Virginia 2024 Regular Session Status: Enacted

SB 166 — Financial institutions; consumer has option of completing certain payments electronically.

Last action — Acts of Assembly Chapter text (CHAP0422)

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

This bill has been enacted into law. Introduced January 07, 2024. Enacted.

Signed by Governor Glenn Youngkin (Republican) on April 04, 2024.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 6 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Financial institutions; certain payments required electronically. Requires any financial institution that initiates an electronic fund transfer as payment for the sale to a consumer of a security issued by such financial institution to make available to the consumer the option of completing any payment of principal, interest, dividend, or other distribution related to the security via an electronic fund transfer.

Bill Text

What changed in the latest version

14 added · 18 removed

Plain-language change summary

The recent amendment to Bill SB 166 adds a new section to the Virginia Code requiring financial institutions to offer consumers the option to make payments electronically for securities they purchase. This change ensures that consumers can easily and conveniently complete transactions for payments related to their securities, potentially improving efficiency and accessibility in financial dealings. This matters because it modernizes payment methods in the finance sector, aligning them with current technological practices and consumer preferences.

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SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY –– CHAPTER E An Act to amend the Code of Virginia by adding to Article 2 of Chapter 1 of Title 6.2 a sectionN numbered 6.2-107.1, relating to financial institutions;
VIRGINIA ACTS OF ASSEMBLY -- 2024 SESSION CHAPTER 422 An Act to amend the Code of Virginia by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107.1, relating to financial institutions;
certain payments required electronicRlly.
certain payments required electronically.
O [S 166] Approved L Be it enacted by the General Assembly of Virginia:
[S 166] Approved April 4, 2024 Be it enacted by the General Assembly of Virginia:
L 1.
1.
That the Code of Virginia is amended by adding to Article 2 of Chapter 1 of Title 6.2 a sectEon num§ 6.2-107.1.
That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 6.2 a section numbered 6.2-107.1 as follows:
§ 6.2-107.1.
D 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 the consumer via an electronic fund transfer., dividend, or other distribution related to the security to B R
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.
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Action History

  1. Acts of Assembly Chapter text (CHAP0422)

  2. Approved by Governor-Chapter 422 (effective 7/1/24)

  3. Governor's Action Deadline 11:59 p.m., April 8, 2024

  4. Enrolled Bill Communicated to Governor on March 11, 2024

  5. Impact statement from SCC (SB166ER)

  6. Signed by President

  7. Signed by Speaker

  8. Bill text as passed Senate and House (SB166ER)

  9. Enrolled

  10. VOTE: Block Vote Passage (97-Y 0-N)

  11. Passed House BLOCK VOTE (97-Y 0-N)

  12. Read third time

  13. Read second time

  14. Reported from Labor and Commerce (22-Y 0-N)

  15. Subcommittee recommends reporting (7-Y 0-N)

  16. Assigned L & C sub: Subcommittee #1

  17. Referred to Committee on Labor and Commerce

  18. Read first time

  19. Placed on Calendar

  20. Impact statement from SCC (SB166E)

  21. Read third time and passed Senate (37-Y 0-N)

  22. Printed as engrossed 24102017D-E

  23. Engrossed by Senate as amended SB166E

  24. Committee amendment agreed to

  25. Reading of amendment waived

  26. Read second time

  27. Constitutional reading dispensed (40-Y 0-N)

  28. Reported from Commerce and Labor with amendment (13-Y 0-N 1-A)

  29. Impact statement from SCC (SB166)

  30. Referred to Committee on Commerce and Labor

  31. Prefiled and ordered printed; offered 01/10/24 24102017D

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

VOTE: Block Vote Passage (97-Y 0-N)

