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
