VirginiaSB7342026 Regular SessionSenateWALLET

Financial institutions; officers and directors.

Sponsored By: T. Travis Hackworth (Republican)

Became Law

Summary

Financial institutions; officers and directors. Provides that the State Corporation Commission may permit, upon petition, an individual to serve as an officer or on the boards of directors of more than one financial institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Limits on dual roles at financial institutions

The law restricts officers and directors of most financial institutions from serving at another financial institution at the same time. This ban does not apply to consumer finance companies or credit unions based in Virginia. It is also allowed when both firms are in the same financial holding company. The state Commission may grant permission on a petition if the firms do not compete, or if a firm would otherwise lack capable local management or direction from a person who lives or works in the area it serves.

Sponsors & Cosponsors

Sponsor

  • T. Travis Hackworth

    Republican • Senate

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 222 • No: 0

House vote 3/10/2026

Passed House Block Vote

Yes: 99 • No: 0

House vote 3/5/2026

Reported from Labor and Commerce

Yes: 21 • No: 0

House vote 3/3/2026

Subcommittee recommends reporting

Yes: 9 • No: 0 • Other: 1

Senate vote 1/30/2026

Read third time and passed Senate Block Vote

Yes: 38 • No: 0

Senate vote 1/29/2026

Engrossed by Senate Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/28/2026

Passed by for the day Block Vote (Voice Vote)

Yes: 0 • No: 0

Senate vote 1/28/2026

Constitutional reading dispensed Block Vote (on 1st reading)

Yes: 40 • No: 0

Senate vote 1/26/2026

Reported from Commerce and Labor

Yes: 15 • No: 0

Actions Timeline

  1. Acts of Assembly Chapter text (CHAP0903)

    4/13/2026Governor
  2. Approved by Governor-Chapter 903 (effective 7/1/2026)

    4/13/2026Governor
  3. Fiscal Impact Statement from State Corporation Commission (SB734)

    4/6/2026Senate
  4. Governor's Action Deadline 11:59 p.m., April 13, 2026

    3/31/2026Governor
  5. Enrolled Bill communicated to Governor on March 31, 2026

    3/31/2026Senate
  6. Signed by Speaker

    3/31/2026House
  7. Bill text as passed Senate and House (SB734ER)

    3/30/2026Senate
  8. Enrolled

    3/30/2026Senate
  9. Signed by President

    3/30/2026Senate
  10. Passed House Block Vote (99-Y 0-N 0-A)

    3/10/2026House
  11. Read third time

    3/10/2026House
  12. Read second time

    3/9/2026House
  13. Reported from Labor and Commerce (21-Y 0-N)

    3/5/2026House
  14. Subcommittee recommends reporting (9-Y 0-N)

    3/3/2026House
  15. Assigned HCL sub: Subcommittee #1

    2/25/2026House
  16. Referred to Committee on Labor and Commerce

    2/4/2026House
  17. Read first time

    2/4/2026House
  18. Placed on Calendar

    2/4/2026House
  19. Read third time and passed Senate Block Vote (38-Y 0-N 0-A)

    1/30/2026Senate
  20. Engrossed by Senate Block Vote (Voice Vote)

    1/29/2026Senate
  21. Read second time

    1/29/2026Senate
  22. Passed by for the day Block Vote (Voice Vote)

    1/28/2026Senate
  23. Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)

    1/28/2026Senate
  24. Passed by for the day

    1/28/2026Senate
  25. Rules suspended

    1/28/2026Senate

Bill Text

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