Passed 96 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 96003
Total 96003
% of votes cast 97%0%0%3%
How each member voted (99)
Member Party Vote
Adele Y. McClure — Yea
Alex Q. Askew — Yea
Alfonso H. Lopez — Yea
Amy J. Laufer — Yea
Anne Ferrell Tata — Yea
Arnold, Jonathan, E. P. — Yea
Atoosa R. Reaser — Yea
Batten, Amanda E. — Yea
Betsy B. Carr — Yea
Bill Wiley — Yea
Bonita G. Anthony — Yea
Briana D. Sewell — Yea
Bulova, David L. — Yea
C.E. Cliff Hayes, Jr. — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Cordoza, A.C. — Yea
Coyner, Carrie E. — Yea
Dan I. Helmer — Yea
David A. Reid — Yea
Debra D. Gardner — Yea
Delores L. McQuinn — Yea
Delores Oates — Not Voting
Earley, Mark L., Jr. — Yea
Elizabeth B. Bennett-Parker — Yea
Ellen H. McLaughlin — Yea
Ennis, N. Baxter — Not Voting
Eric Phillips — Yea
Eric R. Zehr — Yea
Fowler, Hyland F."Buddy," Jr. — Yea
Freitas, Nicholas J. — Yea
Gilbert, C. Todd — Yea
Green, W. Chad — Yea
H. Otto Wachsmann, Jr. — Yea
Higgins, Geary — Yea
Holly M. Seibold — Yea
Irene Shin — Not Voting
Israel D. O'Quinn — Yea
Jackie H. Glass — Yea
James A. "Jay" Leftwich — Yea
James W. Morefield — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Yea
Joseph P. McNamara — Yea
Joshua E. Thomas — Yea
Joshua G. Cole — Yea
Kannan Srinivasan — Yea
Karen Keys-Gamarra — Yea
Karrie K. Delaney — Yea
Kathy K.L. Tran — Yea
Katrina Callsen — Yea
Kent, Hillary Pugh — Yea
Knight, Barry D. — Yea
Laura Jane Cohen — Yea
LeVere Bolling, Destiny — Yea
Lovejoy, Ian T. — Yea
Luke E. Torian — Yea
M. Keith Hodges — Yea
Maldonado, Michelle Lopes — Yea
Marcia S. "Cia" Price — Yea
Marcus B. Simon — Yea
Marshall, Daniel W., III — Yea
Marty Martinez — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mike A. Cherry — Yea
Milde, Paul V. — Yea
Mundon King, Candi — Yea
Nadarius E. Clark — Yea
Obenshain, Chris — Yea
Orrock, Robert D., Sr. — Yea
Owen, David — Yea
Patrick A. Hope — Yea
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
Phillip A. Scott — Yea
R. Lee Ware — Yea
Rae Cousins — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Robert S. Bloxom, Jr. — Yea
Rodney T. Willett — Yea
Rozia A. Henson, Jr. — Yea
Sam Rasoul — Yea
Scott A. Wyatt — Yea
Shelly A. Simonds — Yea
Sickles, Mark D. — Yea
Taylor, Kim A. — Yea
Terry G. Kilgore — Yea
Terry L. Austin — Yea
Thomas A. Garrett, Jr. — Yea
Thomas C. Wright, Jr. — Yea
Timothy P. Griffin — Yea
Tony O. Wilt — Yea
Vivian E. Watts — Yea
Wendell S. Walker — Yea
Will Davis — Yea
Wren M. Williams — Yea

Official roll call →

Reported from Labor and Commerce (22-Y 0-N)

Passed 22 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 22000
Total 22000
% of votes cast 100%0%0%0%
How each member voted (22)
Member Party Vote
Alfonso H. Lopez — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Dan I. Helmer — Yea
Gilbert, C. Todd — Yea
Irene Shin — Yea
Israel D. O'Quinn — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Yea
Joseph P. McNamara — Yea
LeVere Bolling, Destiny — Yea
Maldonado, Michelle Lopes — Yea
Marshall, Daniel W., III — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mundon King, Candi — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Terry G. Kilgore — Yea
Tony O. Wilt — Yea
Wren M. Williams — Yea

