Home Info Newsroom League Notes New Laws Coming July 2023

League Notes New Laws Coming July 2023

Authored By: Lewis Wood on 3/28/2023

Of the close to 100 General Assembly bills your League has been tracking in the 2023 session, 26 of them (found below) have been signed into law by Governor Glenn Youngkin.

These bills, which will become law on July 1, 2023, range from changes to the Virginia Consumer Protection Act and repealing the uninsured motorist fee to Judgment Liens and Guardian Ad Litem requests. Your League will be going over each bill and providing credit unions with information and guidance on how these may affect your operations. 

We do want to highlight two bills the League supported that were passed and signed into law:

  • HB1727 - Permits credit unions in Virginia who choose to do so to engage in virtual currency custody services for its members.  The law requires that any credit union that chooses to engage in this service must have adequate protocols in place to effectively manage the associated risks, comply with applicable laws, maintain adequate insurance coverage, and maintain a service provider oversight program.  It also allows credit unions to provide these services in a fiduciary or nonfiduciary capacity. If choosing to do so in a fiduciary capacity a credit union must obtain authorization from the State Corporation Commission.
  • HB1422/SB1320 - Codifies the Virginia Community Development Financial Institutions Fund and establishes the Virginia Community Development Financial Institutions Program to carry out the purposes of the Fund.  The Virginia Department of Housing and Community Development will oversee the Fund and Program. The General Assembly is still working to finalize a state budget, but currently both the Senate and House versions of the budget contain roughly $5 million for the Virginia CDFI Fund.

We are excited to have these two pieces of legislation become law in July and believe that they will be beneficial to credit unions, your members, and communities. Your League would also like to thank everyone who attended Credit Union Day at the General Assembly in January. 

Your support of these bills and the stories you shared about the outstanding work your credit unions are doing for your members and communities across the Commonwealth played a large part in getting this legislation passed and signed into law.

Signed by Governor Youngkin (Effective July 1, 2023)

HB1411 

Virginia Community Development Financial Institutions Fund and Program; codifies Fund, etc.

Marshall

HB1418

Real Estate Appraiser Board; appraisal experience.

Ware

HB1456

Income tax, state; pass-through entities.

McNamara

HB1504

Virginia Telephone Privacy Protection Act; telephone solicitation call via text message.

Orrock

HB1517

Virginia Consumer Protection Act; automatic renewal or continuous service offers.

Adams, D.M.

HB1544

Virginia Credit Services Businesses Act; definitions, credit reports.

Campbell, J.L.

HB1727

Credit unions; virtual currency custody services.

Head

HB1778

Financial institutions; certain investments by banks permitted.

O'Quinn

HB1896

Bank franchise tax.

Byron

HB1907

Consumer finance companies; short-term loan providers; licensee requirements.

Batten

HB1972

Emergency relief payments; automatic exemption from creditor process.

Leftwich

HB2063

Guardian ad litem; appointment, requested information, records, or reports.

Glass

HB2184

Judgment Liens

Coyner

HB2389

Mortgage lending and brokerage entities; remote location requirements

Wiley

SB1144

Guardian ad litem; appointment, requested information, records, or reports.

McPike

SB1153

Financial institutions; certain investments by banks permitted.

Lewis

SB1182

Bank franchise tax.

Ruff

SB1223

Financial exploitation of vulnerable adults; venue.

Obenshain

SB1320

Virginia Community Development Financial Institutions Fund and Program; report.

McClellan/ Marsden

SB1476

Income tax, state; pass-through entities.

Petersen

SB812

Emergency relief payments; automatic exemption from creditor process.

Petersen

SB870

Virginia Small Estate Act; funeral expenses and disposition.

Cosgrove

SB944

Elections; filling vacancies in the General Assembly; certain vacancies to be filled.

Suetterlein

SB951

Uninsured motorist fee; repeal.

Ruff

SB978

Keeper of vehicles; liens, certain towing and recovery drivers and operators.

Marsden

SB988

Virginia Consumer Protection Act; exclusions; residential

Peake

 

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