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

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-Enrolled.html

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VIRGINIA ACTS OF ASSEMBLY -- CHAPTER An Act 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. [S 166] Approved

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.