Official roll call →

Read third time and passed Senate (37-Y 0-N)

Passed 37 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Unaffiliated 37003
Total 37003
% of votes cast 93%0%0%8%
How each member voted (40)
Member Party Vote
Aaron R. Rouse — Yea
Angelia Williams Graves — Yea
Barbara A. Favola — Yea
Bill DeSteph — Yea
Bryce E. Reeves — Yea
Carroll Foy, Jennifer D. — Yea
Christie New Craig — Yea
Christopher T. Head — Yea
Danica A. Roem — Yea
David R. Suetterlein — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Emily M. Jordan — Yea
Glen H. Sturtevant, Jr. — Yea
Hashmi, Ghazala F. — Yea
J.D. "Danny" Diggs — Yea
Jennifer B. Boysko — Yea
Jeremy S. McPike — Not Voting
L. Louise Lucas — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Yea
McGuire, John J., III — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Russet Perry — Yea
Ryan T. McDougle — Yea
Saddam Azlan Salim — Yea
Schuyler T. VanValkenburg — Yea
Scott A. Surovell — Yea
Stella G. Pekarsky — Yea
Subramanyam, Suhas — Yea
T. Travis Hackworth — Yea
Tammy Brankley Mulchi — Not Voting
Tara A. Durant — Yea
Timmy French — Yea
Todd E. Pillion — Yea
William M. Stanley, Jr. — Not Voting

Official roll call →

Constitutional reading dispensed (40-Y 0-N)

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 40000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Aaron R. Rouse — Yea
Angelia Williams Graves — Yea
Barbara A. Favola — Yea
Bill DeSteph — Yea
Bryce E. Reeves — Yea
Carroll Foy, Jennifer D. — Yea
Christie New Craig — Yea
Christopher T. Head — Yea
Danica A. Roem — Yea
David R. Suetterlein — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Emily M. Jordan — Yea
Glen H. Sturtevant, Jr. — Yea
Hashmi, Ghazala F. — Yea
J.D. "Danny" Diggs — Yea
Jennifer B. Boysko — Yea
Jeremy S. McPike — Yea
L. Louise Lucas — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Yea
McGuire, John J., III — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Russet Perry — Yea
Ryan T. McDougle — Yea
Saddam Azlan Salim — Yea
Schuyler T. VanValkenburg — Yea
Scott A. Surovell — Yea
Stella G. Pekarsky — Yea
Subramanyam, Suhas — Yea
T. Travis Hackworth — Yea
Tammy Brankley Mulchi — Yea
Tara A. Durant — Yea
Timmy French — Yea
Todd E. Pillion — Yea
William M. Stanley, Jr. — Yea

Official roll call →

Reported from Commerce and Labor with amendment (13-Y 0-N 1-A)

Passed 13 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 13002
Total 13002
% of votes cast 87%0%0%13%
How each member voted (15)
Member Party Vote
Aaron R. Rouse — Yea
Bill DeSteph — Yea
Bryce E. Reeves — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Jeremy S. McPike — Not Voting
L. Louise Lucas — Yea
Lamont Bagby — Yea
Mamie E. Locke — Not Voting
Mark D. Obenshain — Yea
Mark J. Peake — Yea
R. Creigh Deeds — Yea
Ryan T. McDougle — Yea
Scott A. Surovell — Yea
William M. Stanley, Jr. — 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 SB 166 do?
Financial institutions; certain payments required electronically. Requires any financial institution that initiates an electronic fund transfer as payment for the sale to a consumer of a security issued by such financial institution to make available to the consumer the option of completing any payment of principal, interest, dividend, or other distribution related to the security via an electronic fund transfer.
Who sponsors SB 166?
SB 166 is sponsored by Bryce E. Reeves.
What is the current status of SB 166?
This bill has been enacted into law. Introduced January 07, 2024. Enacted.
Where can I track SB 166?
Track SB 166 free on One Click Politics — get push/email alerts when it moves.

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