2014 SESSION

Convened January 8, 2014
Adjourned sine die March 8, 2014
Reconvened April 23, 2014
Adjourned sine die April 23, 2014

FINANCIAL INSTITUTIONS AND SERVICES

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

(C) Carried over to 2015 Session

Banking; Congress of United States urged to enact legislation that would reinstate separation of commercial and investment functions. (Patron-Black, SJR 22 (F))

Banks; bank director’s ownership of shares. Amending §§ 6.2-862 and 6.2-863. (Patron-Comstock, HB 1044 (Chapter 219); McWaters, SB 359 (Chapter 156))

Banks; minimum capital stock requirement. Amending § 6.2-816. (Patron-Villanueva, HB 1062 (Chapter 221); Wagner, SB 517 (Chapter 372))

Banks; repeals limitation on establishment within the Commonwealth of branches of out-of-state banks. Amending § 6.2-837; repealing §§ 6.2-841 and 6.2-848. (Patron-Chafin, HB 358 (Chapter 200))

Check cashers; customer identification, civil penalty. Amending § 6.2-2108; adding § 6.2-2107.1. (Patron-Ingram, HB 1027 (F))

Check cashers; recordkeeping requirements, identification document includes a Non-U.S. government identification card, Mexican Matricula identification card, etc., certain provisions shall not apply to any registrant that is principally engaged in bona fide retail sale of goods or services, civil penalty. Amending § 6.2-2108; adding § 6.2-2107.1. (Patron-Ingram, HB 1026 (Chapter 768))

Deeds, deeds of trust, and mortgages; attorney seeking to record affidavits shall deliver copy to all parties, clerk shall record corrective copy in deed book. Adding § 55-109.2. (Patron-Watkins, SB 116 (Chapter 523))

Financial institutions; broadens definition. Amending § 6.2-100. (Patron-Davis, HB 443 (F))

Judgment; rate of interest, cap. Amending § 6.2-302. (Patron-Puckett, SB 197 (F))

Money order sellers and money transmitters; definitions, criminal background checks, regulations. Amending §§ 6.2-1900, 6.2-1903, 6.2-1904, 6.2-1905, 6.2-1906, 6.2-1907, 6.2-1910, 6.2-1914, 6.2-1916, 6.2-1917, 6.2-1919, and 19.2-389; adding §§ 6.2-1904.1 and 6.2-1906.1. (Patron-Puckett, SB 335 (Chapter 454))

Mortgage loan originators; State Corporation Commission authorized to issue transitional license. Amending §§ 6.2-1700, 6.2-1701, 6.2-1706, and 6.2-1707; adding § 6.2-1701.2. (Patron-Hugo, HB 954 (Chapter 343); Watkins, SB 118 (Chapter 295))

Nonprofit benefits consortium; exemption from regulation as an insurance company and from license tax and exclusions, effective date for provisions. Adding §§ 6.2-951, 6.2-952, and 6.2-953. (Patron-Kilgore, HB 1057 (Chapter 220); Watkins, SB 120 (Chapter 296))

Open-end credit agreements; only seller of goods to extend credit under an agreement at such interest rates as seller and borrower agree. Amending §§ 6.2-312 and 6.2-1501. (Patron-Yancey, HB 1004 (F))

Payday loans; repeals provisions of Payday Loan Act that authorize lenders to charge a loan fee or verification fee. Amending §§ 6.2-1816, 6.2-1817, and 6.2-1818. (Patron-Miller, SB 157 (F); Locke, SB 164 (F))

Real estate loans; prohibits lender from requiring borrower to provide flood insurance coverage against risks to improvements on real property. Amending § 6.2-412. (Patron-Puckett, SB 74 (Chapter 247))

Recordation and marginal release; clerk of circuit court not required to make recordings in margins of pages in record books to accommodate use of electronic filing databases, entry of assignment of judgment on judgment lien docket. Amending §§ 6.2-417, 8.01-269, 8.01-431, 8.01-434, 8.01-452, 8.01-455, 17.1-238, 17.1-250, 38.2-2419, 43-65, 43-68, 55-66.4:1, 55-157, 55-245, 58.1-3301, 58.1-3310, 58.1-3360, and 64.2-2703. (Patron-Robinson, HB 607 (Chapter 330))

Wages and salaries; eliminates ability of an employer to pay an employee hired after January 1, 2010, by credit to a prepaid debit card or card account without employee’s consent. Amending § 40.1-29. (Patron-Keam, HB 836 (F))