Legislative Information System
  LIS Home LIS Help Privacy Statement Live Help
Cumulative Index - Last updated 06/03/09
2009 Session - Frames Version or No Frames Version or PDF (large file, searchable)    
Table of Contents | House Bill Index | Senate Bill Index | Chapter Index

BANKING AND FINANCE

(P) Passed (F) Failed (V) Vetoed (I) Incoporated into other legislation
(C) Carried over from 2008 Session (CD) Carried over from 2008 session but died in committee on or before December 4th


Adult abuse; financial institution employees to report suspected financial abuse of elder or dependent persons. Amending 63.2-1606. (Patron-Edwards, SB 738 (CD); Edwards, SB 1413 (F))
Bank accounts, minors’; authorizes bank to establish deposit accounts in which minors will be sole owner, etc. Amending 6.1-74. (Patron-Byron, HB 2127 (Chapter 197))
Bank franchise tax; deductions from gross capital. Amending 58.1-1205 and 58.1-1206. (Patron-Wagner, SB 1353 (F))
Banking institutions; reclassification or conversion of shares of stock. Adding  6.1-2.7:1. (Patron-Saxman, HB 1964 (Chapter 356); McEachin, SB 884 (Chapter 253))
Check cashers; required to obtain customer identification, penalty. Amending  6.1-441; adding  6.1-439.1. (Patron-Ingram, HB 1585 (F))
Checks; additional recovery if stop-payment order placed in bad faith. Amending  8.01-27.1. (Patron-Ware, O., HB 1683 (Chapter 182))
Consumer Finance Act; open-end loan plans secured by motor vehicle titles. Amending  6.1-249, 6.1-272.1, 6.1-278, 6.1-285, and 6.1-330.78. (Patron-Morrissey, HB 1809 (F); Herring, SB 1490 (F))
Consumer Real Estate Settlement Protection Act; expands disclosures that are required to be included in certain real estate purchase contracts. Amending  6.1-2.22; adding  6.1-2.21:1. (Patron-Scott, J.M., HB 2568 (Chapter 140))
Consumer Real Estate Settlement Protection Act; shifts duty to register settlement agents from Virginia State Bar to appropriate licensing authorities that are responsible for regulating their particular agents. Amending  6.1-2.26 and 6.1-2.27. (Patron-Watkins, SB 938 (Chapter 256))
Credit cards; clarifies language allowing acceptance thereof by clerks to make it clear that fee collected is from person presenting card. Amending  17.1-275 and 19.2-353.3. (Patron-Obenshain, SB 960 (Chapter 594))
Credit reports; consumer reporting agency’s duty to place a security freeze thereon within one business day after receiving such a request. Amending  59.1-444.2. (Patron-Nixon, HB 1884 (Chapter 406))
Decedent’s account balance; increases amount thereof that may be paid to spouse or other distributees, if there has been no qualification on decedent’s estate. Amending  6.1-71, 6.1-194.58, and 6.1-225.49. (Patron-Lewis, HB 1929 (F))
Deed of trust or mortgage; limitation on enforcement. Amending 8.01-241. (Patron-Edwards, SB 1291 (Chapter 163))
Elder abuse; staff members of financial institutions to report. Amending  63.2-1606. (Patron-Tata, HB 2514 (F))
Electronic filing; DMV may require certain filings or submissions be made electronically. Amending  46.2-216.1, 46.2-706.1, and 58.1-2261; repealing  46.2-216.2. (Patron-Marsden, HB 2233 (Chapter 419))
Money order sales and transmission services; expands existing authority of State Corporation Commission to regulate money orders, money transmissions transactions, etc. Amending 6.1-370 through 6.1-374, 6.1-375, 6.1-377, 6.1-378, 6.1-378.2, 6.1-378.3, and 6.1-378.4; adding  6.1-374.1, 6.1-374.2, and 6.1-378.5 through 6.1-378.8. (Patron-Nixon, HB 1886 (Chapter 346))
Mortgage Lender and Broker Act; broker duties and liability. Amending  6.1-422 and 6.1-431. (Patron-McClellan, HB 1776 (Chapter 189); McEachin, SB 1020 (Chapter 261))
