VA SB227

Establishes the "Arbitration Fairness Act" regulating high-volume arbitration service providers (those conducting more than 100 arbitrations per year) in Virginia-connected consumer and employment disputes

Prohibits high-volume providers from requiring parties to accept a particular arbitrator and mandates impartial selection systems including striking methods, ranking methods, or random selection from mutually approved pools

Requires proposed neutral arbitrators to disclose potential conflicts of interest, including prior arbitration cases with the same parties or attorneys over the preceding five years

Creates a 30-day deadline for drafting parties (businesses) to pay required arbitration fees; failure to pay constitutes material breach and waiver of arbitration rights, allowing consumers or employees to proceed in court

Authorizes civil penalties up to $10,000 per violation by the State Corporation Commission and allows courts to vacate arbitration awards where arbitrators were selected in violation of these requirements

Applies to all arbitration agreements entered into on or after July 1, 2026