VirginiaHB9022026 Regular SessionHouseWALLET

Financial institutions; out-of-state credit unions.

Sponsored By: Alfonso H. Lopez (Democratic)

Became Law

Summary

Financial institutions; out-of-state credit unions. Clarifies that the National Credit Union Administration is not required to designate an agent for service of process and agree that in the absence of such designation service may be upon the clerk of the State Corporation Commission. Current law requires out-of-state credit unions conducting business in the Commonwealth to have any insurer of shares designate such an agent and agree to such service in the absence of such a designation.

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 2 benefits, 0 costs, 0 mixed.

More credit union options for Virginians

The law lets out-of-state credit unions open offices in Virginia with State Corporation Commission approval. Approval requires share insurance, home-state supervision, a filed application, reciprocity with Virginia, and a clear need to serve Virginia members. Once approved, they must follow Virginia interest rate caps and the same consumer protection rules. They must keep a registered agent in Virginia, share home-state exam reports, ensure their share insurer can be served here, and tell members they are regulated and insured by another state, not Virginia. The Commission can suspend or revoke permission if they do not comply.

Virginia credit unions can open out-of-state offices

Virginia credit unions can open offices outside the Commonwealth with Commission approval. A credit union must apply and get approval before opening an out-of-state branch. This helps Virginia-based credit unions serve members who live or work outside Virginia.

Sponsors & Cosponsors

Sponsor

  • Alfonso H. Lopez

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 319 • No: 0

Senate vote 2/26/2026

Passed Senate Block Vote

Yes: 40 • No: 0

Senate vote 2/25/2026

Constitutional reading dispensed Block Vote (on 2nd reading)

Yes: 40 • No: 0

Senate vote 2/25/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 2/23/2026

Reported from Commerce and Labor

Yes: 14 • No: 0

House vote 2/11/2026

Passed House Block Vote

Yes: 98 • No: 0

House vote 2/11/2026

Read third time and passed House Block Vote

Yes: 96 • No: 0

House vote 2/5/2026

Reported from Labor and Commerce

Yes: 22 • No: 0

House vote 2/3/2026

Subcommittee recommends reporting

Yes: 9 • No: 0 • Other: 1

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0700)

    4/13/2026Governor
  2. Approved by Governor-Chapter 700 (effective 7/1/2026)

    4/13/2026Governor
  3. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/10/2026Governor
  4. Enrolled Bill communicated to Governor on March 10, 2026

    3/10/2026House
  5. Fiscal Impact Statement from State Corporation Commission (HB902)

    3/9/2026House
  6. Bill text as passed House and Senate (HB902ER)

    3/3/2026House
  7. Enrolled

    3/3/2026House
  8. Signed by President

    3/3/2026Senate
  9. Signed by Speaker

    3/3/2026House
  10. Passed Senate Block Vote (40-Y 0-N 0-A)

    2/26/2026Senate
  11. Read third time

    2/26/2026Senate
  12. Passed by for the day Block Vote (Voice Vote)

    2/25/2026Senate
  13. Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)

    2/25/2026Senate
  14. Rules suspended

    2/25/2026Senate
  15. Reported from Commerce and Labor (14-Y 0-N)

    2/23/2026Senate
  16. Referred to Committee on Commerce and Labor

    2/12/2026Senate
  17. Constitutional reading dispensed (on 1st reading)

    2/12/2026Senate
  18. Passed House Block Vote (98-Y 0-N 0-A)

    2/11/2026House
  19. Reconsideration of passage agreed to by House

    2/11/2026House
  20. Read third time and passed House Block Vote (96-Y 0-N 0-A)

    2/11/2026House
  21. Read second time and engrossed

    2/10/2026House
  22. Read first time

    2/9/2026House
  23. Reported from Labor and Commerce (22-Y 0-N)

    2/5/2026House
  24. Subcommittee recommends reporting (9-Y 0-N)

    2/3/2026House
  25. Fiscal Impact Statement from State Corporation Commission (HB902)

    1/25/2026House

Bill Text

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