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2024 SESSION

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CHAPTER 422 An Act to amend the Code of Virginia by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107.1, relating to financial institutions; certain payments required electronically. [S 166] Approved April 4, 2024

 

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107.1 as follows:

§ 6.2-107.1. Certain payments required electronically.

Any financial institution that initiates an electronic fund transfer related to the sale to a consumer of a security issued by such financial institution shall make available to the consumer the option of completing any payment of principal, interest, dividend, or other distribution related to the security to the consumer via an electronic fund transfer.