2012 SESSION

Convened January 11, 2012
Adjourned sine die March 10, 2012
Reconvened April 18, 2012
Adjourned sine die April 18, 2012

BANKING AND FINANCE

(P) Passed (F) Failed (V) Vetoed (I) Incoporated into other legislation

(C) Carried over

Alternate medium of commerce or currency; joint subcommittee to study whether State should adopt to serve as an alternative to currency distributed by Federal Reserve System. (Patron-Marshall, R.G., HJR 118 (F))

Bank franchise tax; apportionment. Adding § 58.1-1204.2. (Patron-Massie, HB 323 (F))

Bank-owned real estate; repeals provision that limits period that banks may hold. Amending § 6.2-872. (Patron-Kilgore, HB 708 (Chapter 59); Watkins, SB 121 (Chapter 157))

Banks; joint subcommittee to study whether to establish a bank to be operated by State. (Patron-Marshall, R.G., HJR 12 (F))

Check cashers; practice for customer identification, civil penalty. Amending § 6.2-2108; adding § 6.2-2107.1. (Patron-Ingram, HB 315 (F))

Check cashing fee information; State Corporation Commission’s Bureau of Financial Information to conduct periodic surveys of banks, etc., required to be registered as check cashers. Adding § 6.2-603.1. (Patron-McClellan, HB 356 (F))

Clerks of circuit or district courts; increases fee when payment with dishonored check or credit card. Amending §§ 17.1-275 and 19.2-353.3. (Patron-Gilbert, HB 387 (Chapter 420))

Constitutional amendment; caps maximum lawful rate of interest on any contract for loan or forbearance of any money, if money is for use primarily for personal, family, or household purposes (first reference). Adding Section 15-B in Article I. (Patron-Miller, J.C., SJR 44 (C))

Credit unions; amendments to organizational documents. Amending § 6.2-1323. (Patron-Miller, HB 214 (Chapter 44); Stanley, SB 132 (Chapter 560))

Debt collection practices; penalty. Amending §§ 6.2-1816, 6.2-2215, and 59.1-200; adding §§ 59.1-550 through 59.1-560. (Patron-Brink, HB 443 (F))

Mortgage lenders and mortgage brokers; criminal background checks. Amending §§ 6.2-1605, 6.2-1608, and 19.2-389. (Patron-Watkins, SB 124 (Chapter 189))

Mortgage loan originators; exempts from licensing employees of bona fide nonprofit organizations, technical changes. Amending §§ 6.2-1700, 6.2-1701, 6.2-1709, 6.2-1711, 6.2-1715, 6.2-1719, and 6.2-1720; adding § 6.2-1701.1. (Patron-Marshall, D.W., HB 570 (Chapter 52); Watkins, SB 75 (Chapter 187))

Mortgage modification; application, limitations on foreclosure. Adding § 55-59.1:2. (Patron-Marshall, R.G., HB 822 (F))

Motor vehicle title loans, payday loans, and open-end credit plans; caps interest rate. Amending §§ 6.2-312, 6.2-1816, 6.2-1817, 6.2-1818, and 6.2-2216. (Patron-Yancey, HB 725 (F))

Multiple employer welfare arrangements (MEWA); increases maximum number of residents employed at bank who may receive accident and sickness benefits. Amending § 38.2-3420. (Patron-Puckett, SB 591 (Chapter 589))

Open-end loan plans; caps finance charges. Amending § 6.2-312. (Patron-Edwards, SB 98 (F))

Owner financing for real property; exempts persons who make loans or extend credit for any part of purchase price from licensure requirements under Nationwide Mortgage Licensing System and Registry. Amending §§ 6.2-1600 and 6.2-1602. (Patron-Marshall, D.W., HB 572 (Chapter 53); Watkins, SB 76 (Chapter 188))

Payday loans; permitted interest. Amending §§ 6.2-1816, 6.2-1817, and 6.2-1818. (Patron-Locke, SB 28 (F); Miller, J.C., SB 186 (I) See SB28)

Safe deposit boxes; bank to permit limited access upon death of lessee to look for will or other testamentary instrument. Amending § 6.2-2302. (Patron-Watts, HB 414 (F))

Trust institutions; entities authorized to engage in a trust business in State, which includes those out-of-state and any national bank or federal savings bank. Amending §§ 6.2-1001, 6.2-1014, and 6.2-1067. (Patron-Merricks, HB 1168 (Chapter 608))

Virginia Housing Development Authority; mortgage credit certificates. Amending § 15.2-5003. (Patron-Marshall, D.W., HB 558 (Chapter 239))