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SB734 • 2026

Financial institutions; officers and directors.

An Act to amend and reenact § 6.2-104 of the Code of Virginia, relating to financial institutions; officers and directors.

Enacted

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

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

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Financial institutions; officers and directors.

Financial institutions; officers and directors.

What This Bill Does

  • Financial institutions; officers and directors.
  • Provides that the State Corporation Commission may permit, upon petition, an individual to serve as an officer or on the boards of directors of more than one financial institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-04-13 Governor

    Approved by Governor-Chapter 903 (effective 7/1/2026)

  2. 2026-04-13 Governor

    Acts of Assembly Chapter text (CHAP0903)

  3. 2026-04-13 Governor

    Acts of Assembly Chapter text (CHAP0903)

  4. 2026-04-06 Senate

    Fiscal Impact Statement from State Corporation Commission (SB734)

  5. 2026-03-31 Senate

    Enrolled Bill communicated to Governor on March 31, 2026

  6. 2026-03-31 Governor

    Governor's Action Deadline 11:59 p.m., April 13, 2026

  7. 2026-03-31 House

    Signed by Speaker

  8. 2026-03-31 Senate

    Enrolled Bill communicated to Governor on March 31, 2026

  9. 2026-03-31 Governor

    Governor's Action Deadline 11:59 p.m., April 13, 2026

  10. 2026-03-30 Senate

    Signed by President

  11. 2026-03-30 Senate

    Enrolled

  12. 2026-03-30 Senate

    Bill text as passed Senate and House (SB734ER)

  13. 2026-03-10 House

    Read third time

  14. 2026-03-10 House

    Passed House Block Vote (99-Y 0-N 0-A)

  15. 2026-03-09 House

    Read second time

  16. 2026-03-05 Labor and Commerce

    Reported from Labor and Commerce (21-Y 0-N)

  17. 2026-03-03 Subcommittee #1

    Subcommittee recommends reporting (9-Y 0-N)

  18. 2026-02-25 Subcommittee #1

    Assigned HCL sub: Subcommittee #1

  19. 2026-02-04 House

    Placed on Calendar

  20. 2026-02-04 House

    Read first time

  21. 2026-02-04 Labor and Commerce

    Referred to Committee on Labor and Commerce

  22. 2026-01-30 Senate

    Read third time and passed Senate Block Vote (38-Y 0-N 0-A)

  23. 2026-01-29 Senate

    Read second time

  24. 2026-01-29 Senate

    Engrossed by Senate Block Vote (Voice Vote)

  25. 2026-01-28 Senate

    Rules suspended

  26. 2026-01-28 Senate

    Passed by for the day

  27. 2026-01-28 Senate

    Constitutional reading dispensed Block Vote (on 1st reading) (40-Y 0-N 0-A)

  28. 2026-01-28 Senate

    Passed by for the day Block Vote (Voice Vote)

  29. 2026-01-26 Commerce and Labor

    Reported from Commerce and Labor (15-Y 0-N)

  30. 2026-01-25 Senate

    Fiscal Impact Statement from State Corporation Commission (SB734)

  31. 2026-01-16 Senate

    Presented and ordered printed 26104585D

  32. 2026-01-16 Commerce and Labor

    Referred to Committee on Commerce and Labor

Official Summary Text

Financial institutions; officers and directors.
Provides that the State Corporation Commission may permit, upon petition, an individual to serve as an officer or on the boards of directors of more than one financial institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.

Current Bill Text

Read the full stored bill text 
An Act to amend and reenact §
6.2-104
of the Code of Virginia, relating to financial institutions; officers and directors.
Be it enacted by the General Assembly of Virginia:
1. That §
6.2-104
of the Code of Virginia is amended and reenacted as follows:
§
6.2-104
. Officers and directors to serve only one institution.
A. No officer or director of any financial institution, other than a consumer finance company or credit union domiciled in the Commonwealth, shall
,
at the same time
,
serve as an officer or director of any other financial institution unless both such institutions are within a single financial institution holding company.
B. Notwithstanding the provisions of subsection A, the Commission, upon petition brought on behalf of an individual, may permit him to serve
as an officer or
on the boards
of directors
of more than one such institution if the Commission finds that the financial institutions are not in competition with each other or that one or both of the institutions might otherwise be denied capable management or direction from an individual residing in or employed in the locality served by an institution.