# Virginia HB1942: Financial institutions; regulation of money transmitters, penalty, effective date.

Virginia HB1942, Financial institutions; regulation of money transmitters, penalty, effective date., is a 2025 Regular Session House bill sponsored by Joshua G. Cole (Democratic); status to governor, last action 2025-03-21 (Acts of Assembly Chapter text (CHAP0214)) (as of 2026-10-17).

- Canonical: https://policyrisk.com/state-bill/VA-HB1942-2025
- As of: 2026-10-17
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: Virginia HB1942
- State: Virginia
- Session: 2025 Regular Session
- Title: Financial institutions; regulation of money transmitters, penalty, effective date.
- Status: to governor
- Chamber: House
- Introduced: 2025-01-06
- Last action: 2025-03-21, Acts of Assembly Chapter text (CHAP0214)
- Sponsor: Joshua G. Cole (Democratic)
- Cosponsors: 0
- Touches household money: no
- Roll calls: 7 (307 yes, 13 no in all)
- Economic provisions PRIA read: 0

## 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.

## Bill overview

No economic impacts identified for this bill.

## Sponsors and cosponsors

- Sponsor: Joshua G. Cole (Democratic), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-02-20 | House | Senate substitute agreed to by House | pass | 89 | 9 |   |
| 2025-02-19 | Senate | Passed Senate with substitute Block Vote | pass | 40 | 0 |   |
| 2025-02-18 | Senate | Constitutional reading dispensed Block Vote (on 2nd reading) | pass | 40 | 0 |   |
| 2025-02-17 | Senate | Reported from Commerce and Labor with substitute | pass | 15 | 0 |   |
| 2025-02-04 | House | Read third time and passed House | pass | 95 | 3 |   |
| 2025-01-30 | House | Reported from Labor and Commerce | pass | 21 | 1 |   |
| 2025-01-28 | House | Subcommittee recommends reporting | pass | 7 | 0 | 1 |

## Actions (31)

- 2025-03-21: Acts of Assembly Chapter text (CHAP0214) (Governor)
- 2025-03-21: Approved by Governor-Chapter 214 (Effective 07/01/26) (Governor)
- 2025-03-19: Fiscal Impact Statement from State Corporation Commission (HB1942) (House)
- 2025-03-11: Governor's Action Deadline 11:59 p.m., March 24, 2025 (Governor)
- 2025-03-11: Enrolled Bill communicated to Governor on March 11, 2025 (House)
- 2025-03-10: Signed by President (Senate)
- 2025-03-07: Bill text as passed House and Senate (HB1942ER) (House)
- 2025-03-07: Enrolled (House)
- 2025-03-07: Signed by Speaker (House)
- 2025-02-20: Senate substitute agreed to by House (89-Y 9-N) (House)
- 2025-02-19: Passed Senate with substitute Block Vote (40-Y 0-N) (Senate)
- 2025-02-19: Engrossed by Senate - committee substitute (Senate)
- 2025-02-19: Commerce and Labor Substitute agreed to (Senate)
- 2025-02-19: Read third time (Senate)
- 2025-02-19: Reading of substitute waived (Senate)
- 2025-02-18: Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N) (Senate)
- 2025-02-18: Passed by for the day (Senate)
- 2025-02-18: Rules suspended (Senate)
- 2025-02-17: Reported from Commerce and Labor with substitute (15-Y 0-N) (Senate)
- 2025-02-17: Committee substitute printed 25107314D-S1 (Senate)
- 2025-02-05: Referred to Committee on Commerce and Labor (Senate)
- 2025-02-05: Constitutional reading dispensed (on 1st reading) (Senate)
- 2025-02-04: Read third time and passed House (95-Y 3-N) (House)
- 2025-02-03: Read second time and engrossed (House)
- 2025-02-02: Read first time (House)
- 2025-01-30: Reported from Labor and Commerce (21-Y 1-N) (House)
- 2025-01-28: Subcommittee recommends reporting (7-Y 0-N) (House)
- 2025-01-16: Fiscal Impact Statement from State Corporation Commission (HB1942) (House)
- 2025-01-14: Assigned L & C sub: Subcommittee #1 (House)
- 2025-01-06: Referred to Committee on Labor and Commerce (House)
- 2025-01-06: Prefiled and ordered printed; Offered 01-13-2025 25102855D (House)

## Bill text

- Chaptered, 2025-03-21: [HTML](https://lis.blob.core.windows.net/files/1072215.HTML), [PDF](https://lis.blob.core.windows.net/files/1072214.PDF)
- Enrolled, 2025-03-07: [HTML](https://lis.blob.core.windows.net/files/1066839.HTML), [PDF](https://lis.blob.core.windows.net/files/1066838.PDF)
- Substitute, 2025-02-18: [HTML](https://lis.blob.core.windows.net/files/1057128.HTML), [PDF](https://lis.blob.core.windows.net/files/1057127.PDF)
- Substitute, 2025-02-17: [HTML](https://lis.blob.core.windows.net/files/1056818.HTML), [PDF](https://lis.blob.core.windows.net/files/1056817.PDF)
- Introduced, 2025-01-06: [HTML](https://lis.blob.core.windows.net/files/1014162.HTML), [PDF](https://lis.blob.core.windows.net/files/1014161.PDF)

## Related bills

- HR671: Commending JR's Auto Care. (adopted)
- SB941: Robbery; use of air or gas operated weapon, etc., penalty. (failed)
- HB1746: Public safety officer; definition. (failed)
- HB1600: Budget Bill. (failed)
- SB1449: Data centers; site assessment for high energy use facility. (failed)
- HB1609: Essential health benefits benchmark plan; Commission to consider coverage for infertility treatment. (to governor)

## Sources
- [Chaptered (HTML)](https://lis.blob.core.windows.net/files/1072215.HTML)
- [Chaptered (PDF)](https://lis.blob.core.windows.net/files/1072214.PDF)
- [Enrolled (HTML)](https://lis.blob.core.windows.net/files/1066839.HTML)
- [Enrolled (PDF)](https://lis.blob.core.windows.net/files/1066838.PDF)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1057128.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1057127.PDF)
- [Substitute (HTML)](https://lis.blob.core.windows.net/files/1056818.HTML)
- [Substitute (PDF)](https://lis.blob.core.windows.net/files/1056817.PDF)
- [Introduced (HTML)](https://lis.blob.core.windows.net/files/1014162.HTML)
- [Introduced (PDF)](https://lis.blob.core.windows.net/files/1014161.PDF)

## Related
- [HR671: Commending JR's Auto Care.](https://policyrisk.com/state-bill/VA-HR671-2025)
- [SB941: Robbery; use of air or gas operated weapon, etc., penalty.](https://policyrisk.com/state-bill/VA-SB941-2025)
- [HB1746: Public safety officer; definition.](https://policyrisk.com/state-bill/VA-HB1746-2025)
- [HB1600: Budget Bill.](https://policyrisk.com/state-bill/VA-HB1600-2025)
- [SB1449: Data centers; site assessment for high energy use facility.](https://policyrisk.com/state-bill/VA-SB1449-2025)
- [HB1609: Essential health benefits benchmark plan; Commission to consider coverage for i…](https://policyrisk.com/state-bill/VA-HB1609-2025)
- [Virginia bills](https://policyrisk.com/states/virginia/bills)
- [Virginia state hub](https://policyrisk.com/states/virginia)
- [All state legislation](https://policyrisk.com/state-bills)

Source: PRIA, https://policyrisk.com/state-bill/VA-HB1942-2025 (as of 2026-10-17).