Virginia's MTMA-based money transmitter law, identified by CSBS as H.B. 1942, became effective July 1, 2026. It was already in force during the July 18 to August 1, 2026 period and represents a concrete state licensing change for money transmission activity.
What changed
Virginia moved to a Money Transmission Modernization Act style framework, which typically affects licensing standards, permissible investments, surety bond requirements, and related operating rules.
Compliance perspective
Money transmitters active in Virginia should confirm whether license applications, financial standards, reporting, and permissible investment practices align with the new framework. Firms using legacy state-by-state procedures may need to update internal licensing matrices and renewal assumptions.
Key date
Effective date: July 1, 2026.
Need help keeping up with these changes?
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.