Feb 18Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- Feb 18Rules suspended
- Feb 17Committee substitute printed 25107314D-S1Major
- Vote recorded Reported from Commerce and Labor with substitute (15-Y 0-N). Result: pass.Upper
- Feb 17Reported from Commerce and Labor with substitute (15-Y 0-N)Minor
- Feb 5Referred to Committee on Commerce and LaborMinor
- Feb 5Constitutional reading dispensed (on 1st reading)
- Feb 4Read third time and passed House (95-Y 3-N)Passed House
- Vote recorded Read third time and passed House (95-Y 3-N). Result: pass.Lower
- Feb 3Read second time and engrossedMinor
- Feb 2Read first timeMinor
- Jan 30Reported from Labor and Commerce (21-Y 1-N)Minor
- Vote recorded Reported from Labor and Commerce (21-Y 1-N). Result: pass.Lower
- Jan 28Subcommittee recommends reporting (7-Y 0-N)
- Vote recorded Subcommittee recommends reporting (7-Y 0-N). Result: pass.Lower
- Jan 16Fiscal Impact Statement from State Corporation Commission (HB1942)
- Jan 14Assigned L & C sub: Subcommittee #1Minor
- Jan 6Referred to Committee on Labor and CommerceMinor
- Jan 6Prefiled and ordered printed; Offered 01-13-2025 25102855DIntroduced