Fabio
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5.0 KiB
Markdown
91 lines
5.0 KiB
Markdown
---
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type: "Bill"
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title: "Credit unions; board of directors compensation."
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description: "Credit unions; director compensation. Provides that compensation of members of a credit union's board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000. The measure removes the existing prohibition on compensating members of a credit union's board of directors for services as a member of the board. This bill is identical to HB 813."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2020"
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identifier: "SB 296"
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citation: "Virginia SB 296 (2020)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["David W. Marsden"]
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version_count: 4
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action_count: 27
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vote_count: 5
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first_action: "2020-01-03"
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last_action: "2020-03-31"
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source: "openstates"
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source_identifier: "ocd-bill/7360ce08-e15e-467a-90cc-a7fd47182b91"
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source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB296"
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source_hash: "67018393ff9ce5f82ae024b6fd7091fef93154676c9b930e20cca61a6c423422"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia SB 296 (2020) — Credit unions; board of directors compensation.
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Credit unions; director compensation. Provides that compensation of members of a credit union's board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000. The measure removes the existing prohibition on compensating members of a credit union's board of directors for services as a member of the board. This bill is identical to HB 813.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Acts of Assembly Chapter text (CHAP0547)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP0547)
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2. **Bill text as passed Senate and House (SB296ER)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB296ER)
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3. **Engrossed by Senate - committee substitute SB296S1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB296S1)
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4. **Impact statement from SCC (SB296)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB296)
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## Votes
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- Reported from Labor and Commerce (20-Y 0-N) — **20–0** (pass) · lower
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- VOTE: Block Vote Passage (100-Y 0-N) — **99–0** (pass) · lower
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- Read third time and passed Senate (39-Y 0-N) — **39–0** (pass) · upper
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- Constitutional reading dispensed (40-Y 0-N) — **40–0** (pass) · upper
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- Reported from Commerce and Labor with substitute (15-Y 0-N) — **15–0** (pass) · upper
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## Sponsors
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- David W. Marsden — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2020-01-03** Prefiled and ordered printed; offered 01/08/20 20102695D `introduction`
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- **2020-01-03** Referred to Committee on Commerce and Labor `referral-committee`
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- **2020-01-07** Impact statement from SCC (SB296)
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- **2020-01-20** Reported from Commerce and Labor with substitute (15-Y 0-N) `committee-passage`
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- **2020-01-20** Committee substitute printed 20106137D-S1 `substitution`
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- **2020-01-22** Constitutional reading dispensed (40-Y 0-N)
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- **2020-01-23** Read second time `reading-2`
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- **2020-01-23** Reading of substitute waived
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- **2020-01-23** Committee substitute agreed to 20106137D-S1
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- **2020-01-23** Engrossed by Senate - committee substitute SB296S1
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- **2020-01-24** Read third time and passed Senate (39-Y 0-N) `passage, reading-3`
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- **2020-01-30** Impact statement from SCC (SB296S1)
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- **2020-02-18** Placed on Calendar
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- **2020-02-18** Read first time `reading-1`
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- **2020-02-18** Referred to Committee on Labor and Commerce `referral-committee`
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- **2020-02-25** Reported from Labor and Commerce (20-Y 0-N) `committee-passage`
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- **2020-02-27** Read second time `reading-2`
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- **2020-02-28** Read third time `reading-3`
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- **2020-02-28** Passed House BLOCK VOTE (100-Y 0-N) `passage`
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- **2020-02-28** VOTE: Block Vote Passage (100-Y 0-N)
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- **2020-03-05** Enrolled
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- **2020-03-05** Impact statement from SCC (SB296ER)
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- **2020-03-06** Signed by Speaker
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- **2020-03-07** Signed by President
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- **2020-03-12** Enrolled Bill Communicated to Governor on March 12, 2020
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- **2020-03-12** Governor's Action Deadline 11:59 p.m., April 11, 2020
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- **2020-03-31** Approved by Governor-Chapter 547 (effective 7/1/20) `executive-signature`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/7360ce08-e15e-467a-90cc-a7fd47182b91`. Confidence: reported (aggregated from official Virginia legislature records).
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