Banking And Finance
Virginia 2013 Regular Session
State depositories; exempt deposits. [HB-1613]
[Finance ]
State depositories; exempt deposits. Provides that the Virginia Security for Public Deposits Act does not apply to deposits made by any public depositor in out-of-state financial institutions related to escrow or trust agreements or custody agreements, other than master custody agreements. The bill further provides that such deposits do not have to be made in a qualified public depository.
Sponsored by: Rep. Timothy Hugo
Tabled In Commerce And Labor By Voice Vote on 01/17/2013
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Gettr Virginia 2013 Regular Session
Financial institutions; identification of joint accounts. [HB-1610]
[Finance ]
[Consumer Protection ]
Financial institutions; joint accounts. Eliminates the requirement that financial institutions maintain or make available forms for the creation of both joint accounts with survivorship and joint accounts without survivorship. A financial institution may elect to make one or both forms available to persons opening joint accounts.
Sponsored by: Rep. Timothy Hugo
Governor: Acts Of Assembly Chapter Text (chap0070) on 03/05/2013
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Virginia 2013 Regular Session
Small estates; checks and negotiable instruments. [HB-1594]
[Finance ]
Small estates; checks and negotiable instruments. Provides that if the successor to a decedent receives certain small assets in the form of checks, drafts, or other negotiable instruments that are payable to the decedent, the successor may endorse or negotiate such checks, drafts, or other negotiable instruments.
Sponsored by: Rep. J. Randall Minchew
Governor: Acts Of Assembly Chapter Text (chap0068) on 03/05/2013
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Virginia 2013 Regular Session
Financial institutions; contract provision requiring amendment or waiver to be in writing, etc. [HB-1573]
[Finance ]
[Consumer Protection ]
[Insurance ]
Financial institutions; contract provision requiring amendment or waiver to be in writing. Provides that if any written contract to which a financial institution is a party contains a provision to the effect that no amendment or waiver of any terms or provisions of the contract is valid unless it is in writing, then any amendment or waiver of any terms or provisions of that contract by conduct, course of practice or dealing, or otherwise shall not apply to future rights and obligations under that contract unless it is in writing.
Sponsored by: Rep. Barbara Comstock
Governor: Acts Of Assembly Chapter Text (chap0067) on 03/05/2013
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Virginia 2013 Regular Session
Safe deposit boxes; bank or other entity to permit limited access by deceased lessee's spouse, etc. [HB-1454]
[Finance ]
[Consumer Protection ]
[Law Enforcement ]
[Public Safety ]
Safe deposit boxes. Requires the bank or other entity renting a safe deposit box to permit limited access to the box by the deceased lessee's spouse, next of kin, guardian, conservator, agent under a power of attorney, or agent in an advance medical directive, or by a court clerk, to look for a will or other testamentary instrument. Currently, the lessor of the safe deposit box has the option of allowing entry for such purpose. Before allowing entry, the company shall require a person given limited access to a box to provide an affidavit and documentation
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Sponsored by: Rep. Vivian Watts
Tabled In Commerce And Labor By Voice Vote on 01/24/2013
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Virginia 2013 Regular Session
Consumer finance companies; rate of interest. [HB-1359]
[Finance ]
[Consumer Protection ]
Consumer finance companies; rate of interest. Adjusts the caps on the annual rate of interest that a consumer finance company may charge on loans. This measure allows a consumer finance company to charge interest at a rate not exceeding 78 percent annually on loans of not more than $1,500 and not exceeding 36 percent annually on loans of more than $1,500. Currently, a consumer finance company may charge interest at a rate not exceeding 36 percent annually on loans of not more than $2,500, and may charge interest at any rate agreed to in its contract
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Sponsored by: Rep. Lee Ware
Tabled In Commerce And Labor By Voice Vote on 01/22/2013
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Virginia 2013 Regular Session
Credit unions, federal; those operating within State to comply with Virginia Small Estate Act. [HB-1351]
[Finance ]
[Consumer Protection ]
Credit unions; Virginia Small Estate Act. Provides that federal credit unions operating in the Commonwealth, to the extent allowable under federal law, shall comply with provisions of the Virginia Small Estate Act requiring a person having possession of an asset belonging to a decedent with a value of no more than $50,000 to pay or deliver that asset to the designated successor of the decedent.
