VA SB734

Amends Virginia Code § 6.2-104 to clarify that officers and directors of financial institutions cannot simultaneously serve as officers or directors of other financial institutions unless both are within the same holding company

Consumer finance companies and credit unions domiciled in Virginia are exempt from this restriction

The State Corporation Commission may grant exceptions allowing individuals to serve on boards of multiple institutions if the institutions are not in competition with each other

Exceptions may also be granted if one or both institutions would otherwise be denied capable management from qualified individuals in their service area

Makes minor grammatical changes to add clarifying commas and language specifying "as an officer or on the boards of directors"