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Financial Services Law Insights and Observations

Virginia provides certain debt management plan licensing exemptions

State Issues State Legislation Licensing Money Service / Money Transmitters

State Issues

On March 8, the Virginia governor signed HB 2284, which amends Title 6.2 Chapter 20 of the Code of Virginia to exempt banks, savings institutions, credit unions, and individuals licensed to practice law in the state from the licensing requirements applicable to persons that provide debt management plans. Additionally, persons licensed under the amended chapter are not required to obtain a money transmitter license under Chapter 19, provided the “money transmission activities are limited to providing debt pooling and distribution services in accordance with [Chapter 20].” The amendment is effective July 1.

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