Sponsored by: Rep. Gregory Habeeb
Governor: Acts Of Assembly Chapter Text (chap0007) on 02/20/2013
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Virginia 2012 Regular Session
Constitutional amendment; maximum lawful rate of interest (first reference). [SJR-44]
[Finance ]
[Consumer Protection ]
Constitutional amendment (first resolution); maximum lawful rate of interest. Caps the maximum lawful rate of interest on any contract for the loan or forbearance of any money, if the money is for use primarily for personal, family, or household purposes, at 36 percent per year. The provisions do not apply to loans made by a depository institution that is subject to licensure by the Commonwealth or another state or by the federal government.
Sponsored by: Sen. John Miller
Senate: Continued To 2013 In Privileges And Elections (15-y 0-n) on 01/17/2012
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Virginia 2012 Regular Session
Open-end loan plans; caps finance charges. [SB-98]
[Finance ]
[Consumer Protection ]
Open-end loan plans; finance charges. Caps the finance charges and other charges and fees that may be imposed on extension of credit under certain open-end credit plans at an annual rate of 36 percent if the maximum amount that may be advanced under the plan does not exceed $2,500. If the maximum amount that may be advanced exceeds $2,500, the lender may impose finance charges and other charges and fees at such rates and in such amounts as the parties may agree.
Sponsored by: Sen. John Edwards
Senate: Passed By Indefinitely In Commerce And Labor (11-y 5-n) on 02/06/2012
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Virginia 2012 Regular Session
Owner financing for real property; licensing. [SB-76]
[Real Estate ]
[Housing ]
[Finance ]
[Consumer Protection ]
Owner financing for real property; licensing. Exempts persons who make loans or extend credit for any part of the purchase price of real property that the person owns from licensure requirements under the Nationwide Mortgage Licensing System and Registry. This bill is a recommendation of the Virginia Housing Commission.
Sponsored by: Sen. John Watkins
Governor: Acts Of Assembly Chapter Text (chap0188) on 03/08/2012
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Virginia 2012 Regular Session
Mortgage loan originators; exempts from licensing employees of bona fide nonprofit organizations. [SB-75]
[Finance ]
[Housing ]
[Real Estate ]
[Consumer Protection ]
[Nonprofit ]
Mortgage loan originators; bona fide nonprofit organizations. Exempts employees of bona fide nonprofit organizations from licensing and registration requirements applicable to mortgage loan originators. The State Corporation Commission is directed to prescribe, by regulation, procedures and criteria to be used to determine whether an organization is a bona fide nonprofit organization. In doing so, the Commission shall consider criteria adopted by the Consumer Financial Protection Bureau or other federal agency with rulemaking authority under the
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Sponsored by: Sen. John Watkins
Governor: Acts Of Assembly Chapter Text (chap0187) on 03/08/2012
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Virginia 2012 Regular Session
MEWA; increases number of residents employed at bank who may receive accident & sickness benefits. [SB-591]
[Healthcare ]
[Insurance ]
[Labor, Jobs, Employment ]
Health insurance; multiple employer welfare arrangements. Increases, from 50 to 500, the maximum number of Virginia residents employed at a bank that is a member of a multiple employer welfare arrangement (MEWA) who may receive accident and sickness benefits under the MEWA without disqualifying the MEWA from its exemption from provisions of the Commonwealth's insurance laws. The exemption applies if the MEWA is subject to solvency examination authority and reserve adequacy requirements determined by sound actuarial principles by such domiciliary
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Sponsored by: Sen. Phillip Puckett
Governor: Acts Of Assembly Chapter Text (chap0589) on 04/04/2012
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Virginia 2012 Regular Session
Payday loans; permitted interest. [SB-28]
[Finance ]
[Consumer Protection ]
Payday loans; permitted interest. Removes provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent.
