Virginia H.B. 1942, a full Money Transmission Modernization Act enactment, became effective on July 1, 2026 and remained a live development during the July 7 to July 21 period. The law includes licensing-required and multistate coordination provisions tied to the MTMA framework.
What changed
Virginia moved to an MTMA-based money transmitter licensing framework effective July 1, 2026. This changes the state law structure for licensing and related supervision.
Compliance perspective
Money transmitters operating in Virginia should review whether their current licensing, net worth, permissible investments, and multistate coordination assumptions still line up with the new framework. Any firm relying on older state-specific approaches should reassess now.
Key date
Effective date: July 1, 2026.
Need help staying compliant?
Tell us where you operate and what licenses you hold; we'll handle the filings and renewals so changes like this do not catch you off guard.