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.