HB 190: Electronic fund transfers; Office of AG shall convene work group to review fraudulent activity, etc. - Virginia

Subcommittee #1 Subcommittee Substitute → Senator Deeds Substitute · 3 edits

MINOR

The bill was amended to narrow its focus from a general review of financial fraud to a specific investigation of fraudulent activity in electronic fund transfers. The work group's mandate now explicitly includes reviewing federal laws like the Electronic Funds Transfers Act (EFTA) and assessing reports of fraud involving electronic transfers. This change shifts the bill's purpose from creating new best practices to supplementing existing federal regulations with state-level recommendations.

Scope change

The bill's scope narrowed from a broad review of all financial fraud and scams to a specific focus on fraudulent activity involving electronic fund transfers, including impersonation and digital fraud schemes.

SCOPE

The work group's primary task changed from reviewing general best practices for preventing financial fraud to reviewing the Electronic Funds Transfers Act (EFTA) and assessing reports of fraud in electronic transfers.

REQUIREMENT

The bill now requires the work group to develop recommendations specifically to aid individuals in preventing and mitigating fraud in electronic fund transfers, rather than just general best practices.

The requirement for at least one work group representative to have cybersecurity experience was removed, while the requirement for representatives from the Bureau of Financial Institutions was clarified to specify it is part of the State Corporation Commission.

Senator Deeds Substitute → Chaptered · 2 edits

MINOR

The bill transitioned from a proposed Senate substitute to an officially enacted law (Chapter 576). The substantive policy content regarding the Attorney General's work group, its members, and the December 2026 deadline remains identical to the original proposal. The only changes are the addition of official legislative formatting, chapter numbers, and the approval date.

Scope change

None; the scope and applicability of the bill are unchanged.

TECHNICAL

Removed draft metadata, including the 'Senate Substitute' title, bill number, and the name of the original patron.

Added official formatting elements such as the chapter number (576), the approval date (April 13, 2026), and the final enacted text layout.

Labor and Commerce Substitute → Subcommittee #1 Subcommittee Substitute · 2 edits

MINOR

The document has been reformatted from a standard legislative layout to a 'House Substitute' version, which primarily involves adding page numbers, session headers, and specific bill identifiers. There are no substantive changes to the bill's text, meaning the requirements for the Attorney General to form a fraud prevention work group, the group's composition, and the December 1, 2026 deadline remain exactly the same.

TECHNICAL

Added page numbers, session headers, and bill identifiers (e.g., 26105752D, HB190HC2) to the document structure.

Replaced the original header with a 'House Substitute' designation and adjusted the layout to include line numbers and specific amendment metadata.

Enrolled → Labor and Commerce Substitute · 4 edits

MODERATE

The bill was converted from an Enrolled Act into a House Substitute Amendment, changing its status from a finalized law to a version under consideration. The substantive policy focus shifted from reviewing the federal Electronic Funds Transfers Act to reviewing 'best practices' for financial institutions. The scope of the work group was expanded to explicitly include a representative with cybersecurity experience and to solicit testimony directly from scam victims.

Scope change

The bill's scope broadened from a general review of federal regulations to a specific review of industry best practices and victim experiences. The applicability of the work group's composition was modified to require cybersecurity expertise.

REQUIREMENT

The work group's mandate changed from reviewing the federal EFTA and regulations to reviewing best practices for preventing and responding to financial fraud.

The work group must now include at least one representative with cybersecurity experience.

The work group is required to solicit and consider testimony from victims of common financial scams.

SCOPE

The review scope now explicitly includes specific actions like consumer education, temporarily suspending accounts, and reversing fraudulent transactions.

Introduced → Enrolled · 4 edits · Mar 10, 2026

MODERATE

The bill was converted from an introduced draft to an enrolled final version, changing its primary focus from requiring financial institutions to stop fraud directly to directing the Attorney General to form a work group. This work group will review existing federal laws and regulations, assess current fraud reports, and develop recommendations to help Virginians prevent electronic fund transfer fraud. The final version establishes a specific deadline of December 1, 2026, for the Attorney General to submit these findings and recommendations to legislative committee chairs.

Scope change

The bill's scope shifted from imposing immediate operational duties on financial institutions to creating a study group focused on policy recommendations and regulatory review.

REQUIREMENT

Replaced direct mandates for financial institutions to suspend accounts and reverse transactions with a requirement for the Attorney General to convene a work group to study fraud prevention strategies.

Removed the specific list of actions financial institutions must take, such as providing consumer education materials or temporarily suspending account activities.

TIMELINE

Added a specific deadline of December 1, 2026, for the work group to submit its findings and recommendations to legislative leaders.

DEFINITION

Defined the specific composition of the work group, including representatives from the Attorney General, State Corporation Commission, financial institutions, consumer advocacy groups, and other stakeholders.

Electronic fund transfers; Office of AG shall convene work group to review fraudulent activity, etc.

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