VirginiaHB19422025 Regular SessionHouse

Financial institutions; regulation of money transmitters, penalty, effective date.

Sponsored By: Joshua G. Cole (Democratic)

To Governor

Summary

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.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Joshua G. Cole

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 307 • No: 13

House vote • 2/20/2025

Senate substitute agreed to by House

Yes: 89 • No: 9

Senate vote • 2/19/2025

Passed Senate with substitute Block Vote

Yes: 40 • No: 0

Senate vote • 2/18/2025

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

Senate vote • 2/17/2025

Reported from Commerce and Labor with substitute

Yes: 15 • No: 0

House vote • 2/4/2025

Read third time and passed House

Yes: 95 • No: 3

House vote • 1/30/2025

Reported from Labor and Commerce

Yes: 21 • No: 1

House vote • 1/28/2025

Subcommittee recommends reporting

Yes: 7 • No: 0 • Other: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0214)

    3/21/2025Governor
  2. Approved by Governor-Chapter 214 (Effective 07/01/26)

    3/21/2025Governor
  3. Fiscal Impact Statement from State Corporation Commission (HB1942)

    3/19/2025House
  4. Governor's Action Deadline 11:59 p.m., March 24, 2025

    3/11/2025Governor
  5. Enrolled Bill communicated to Governor on March 11, 2025

    3/11/2025House
  6. Signed by President

    3/10/2025Senate
  7. Bill text as passed House and Senate (HB1942ER)

    3/7/2025House
  8. Enrolled

    3/7/2025House
  9. Signed by Speaker

    3/7/2025House
  10. Senate substitute agreed to by House (89-Y 9-N)

    2/20/2025House
  11. Passed Senate with substitute Block Vote (40-Y 0-N)

    2/19/2025Senate
  12. Engrossed by Senate - committee substitute

    2/19/2025Senate
  13. Commerce and Labor Substitute agreed to

    2/19/2025Senate
  14. Read third time

    2/19/2025Senate
  15. Reading of substitute waived

    2/19/2025Senate
  16. Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N)

    2/18/2025Senate
  17. Passed by for the day

    2/18/2025Senate
  18. Rules suspended

    2/18/2025Senate
  19. Reported from Commerce and Labor with substitute (15-Y 0-N)

    2/17/2025Senate
  20. Committee substitute printed 25107314D-S1

    2/17/2025Senate
  21. Referred to Committee on Commerce and Labor

    2/5/2025Senate
  22. Constitutional reading dispensed (on 1st reading)

    2/5/2025Senate
  23. Read third time and passed House (95-Y 3-N)

    2/4/2025House
  24. Read second time and engrossed

    2/3/2025House
  25. Read first time

    2/2/2025House

Bill Text

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