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VA HB902
Bill
Status
Enrolled
3/3/2026
Primary Sponsor
Alfonso Lopez
Click for details
AI Summary
- Amends Virginia Code § 6.2-1379 governing out-of-state credit unions operating in the Commonwealth
- Clarifies that share insurers other than the National Credit Union Administration must designate an agent for service of process in Virginia
- Out-of-state credit unions must still meet existing requirements including Commission approval, share insurance, state supervision, and demonstration of need to serve Virginia members
- Credit unions operating in Virginia must comply with Commonwealth interest rate limits, consumer protection provisions, and maintain a registered agent
- Members using Virginia facilities must be informed that the credit union is regulated and insured by its home state, not Virginia
Legislative Description
Financial institutions; out-of-state credit unions.
Last Action
Governor's Action Deadline 11:59 p.m., April 13, 2026
3/10/2026
Committee Referrals
Commerce and Labor2/12/2026
Labor and Commerce: Subcommittee #11/22/2026
Labor and Commerce1/13/2026
Full Bill Text
No bill text available