Money order sellers and money transmitters; definitions, criminal background checks, regulations. (SB335)

Introduced By

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Money order sellers and money transmitters. Requires criminal background checks on members, senior officers, directors, and principals of applicants for licensure as a money order seller or money transmitter. The measure (i) allows the Bureau of Financial Institutions to file a claim to recover any required annual fees or actual examination expenses incurred that are not paid by a licensed money order seller and money transmitter and (ii) extends the bond coverage requirements to money transmissions or money orders purchased by Virginia residents from any authorized delegate of a licensee. The measure also conforms requirements applicable to licensure by the State Corporation Commission of money order sellers and money transmitters to provisions used for regulation of other nondepository financial institutions, including provisions requiring a licensee to notify the Commissioner of Financial Institutions when it relocates its principal place of business or changes its legal name or fictitious name and prohibiting a licensee from using any name other than a name on its license. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/07/2014Prefiled and ordered printed; offered 01/08/14 14101945D
01/07/2014Referred to Committee on Commerce and Labor
01/15/2014Impact statement from SCC (SB335)
01/23/2014Impact statement from SCC (SB335)
01/27/2014Reported from Commerce and Labor with substitute (13-Y 0-N) (see vote tally)
01/27/2014Committee substitute printed 14104414D-S1
01/29/2014Constitutional reading dispensed (40-Y 0-N)
01/30/2014Impact statement from SCC (SB335S1)
01/30/2014Read second time
01/30/2014Reading of substitute waived
01/30/2014Committee substitute agreed to 14104414D-S1
01/30/2014Engrossed by Senate - committee substitute SB335S1
01/31/2014Read third time and passed Senate (40-Y 0-N)
02/07/2014Placed on Calendar
02/07/2014Read first time
02/07/2014Referred to Committee on Commerce and Labor
02/18/2014Reported from Commerce and Labor (21-Y 0-N) (see vote tally)
02/20/2014Read second time
02/21/2014Read third time
02/21/2014Passed House BLOCK VOTE (97-Y 0-N)
02/21/2014VOTE: BLOCK VOTE PASSAGE (97-Y 0-N) (see vote tally)
02/21/2014Reconsideration of House passage agreed to by House
02/21/2014Passed House BLOCK VOTE (98-Y 0-N)
02/21/2014VOTE: BLOCK VOTE PASSAGE #2 (98-Y 0-N) (see vote tally)
02/25/2014Enrolled
02/25/2014Bill text as passed Senate and House (SB335ER)
02/25/2014Signed by Speaker
02/26/2014Impact statement from SCC (SB335ER)
02/27/2014Signed by President
03/31/2014G Approved by Governor-Chapter 454 (effective 7/1/14)
03/31/2014G Acts of Assembly Chapter text (CHAP0454)

Video

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 40 seconds.