Sponsored by: Sen. Mamie Locke
Senate: Passed By Indefinitely In Commerce And Labor (11-y 5-n) on 02/06/2012
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Virginia 2012 Regular Session
Payday loans; permitted interest. [SB-186]
[Finance ]
[Consumer Protection ]
Payday loans; permitted interest. Repeals provisions of the Payday Loan Act that authorize lenders to charge a loan fee or verification fee, thereby limiting permissible charges on payday loans to simple interest at a maximum annual rate of 36 percent.
Sponsored by: Sen. John Miller
Senate: Incorporated By Commerce And Labor on 02/06/2012
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Virginia 2012 Regular Session
Credit unions; amendments to organizational documents. [SB-132]
[Finance ]
Credit unions; amendments to organizational documents. Clarifies the procedure for review by the Commissioner of Financial Institutions of proposed amendments to the articles of incorporation and bylaws of a credit union when the amendments would expand the credit union's field of membership.
Sponsored by: Sen. William Stanley
Governor: Acts Of Assembly Chapter Text (chap0560) on 04/04/2012
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Virginia 2012 Regular Session
Mortgage lenders and mortgage brokers; criminal background checks. [SB-124]
[Finance ]
[Housing ]
[Crime ]
[Consumer Protection ]
Mortgage Lender and Mortgage Broker Act; criminal background checks. Conforms provisions of Virginia's laws regarding licensure of mortgage lenders and mortgage brokers to the practice of conducting criminal background checks through the Nationwide Mortgage Licensing System and Registry. The measure eliminates an existing provision that allows a mortgage lender's or mortgage broker's members, senior officers, directors, and principals to avoid a criminal background check during the licensing phase by acquiring a licensee after the license has been
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Sponsored by: Sen. John Watkins
Governor: Acts Of Assembly Chapter Text (chap0189) on 03/08/2012
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Virginia 2012 Regular Session
Bank-owned real estate; repeals provision that limits period that banks may hold. [SB-121]
[Real Estate ]
[Finance ]
Bank-owned real estate. Repeals a provision that limits to 10 years the period that banks may hold real estate acquired in satisfaction of a debt previously contracted. The measure allows state banks to hold such property indefinitely without writing down the asset's value.
Sponsored by: Sen. John Watkins
Governor: Acts Of Assembly Chapter Text (chap0157) on 03/07/2012
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Virginia 2012 Regular Session
Banks; joint subcommittee to study whether to establish a bank to be operated by State. [HJR-12]
[Finance ]
[Budget and Spending ]
[Economic Development ]
Study; whether to establish a bank operated by the Commonwealth; report. Establishes a joint subcommittee to study whether to establish a bank operated by the Commonwealth. The study shall consider recommendations for legislation to establish a public bank that is owned, controlled, and operated by the state.
Sponsored by: Rep. Robert Marshall
House: Left In Rules on 02/14/2012
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Virginia 2012 Regular Session
Alternate medium of commerce or currency; joint subcommittee to study whether State should adopt. [HJR-118]
[Finance ]
[Technology and Innovation ]
[Economic Development ]
Study; joint subcommittee to study alternative medium of commerce or currency; report. Establishes a joint subcommittee to study whether the Commonwealth should adopt an alternate medium of commerce or currency to serve as an alternative to the currency distributed by the Federal Reserve System in the event of a major breakdown of the Federal Reserve System.
Sponsored by: Rep. Robert Marshall
House: Left In Rules on 02/14/2012
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Virginia 2012 Regular Session
Mortgage modification; application, limitations on foreclosure. [HB-822]
[Real Estate ]
[Housing ]
[Finance ]
[Consumer Protection ]
Mortgage modification; application; limitations on foreclosure. Provides that if a borrower has submitted an application to modify the terms of a loan securing a debt on any residential real property that serves as the primary residence of the borrower, a mortgage lender or mortgage servicer may not initiate foreclosure on such property until (i) it has denied the application or (ii) if the modification was granted, the borrower has defaulted under the terms of the modification. A mortgage lender or mortgage servicer shall also notify in writing
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Sponsored by: Rep. Robert Marshall
House: Left In Courts Of Justice on 02/14/2012