2026 SESSION

SENATE SUBSTITUTE

26108664D

HOUSE BILL NO. 190

FLOOR AMENDMENT IN THE NATURE OF A SUBSTITUTE

(Proposed by Senator Deeds

on February 26, 2026)

(Patron Prior to Substitute—Delegate Convirs-Fowler)

A BILL to direct the Office of the Attorney General to convene a work group to review fraudulent activity in electronic fund transfers and to develop recommendations to prevent such fraudulent activity.

Be it enacted by the General Assembly of Virginia:

1. § 1. The Office of the Attorney General shall convene a work group to (i) review the Electronic Funds Transfers Act (EFTA), 15 U.S.C. § 1693 et seq., and regulations implementing the EFTA, including Regulation E, 12 C.F.R. Part 1005; (ii) assess reports of fraudulent activity that relies on the use of electronic fund transfers; and (iii) develop recommendations to aid individuals in the Commonwealth in preventing and mitigating fraudulent activity in electronic fund transfers to supplement the requirements of the EFTA, including fraudulent activity such as impersonation scams, phone and digital fraud schemes, and other misrepresentations designed to induce individuals into financial fraud. The work group shall include (a) representatives from the Office of the Attorney General; (b) representatives from the State Corporation Commission's Bureau of Financial Institutions; (c) representatives of financial institutions, including banks and credit unions; (d) consumer advocacy groups; and (e) other interested stakeholders. The Office of the Attorney General shall submit a review of the work group's findings and recommendations to the Chairs of the House Committee on Labor and Commerce and the Senate Committee on Commerce and Labor no later than December 1, 2026.