Money order sales and transmission services; expands existing authority of SCC to regulate. (HB1886)

Introduced By

Del. Sam Nixon (R-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Money order sales and money transmission services. Expands the existing authority of the State Corporation Commission to regulate money order sellers and money transmitters. The measure includes provisions that, among other things, mandate examinations of licensees every three years; increase the license application fee from $500 to $1,000; require annual renewal of licenses with a $750 license renewal fee and an assessment to defray examination and supervision costs; increase minimum net worth requirements from $100,000 to $200,000; establish procedures for license revocation; authorize the Commission to issue cease and desist orders; establish requirements for agreements between a licensee and its authorized delegates; provide that licensees are liable for the acts and omissions of their authorized delegates; increase the maximum penalty that the Commission may assess for violations from $1,000 to $2,500; establish record retention requirements; establish additional reporting requirements; and require licensees to maintain permissible investments that have a market value of not less than the aggregate dollar amount of all of its outstanding money orders and money transmission transactions. Read the Bill »


Bill Has Passed


01/12/2009Prefiled and ordered printed; offered 01/14/09 090044656
01/12/2009Referred to Committee on Commerce and Labor
01/20/2009Impact statement from SCC (HB1886)
01/29/2009Reported from Commerce and Labor with substitute (20-Y 0-N) (see vote tally)
01/29/2009Committee substitute printed 090179656-H1
02/02/2009Read first time
02/03/2009Passed by for the day
02/04/2009Read second time
02/04/2009Committee substitute agreed to 090179656-H1
02/04/2009Amendments by Delegate Nixon agreed to
02/04/2009Engrossed by House - committee substitute with amendments HB1886EH1
02/04/2009Printed as engrossed 090179656-EH1
02/05/2009Read third time and passed House (99-Y 0-N)
02/05/2009VOTE: --- PASSAGE (99-Y 0-N) (see vote tally)
02/06/2009Impact statement from SCC (HB1886EH1)
02/06/2009Constitutional reading dispensed
02/06/2009Referred to Committee on Commerce and Labor
02/16/2009Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/18/2009Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/19/2009Read third time
02/19/2009Passed Senate (40-Y 0-N) (see vote tally)
02/24/2009Bill text as passed House and Senate (HB1886ER)
02/24/2009Impact statement from SCC (HB1886ER)
02/25/2009Signed by Speaker
02/27/2009Signed by President
03/27/2009G Approved by Governor-Chapter 346 (effective 7/1/09)
03/27/2009G Acts of Assembly Chapter text (CHAP0346)


This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 1 clip in all, totaling 2 minutes.