Arbitration; high-volume service providers, selection of arbitrator, civil remedies.

The definition of 'consumer' was changed to exclude individuals employed in the Commonwealth, limiting protections to those seeking goods or services for personal, family, or household purposes.

The definition of 'high-volume arbitration service provider' was broadened by removing the requirement that the arbitrations must involve a 'consumer,' thereby including more transactions in the volume count.

New requirements mandate that high-volume providers establish transparent, impartial systems for selecting arbitrators and prohibit them from requiring parties to accept a specific arbitrator.

The list of grounds for vacating an arbitration award was expanded to include situations where the arbitrator was selected in violation of the new selection rules.

New reporting requirements mandate that high-volume providers file annual reports with the State Corporation Commission including statistical data on selection outcomes and party satisfaction.

New enforcement provisions allow the State Corporation Commission to impose civil penalties of up to $10,000 per violation for non-compliance.

Added new definitions for 'Consumer', 'Drafting party', 'Neutral arbitrator', and 'Pre-dispute arbitration agreement' to clarify who is protected and what types of contracts are covered.

Changed the definition of 'High-volume arbitration service provider' from requiring 500 arbitrations to requiring only 100 arbitrations involving a consumer and a Virginia-connected transaction.

Added a requirement for proposed neutral arbitrators to disclose potential conflicts of interest, including past cases and employment arrangements, to ensure impartiality.

Prohibited high-volume providers from administering arbitrations where the provider or its lawyers have a financial interest in the outcome.

Required providers to issue invoices for all fees to all parties at the same time, preventing the drafting party from delaying arbitration by withholding payment.

Added a statute of limitations tolling provision to prevent claims from expiring while a consumer is waiting for the arbitration process to conclude.

Established that if the drafting party fails to pay required fees within 30 days, they are in default and the consumer can either sue in court or compel arbitration with the drafting party paying legal fees.

Added a new section allowing courts to vacate awards if the arbitrator was selected in violation of the new selection rules.