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Virginia · 2025 Regular Session · Bill

HB 1942: Financial institutions; regulation of money transmitters, penalty, effective date.

Enacted Official data

  1. Introduced
  2. In committee
  3. Passed one chamber
  4. Passed both chambers
  5. Enacted

Last official action: ·Record last updated:

Plain-language summary

HB 1942 is a bill introduced in the Virginia House on January 6, 2025. According to its official title, it concerns: Financial institutions; regulation of money transmitters, penalty, effective date. Primary sponsor: Josh Cole (Democratic). Most recent recorded action (March 21, 2025): Acts of Assembly Chapter text (CHAP0214).

Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written

Official summary

Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.

Financial institutions; regulation of money transmitters; penalty. Replaces existing state law regulating money transmitters with comprehensive provisions aimed at standardizing the regulation of money transmitters across the 50 states. The bill includes provisions for the licensure of money transmitters, supervision and implementation by the State Corporation Commission, acquisition of control of a licensee, mandatory disclosures, reporting and records requirements, authorized delegates, mandatory disclosures, prudential standards, and enforcement. The bill has a delayed effective date of July 1, 2026.

Sponsors

Sponsors by party (alphabetical): Democratic 1

NameRolePartyChamberDistrict
Josh ColePrimary sponsorDemocraticHouse65

“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.

Recent official actions

  1. Acts of Assembly Chapter text (CHAP0214)
  2. Approved by Governor-Chapter 214 (Effective 07/01/26)
  3. Fiscal Impact Statement from State Corporation Commission (HB1942)
  4. Governor's Action Deadline 11:59 p.m., March 24, 2025
  5. Enrolled Bill communicated to Governor on March 11, 2025
  6. Signed by President
  7. Signed by Speaker
  8. Bill text as passed House and Senate (HB1942ER)
  9. Enrolled
  10. Senate substitute agreed to by House (89-Y 9-N)
  11. Passed Senate with substitute (40-Y 0-N)
  12. Engrossed by Senate - committee substitute

Showing 12 most recent of 31 actions. Full history

Sources

  1. Open States / Plural (data from the official legislature website)
  2. Official legislature source