Money transmitters; licensure through the Nationwide Multistate Licensing System & Registry (NMLS). (HB2690)

Introduced By

Del. Terry Kilgore (R-Gate City)

Progress

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

Description

Money transmitters. Requires money transmitters to be licensed through the National Multistate Licensing System and Registry (NMLS). The bill increases, from five percent to 10 percent, the interest that a person is required to own or control in a limited liability company in order to be subject to requirements applicable to members. The bill also (i) changes the due date for the $750 annual license renewal fee from September 1 to December 31 and requirements pertaining to license renewal and (ii) authorizes reports and filings to be submitted to the Commissioner through the NMLS if the NMLS is able to receive them. Amends § 6.2-1900, § 6.2-1901, § 6.2-1905, § 6.2-1914, § 6.2-1917, of the Code of Virginia. Read the Bill »

Status

02/14/2019: Passed the Senate

History

DateAction
01/14/2019Committee
01/14/2019Presented and ordered printed 19104401D
01/14/2019Referred to Committee on Commerce and Labor
01/15/2019Impact statement from SCC (HB2690)
01/24/2019Reported from Commerce and Labor (21-Y 0-N) (see vote tally)
01/28/2019Read first time
01/29/2019Read second time and engrossed
01/30/2019Read third time and passed House BLOCK VOTE (98-Y 0-N)
01/30/2019VOTE: BLOCK VOTE PASSAGE (98-Y 0-N) (see vote tally)
01/30/2019Reconsideration of passage agreed to by House
01/30/2019Passed House BLOCK VOTE (99-Y 0-N)
01/30/2019VOTE: PASSAGE #2 (99-Y 0-N) (see vote tally)
01/31/2019Constitutional reading dispensed
01/31/2019Referred to Committee on Commerce and Labor
02/11/2019Reported from Commerce and Labor (13-Y 0-N) (see vote tally)
02/13/2019Constitutional reading dispensed (39-Y 0-N) (see vote tally)
02/14/2019Passed Senate
02/14/2019Read third time
02/14/2019Passed Senate (40-Y 0-N) (see vote tally)
02/19/2019Enrolled
02/19/2019Bill text as passed House and Senate (HB2690ER)
02/19/2019Signed by Speaker
02/20/2019Impact statement from SCC (HB2690ER)
02/20/2019Signed by President
02/21/2019G Governor's Action Deadline Midnight, March 25, 2019
02/21/2019Enrolled Bill communicated to Governor on February 21, 2019
02/21/2019G Governor's Action Deadline Midnight, March 26, 2019
03/19/2019G Approved by Governor-Chapter 634 (effective 7/1/19)
03/19/2019G Acts of Assembly Chapter text (CHAP0634)

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