Financial institutions and services; revising and recodifying laws. (SB295)

Introduced By

Sen. Ryan McDougle (R-Mechanicsville)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Revision of Title 6.1.  Creates proposed Title 6.2 (Financial Institutions and Services) as a revision of existing Title 6.1 (Banking and Finance). Proposed Title 6.2 consists of 22 chapters divided into four subtitles: Subtitle I (General Provisions); Subtitle II (Depository Institutions and Trust Organizations); Subtitle III (Other Regulated Providers of Financial Services); and Subtitle IV (Other Financial Activities). Subtitle I includes title-wide definitions and chapters addressing money and currency, interest and usury, lending practices generally including credit card laws currently in Title 11, and equal credit opportunity laws that are currently in Title 59.1. Subtitle II addresses deposits and accounts at financial institutions, as well as provisions applicable to specific types of depository institutions, including financial institution holding companies, banks, savings institutions, credit unions, and entities conducting trust business. Subtitle III sets out provisions relating to providers of financial services that are subject to licensure or registration with the State Corporation Commission, including industrial loan associations, consumer finance companies, mortgage lenders and brokers, mortgage loan originators, payday lenders, money order sellers and money transmitters, agencies providing debt management plans, and check cashers. Subtitle IV includes provisions regulating the conduct of other financial activities, including refund anticipation loans, safe deposit boxes, and securitization transactions. The Wet Settlement Act and provisions regarding real estate settlement agents are relocated to Title 55.


Bill Has Passed


01/12/2010Prefiled and ordered printed; offered 01/13/10 10100127D
01/12/2010Referred to Committee on Commerce and Labor
01/20/2010Impact statement from SCC (SB295)
01/25/2010Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
01/27/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/28/2010Read second time and engrossed
01/29/2010Read third time and passed Senate (40-Y 0-N) (see vote tally)
02/08/2010Placed on Calendar
02/08/2010Read first time
02/08/2010Referred to Committee on Commerce and Labor
02/23/2010Reported from Commerce and Labor (22-Y 0-N) (see vote tally)
02/25/2010Read second time
02/26/2010Read third time
02/26/2010Passed House BLOCK VOTE (96-Y 0-N)
02/26/2010VOTE: BLOCK VOTE PASSAGE (96-Y 0-N) (see vote tally)
03/22/2010Bill text as passed Senate and House (SB295ER)
03/22/2010Signed by Speaker
03/24/2010Impact statement from SCC (SB295ER)
03/25/2010Signed by President
04/13/2010Governor's recommendation received by Senate
04/20/2010Placed on Calendar
04/21/2010Senate concurred in Governor's recommendation (40-Y 0-N) (see vote tally)
04/21/2010House concurred in Governor's recommendation (95-Y 0-N)
04/21/2010VOTE: --- ADOPTION (95-Y 0-N) (see vote tally)
04/21/2010G Governor's recommendation adopted
04/21/2010Reenrolled bill text (SB295ER2)
04/21/2010Signed by Speaker as reenrolled
04/21/2010Signed by President as reenrolled
04/21/2010Enacted, Chapter 794 (effective 10/1/10)
04/21/2010G Acts of Assembly Chapter text (CHAP0794)