Bill Text: VA SB166 | 2024 | Regular Session | Engrossed

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Financial institutions; consumer has option of completing certain payments electronically.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2024-04-04 - Governor: Acts of Assembly Chapter text (CHAP0422) [SB166 Detail]

Download: Virginia-2024-SB166-Engrossed.html

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24102017D
SENATE BILL NO. 166 Senate Amendments in [ ] – January 25, 2024 Prefiled January 7, 2024 A BILL to amend the Code of Virginia by adding to Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107.1, relating to financial institutions; certain payments required electronically. ---------- Patron Prior to Engrossment--Senator Reeves ---------- Referred to Committee on Commerce and Labor ----------

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding to Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107.1 as follows:

§6.2-107.1. Certain payments required electronically.

Any financial institution that initiates an electronic fund transfer related to the sale to a consumer of a security issued by such financial institution shall make [ available to the consumer the option of completing ] any payment of principal, interest, dividend, or other distribution related to the security to the consumer via an electronic fund transfer.