2013 SESSION

Convened January 9, 2013
Adjourned sine die February 23, 2013
Reconvened April 3, 2013
Adjourned sine die April 3, 2013

BANKING AND FINANCE

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

(C) Carried over from 2012 Session (CD) Carried over but died in committee on or before 11/29/2012

Banks; derivative transactions, lending limit. Amending § 6.2-875. (Patron-Kilgore, HB 2104 (Chapter 126); Watkins, SB 1034 (Chapter 98))

Banks; privilege for information generated from voluntary regulatory self-assessments. Adding §§ 6.2-947 through 6.2-950. (Patron-Miller, HB 2237 (Chapter 32); Stuart, SB 988 (Chapter 148))

Banks; security deposits of governmental entities. Amending § 6.2-890. (Patron-Merricks, HB 1739 (Chapter 205))

Check cashers; requires person conducting business to make copy of item cashed and make copy of customer’s valid identification document or obtain customer’s thumbprint. Amending § 6.2-2108; adding § 6.2-2107.1. (Patron-Ingram, HB 1678 (F))

Commercial and investment banking; Congress of United States to enact legislation that would reinstate separation of functions that were in effect under the Glass-Steagall Act. (Patron-Black, SJR 273 (F))

Commercial banking and investment banking; memorializing Congress of United States to enact legislation reinstating separation. (Patron-Marshall, R.G., HJR 600 (F))

Condominium and Property Owners’ Association Acts; disclosure of qualification for federal financing, resale certificate shall include statement indicating known project approvals currently in effect issued by secondary mortgage market agencies. Amending §§ 55-79.97 and 55-509.5. (Patron-Miller, HB 1807 (Chapter 492))

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, SJR 44 (CD))

Consumer finance companies; rate of interest. Amending § 6.2-1520. (Patron-Ware, R.L., HB 1359 (F))

Credit unions; limit on authorized investments in certain property, retained earnings. Amending §§ 6.2-1300 and 6.2-1376. (Patron-Miller, HB 1686 (Chapter 16); Wagner, SB 769 (Chapter 92))

Credit unions, federal; those operating within State shall comply with provisions of Virginia Small Estate Act. Amending § 6.2-1367. (Patron-Habeeb, HB 1351 (Chapter 7); Reeves, SB 905 (Chapter 95))

Financial institutions; contract provision requiring amendment or waiver to be in writing, amendment or waiver of terms or provisions of that contract shall not apply to future rights and obligations unless it is in writing. Adding § 6.2-107. (Patron-Comstock, HB 1573 (Chapter 67); Stuart, SB 917 (Chapter 142))

Financial institutions; identification of joint accounts. Amending § 6.2-618. (Patron-Hugo, HB 1610 (Chapter 70))

Financial institutions; repeals requirement that checks and similar instruments located in State display month and year in which account was opened. Repealing § 6.2-600. (Patron-Keam, HB 2157 (Chapter 30); Garrett, SB 1249 (Chapter 102))

Investments; qualification for tax credits, clarifies meaning of funding portal, Department of Taxation to develop certain guidelines. Adding § 58.1-318. (Patron-McClellan, HB 1872 (Chapter 289))

Monetary unit based on metallic standard; joint subcommittee to study feasibility of facilitating commerce in event of major breakdown of Federal Reserve System or disruption of financial services. (Patron-Marshall, R.G., HJR 590 (F))

Money order sales and money transmission services; provisions concerning this chapter are not applicable to an agent of any governmental authority or unit. Amending § 6.2-1902. (Patron-Comstock, HB 2162 (Chapter 237))

Mortgage loan originators; conforms Virginia statutory law to federal regulations. Amending §§ 6.2-1700 and 6.2-1701. (Patron-Marshall, D.W., HB 1803 (Chapter 20); Watkins, SB 994 (Chapter 380))

Mortgages; retains its subordinate status upon refinancing of primary mortgage. Amending § 55-58.3. (Patron-Toscano, HB 2006 (F))

Motor vehicles; locality may by ordinance reasonably limit number of title loan businesses, payday lenders, etc. Adding § 15.2-912.4. (Patron-Surovell, HB 2323 (F))

Open-end credit plan; establishes requirements for certain loans. Amending §§ 6.2-312 and 59.1-200; adding §§ 6.2-2228 through 6.2-2250. (Patron-Helsel, HB 1986 (F))

Open-end credit plans; prohibits anyone other than seller of certain goods from extending credit at interest rates that exceed legal rate of interest. Amending § 6.2-312. (Patron-Yancey, HB 1977 (F))

Payday lending; repeals provisions authorizing lending in State. Amending §§ 6.2-303, 6.2-312, 6.2-1501, 6.2-2107, 59.1-200, and 59.1-203; repealing §§ 6.2-1800 through 6.2-1829. (Patron-Locke, SB 755 (F))

Payday loans; permitted interest. Amending §§ 6.2-1816, 6.2-1817, and 6.2-1818. (Patron-Miller, SB 741 (F))

Safe deposit boxes; bank or other entity to permit limited access to box by deceased lessee’s spouse, etc. Amending § 6.2-2302. (Patron-Watts, HB 1454 (F))

Small estates; checks and negotiable instruments. Amending § 64.2-601. (Patron-Minchew, HB 1594 (Chapter 68))

State Corporation Commission; authorized to accept payment of any amount due by check, etc., dishonored payments. Amending § 12.1-17. (Patron-Joannou, HB 1817 (Chapter 21))

State depositories; 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. Amending §§ 2.2-1815, 2.2-4400, and 2.2-4401. (Patron-Hugo, HB 1613 (F))