Mortgage Lender and Broker Act; eliminates provision that lenders and brokers are required to conduct employee background checks and training. Repealing  6.1-423.1 and 6.1-423.2. (Patron-Marshall, D.W., HB 2030 (Chapter 452); Watkins, SB 1172 (F))
Mortgage Lender and Broker Act; prohibits licensed lenders, etc., from committing to make a high-risk mortgage loan unless borrower has completed homeownership education course. Amending  6.1-411 and 6.1-430; adding  6.1-422.2. (Patron-Hull, HB 1787 (F))
Mortgage Lender and Broker Act; State Corporation Commission to request Attorney General to investigate violations of prohibited practices thereunder. Amending  6.1-430; adding  6.1-430.1. (Patron-Kilgore, HB 2262 (Chapter 204); Watkins, SB 1170 (Chapter 727))
Mortgage lenders and brokers; duties to borrowers. Amending 6.1-411; adding  6.1-423.1. (Patron-McEachin, SB 157 (CD))
Mortgage lending and brokering practices; prohibitions and penalties. Amending  6.1-409, 6.1-411, and 6.1-431; adding 6.1-422.2 through 6.1-422.5. (Patron-Deeds, SB 258 (CD))
Mortgage lending practices; gives borrowers a private right of action for violations of certain prohibited practices. Amending  6.1-409 and 6.1-431; adding  6.1-2.8:1 and 6.1-422.2 through 6.1-422.5. (Patron-Deeds, SB 991 (F))
Mortgage loan originators; definition, establishes licensure and registry. Adding  6.1-431.1 through 6.1-431.21. (Patron-Marshall, D.W., HB 2031 (Chapter 453); Watkins, SB 1171 (Chapter 273))
Mortgage loans; escrowing taxes and insurance. Adding  6.1-2.8:1. (Patron-Sickles, HB 1091 (CD))
Mortgages; requirements for certain. Adding  6.1-2.8:1. (Patron-Sickles, HB 1093 (CD))
Payday lenders; prohibits any person licensed under Payday Loan Act from making an open-end loan. Amending  6.1-330.78. (Patron-Oder, HB 1709 (Chapter 784); Saslaw, SB 1470 (Chapter 860))
Payday Loan Act; repealed limiting interest at a maximum annual rate of 36 percent. Amending  6.1-459, 6.1-460, and 6.1-461. (Patron-Miller, J.C., SB 996 (I) See SB1470)
Personal information privacy; prohibits credit reporting agencies and others from selling or exchanging with a third party information regarding a credit inquiry. Adding  59.1-442.1. (Patron-Bell, HB 2394 (F))
Retirement plan; no person acting as trustee or custodian with respect thereto may exercise setoff against plan except under federal law. Amending  34-34. (Patron-Marsden, HB 2229 (F))
Security for Public Deposits Act; establish guidelines to permit banks to withdraw from procedures for payment of losses. Amending  2.2-4403, 2.2-4404, and 2.2-4405. (Patron-Kilgore, HB 1761 (Chapter 64))
Small Estate Act; updates certain banking and fiduciary statutes to make them consistent with Act. Amending  6.1-71, 6.1-194.58, 6.1-225.49, and 26-12.3. (Patron-Watts, HB 279 (CD))
Unclaimed property; reduces holding period for abandonment for banks and financial organizations. Amending  55-210.3:01. (Patron-Colgan, SB 583 (CD))
Uniform Interstate Depositions and Discovery Act; created. Adding  8.01-412.8 through 8.01-412.15; repealing  8.01-411, 8.01-412, and 8.01-412.1. (Patron-Obenshain, SB 958 (Chapter 701))
Wages and salaries; employers to pay by credit to a prepaid debit card or card account if employee fails to designate a financial institution for electronic fund transfer. Amending  40.1-29. (Patron-McDougle, SB 223 (CD); Norment, SB 1264 (Chapter 728))
2009 Cumulative Index of Bills, Joint Resolutions, and Resolutions - For additional information, please contact the House of Delegates Information and Public Relations Office, P. O. Box 406, State Capitol, Richmond, Virginia 23218, telephone (804) 698-1500. Last updated 06/03/09