HB 1942

Abstract

Financial institutions; regulation of money transmitters; penalty. Replaces existing state law regulating money transmitters with comprehensive provisions aimed at standardizing the regulation of money transmitters across the 50 states. The bill includes provisions for the licensure of money transmitters, supervision and implementation by the State Corporation Commission, acquisition of control of a licensee, mandatory disclosures, reporting and records requirements, authorized delegates, mandatory disclosures, prudential standards, and enforcement. The bill has a delayed effective date of July 1, 2026.

An Act to amend and reenact §§ 6.2-1523.1, 6.2-2001, 18.2-516, 19.2-10.1, 19.2-56, and 19.2-389 of the Code of Virginia, to amend the Code of Virginia by adding in Title 6.2 a chapter numbered 19.1, consisting of sections numbered 6.2-1922 through 6.2-1957, and to repeal Chapter 19 (§§ 6.2-1900 through 6.2-1921) of Title 6.2 of the Code of Virginia, relating to financial institutions; regulation of money transmitters; penalty.