Virginia 2022 Regular Session Status: In Committee

HB 922 — Virginia FinTech Regulatory Sandbox Program; created.

Last action — Stricken from docket by Commerce and Energy (21-Y 0-N)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House of Delegates
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Virginia FinTech Regulatory Sandbox Program;temporary product testing; consumer protections; report. Creates the Virginia FinTech Regulatory Sandbox Program, which allows participantsto temporarily test a financial product or service on a limited basiswithout otherwise being licensed or authorized to conduct such businessunder the laws of the Commonwealth. The bill specifies application requirements and requires approval by the State Corporation Commissionprior to an applicant's participation in the Program. Participantsin the Program have a period of 24 months to conduct testing of afinancial product or service with the possibility of an additional12 months of testing if an agreement to do so is reached with theCommission. In addition, the bill provides that up to 30 days beforethe end of the testing period, a participant may request an extensionof up to six months for the purpose of obtaining a license or otherauthorization for conducting business in the Commonwealth. Participantsmust provide required disclosures to consumers, and the bill gives the Commission the right to remove Program participants and to require assurances regarding consumer protections during the testing period.The bill also includes recordkeeping and reporting requirements forProgram participants and a requirement for the Commission to providean annual report to the General Assembly.

Bill Text

Action History

  1. Stricken from docket by Commerce and Energy (21-Y 0-N)

  2. Impact statement from SCC (HB922)

  3. Referred to Committee on Commerce and Energy

  4. Prefiled and ordered printed; offered 01/12/22 22100368D

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

Show all 147 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Stricken from docket by Commerce and Energy (21-Y 0-N)

Passed 21 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 21001
Total 21001
% of votes cast 95%0%0%5%
How each member voted (22)
Member Party Vote
Adams, Les R. — Yea
Alfonso H. Lopez — Yea
Batten, Amanda E. — Yea
Byron, Kathy J. — Yea
Christopher T. Head — Yea
Don Scott — Yea
Gooditis, Wendy W. — Yea
Guzman, Elizabeth R. — Yea
Israel D. O'Quinn — Yea
Jeion A. Ward — Yea
Joseph P. McNamara — Yea
Keam, Mark L. — Yea
Kory, Kaye — Yea
Lamont Bagby — Not Voting
Marshall, Daniel W., III — Yea
Michael J. Webert — Yea
Mullin, Michael P. — Yea
R. Lee Ware — Yea
Ransone, Margaret B. — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Terry G. Kilgore — Yea
Tony O. Wilt — Yea

Official roll call →

Subjects

finance technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HB 922 do?
Virginia FinTech Regulatory Sandbox Program;temporary product testing; consumer protections; report. Creates the Virginia FinTech Regulatory Sandbox Program, which allows participantsto temporarily test a financial product or service on a limited basiswithout otherwise being licensed or authorized to conduct such businessunder the laws of the Commonwealth. The bill specifies application requirements and requires approval by the State Corporation Commissionprior to an applicant's participation in the Program. Participantsin the Program have a period of 24 months to conduct testing of afinancial product or service with the possibility of an additional12 months of testing if an agreement to do so is reached with theCommission. In addition, the bill provides that up to 30 days beforethe end of the testing period, a participant may request an extensionof up to six months for the purpose of obtaining a license or otherauthorization for conducting business in the Commonwealth. Participantsmust provide required disclosures to consumers, and the bill gives the Commission the right to remove Program participants and to require assurances regarding consumer protections during the testing period.The bill also includes recordkeeping and reporting requirements forProgram participants and a requirement for the Commission to providean annual report to the General Assembly.
Who sponsors HB 922?
HB 922 is sponsored by Michael J. Webert.
What is the current status of HB 922?
This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 922?
Track HB 922 free on One Click Politics — get push/email alerts when it moves.

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