Virginia enacts new prohibitions against certain electronic fund transfer fees

Licensing Money Service / Money Transmitters Virginia

On April 17, the Virginia legislature enrolled HB 1519 into law, which amended provisions of the Virginia Code related to fees for electronic fund transfers. The legislation amended the Residential Landlord and Tenant Act to prohibit landlords from charging a tenant a processing fee for using an electronic fund transfer for the payment of either a security deposit, rent, or “any other amounts payable.” The legislation also amended the Virginia Consumer Protection Act to prohibit a supplier from charging a fee to a consumer for using an electronic fund transfer to purchase a good or service. However, this prohibition explicitly does not apply to ATM withdrawals or expedited service on an electronic fund transfer. The Act went into effect immediately upon enactment.