HB902 • 2026

Financial institutions; out-of-state credit unions.

An Act to amend and reenact § 6.2-1379 of the Code of Virginia, relating to financial institutions; out-of-state credit unions.

Labor

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Lopez
Last action: 2026-04-13
Official status: Acts of Assembly Chapter
Effective date: Not listed

Plain English Breakdown

The official source material does not provide details on what happens if the National Credit Union Administration is unable to serve as an agent, leaving this point uncertain.

Clarifying Rules for Out-of-State Credit Unions

This act changes Virginia's laws about out-of-state credit unions, stating that they do not need to designate an agent for legal service if it is the National Credit Union Administration.

What This Bill Does

Changes a part of Virginia law to say that the National Credit Union Administration (NCUA) does not have to designate an agent in Virginia for receiving legal papers from the state.

Who It Names or Affects

Out-of-state credit unions that want to do business in Virginia
The National Credit Union Administration

Terms To Know

National Credit Union Administration (NCUA): A federal agency that supervises and regulates U.S. credit unions.
Agent for service of process: A person or company designated to receive legal papers on behalf of another entity in a specific location.

Limits and Unknowns

The act does not specify what happens if the National Credit Union Administration is unable to serve as an agent.
It doesn't change how out-of-state credit unions are supervised or insured by Virginia's laws.

Bill History

2026-04-13 Governor
Approved by Governor-Chapter 700 (effective 7/1/2026)
2026-04-13 Governor
Acts of Assembly Chapter text (CHAP0700)
2026-03-10 House
Enrolled Bill communicated to Governor on March 10, 2026
2026-03-10 Governor
Governor's Action Deadline 11:59 p.m., April 13, 2026
2026-03-09 House
Fiscal Impact Statement from State Corporation Commission (HB902)
2026-03-03 House
Signed by Speaker
2026-03-03 Senate
Signed by President
2026-03-03 House
Enrolled
2026-03-03 House
Bill text as passed House and Senate (HB902ER)
2026-02-26 Senate
Read third time
2026-02-26 Senate
Passed Senate Block Vote (40-Y 0-N 0-A)
2026-02-25 Senate
Rules suspended
2026-02-25 Senate
Passed by for the day
2026-02-25 Senate
Constitutional reading dispensed Block Vote (on 2nd reading) (40-Y 0-N 0-A)
2026-02-25 Senate
Passed by for the day Block Vote (Voice Vote)
2026-02-23 Commerce and Labor
Reported from Commerce and Labor (14-Y 0-N)
2026-02-12 Senate
Constitutional reading dispensed (on 1st reading)
2026-02-12 Commerce and Labor
Referred to Committee on Commerce and Labor
2026-02-11 House
Read third time and passed House Block Vote (96-Y 0-N 0-A)
2026-02-11 House
Reconsideration of passage agreed to by House
2026-02-11 House
Passed House Block Vote (98-Y 0-N 0-A)
2026-02-10 House
Read second time and engrossed
2026-02-09 House
Read first time
2026-02-05 Labor and Commerce
Reported from Labor and Commerce (22-Y 0-N)
2026-02-03 Subcommittee #1
Subcommittee recommends reporting (9-Y 0-N)
2026-01-25 House
Fiscal Impact Statement from State Corporation Commission (HB902)
2026-01-22 Subcommittee #1
Assigned HCL sub: Subcommittee #1
2026-01-13 House
Prefiled and ordered printed; Offered 01-14-2026 26103287D
2026-01-13 Labor and Commerce
Referred to Committee on Labor and Commerce

Official Summary Text

Financial institutions; out-of-state credit unions.
Clarifies that the National Credit Union Administration is not required to designate an agent for service of process and agree that in the absence of such designation service may be upon the clerk of the State Corporation Commission. Current law requires out-of-state credit unions conducting business in the Commonwealth to have any insurer of shares designate such an agent and agree to such service in the absence of such a designation.

Current Bill Text

Read the full stored bill text

An Act to amend and reenact §
6.2-1379
of the Code of Virginia, relating to financial institutions; out-of-state credit unions.
Be it enacted by the General Assembly of Virginia:
1. That §
6.2-1379
of the Code of Virginia is amended and reenacted as follows:
§
6.2-1379
. Out-of-state credit unions.
A. A credit union organized and doing business in another state may conduct business as a credit union in the Commonwealth with the approval of the Commission. The Commission shall grant such approval if it shall find that the out-of-state credit union:
1. Is a credit union duly organized under the laws of another state that would allow credit unions organized in the Commonwealth to conduct business in that state;
2. Has share insurance for its members;
3. Reasonably needs to establish a place of business in the Commonwealth to adequately serve its members in the Commonwealth;
4. Is examined and supervised by the supervisory authority of the state in which the out-of-state credit union is organized; and
5. Has filed an application with the Commission to conduct such business.
B. The out-of-state credit union shall:
1. Grant loans at rates of interest not in excess of the rates permitted for credit unions organized under the laws of the Commonwealth;
2. Comply with the same consumer protection provisions that credit unions organized under the laws of the Commonwealth are required to obey;
3. Designate and maintain a registered agent in the Commonwealth;
4. Submit all examination reports from its supervisory agency to the Commission;
5. Have any insurer of shares
, other than the National Credit Union Administration,
designate an agent for service of process and agree that in the absence of such designation service may be upon the clerk of the Commission;
6. Inform the members of the credit union who use any facility authorized pursuant to this section of the state where the organization, supervision, and share insurance of the credit union are, and of the fact that it is not regulated, supervised, or insured by any agency of the Commonwealth; and
7. Comply with §
6.2-1326
.
C. Credit unions organized in the Commonwealth may establish offices outside the Commonwealth upon approval of the Commission.
D. The Commission may suspend or revoke the authority of an out-of-state credit union to do business in the Commonwealth if the Commission finds that such credit union is not in compliance with the requirements of this section.