SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2020 SESSION
SB 77 Student loans; licensing of qualified education loan servicers, civil penalties, report.
Introduced by: Janet D. Howell | all patrons ... notes | add to my profiles
SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)
Qualified education loan servicers. Prohibits any person from acting as a qualified education loan servicer except in accordance with provisions established by this bill. The bill requires a loan servicer to obtain a license from the State Corporation Commission (SCC) and establishes procedures pertaining to such licenses. Banks, savings institutions, credit unions, nonprofit institutions of higher education, and farm credit systems are exempt from the licensing provisions. The servicing of a qualified education loan encompasses (i) receiving any scheduled periodic payments from a qualified education loan borrower or notification of such payments; (ii) applying the payments of principal and interest and such other payments, with respect to the amounts received from a qualified education loan borrower, as may be required pursuant to the terms of a qualified education loan; (iii) during a period when no payment is required on a qualified education loan, maintaining account records and communicating with the qualified education loan borrower; and (iv) interacting with a student loan borrower, including conducting activities to help prevent default. Qualified education loan servicers are prohibited from, among other things, (a) misrepresenting the amount, nature, or terms of any fee or payment due or claimed to be due on a qualified education loan, the terms and conditions of the loan agreement, or the borrower's obligations under the loan; (b) misapplying loan payments to the outstanding balance of a qualified education loan; and (c) failing to report both the favorable and unfavorable payment history of the borrower to a nationally recognized consumer credit bureau at least annually if the loan servicer regularly reports information to such a credit bureau. Violations are subject to a civil penalty not exceeding $2,500 and are prohibited practices under the Virginia Consumer Protection Act. The bill has a delayed effective date of July 1, 2021, but provides that applications shall be accepted, and investigations commenced, by the SCC beginning March 1, 2021. This bill is identical to HB 10.
FULL TEXT
- 11/25/19 Senate: Prefiled and ordered printed; offered 01/08/20 20101362D pdf
- 01/30/20 Senate: Committee substitute printed 20107049D-S1 pdf | impact statement
- 02/18/20 House: Committee substitute printed 20108550D-H1 pdf | impact statement
- 03/02/20 Senate: Bill text as passed Senate and House (SB77ER) pdf | impact statement
- 04/22/20 Senate: Reenrolled bill text (SB77ER2) pdf
- 04/22/20 Governor: Acts of Assembly Chapter text (CHAP1250) pdf
AMENDMENTS
- House committee, floor amendments and substitutes offered
- House amendments adopted
- House amendments engrossed
- Governor's recommendation
HISTORY
- 11/25/19 Senate: Prefiled and ordered printed; offered 01/08/20 20101362D
- 11/25/19 Senate: Referred to Committee on Commerce and Labor
- 01/20/20 Senate: Rereferred from Commerce and Labor (15-Y 0-N)
- 01/20/20 Senate: Rereferred to Finance and Appropriations
- 01/30/20 Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N)
- 01/30/20 Senate: Committee substitute printed 20107049D-S1
- 02/03/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/04/20 Senate: Read second time
- 02/04/20 Senate: Reading of substitute waived
- 02/04/20 Senate: Committee substitute agreed to 20107049D-S1
- 02/04/20 Senate: Engrossed by Senate - committee substitute SB77S1
- 02/05/20 Senate: Read third time and passed Senate (40-Y 0-N)
- 02/13/20 House: Placed on Calendar
- 02/13/20 House: Read first time
- 02/13/20 House: Referred to Committee on Labor and Commerce
- 02/18/20 House: Reported from Labor and Commerce with substitute (21-Y 0-N)
- 02/18/20 House: Committee substitute printed 20108550D-H1
- 02/20/20 House: Read second time
- 02/21/20 House: Read third time
- 02/21/20 House: Committee substitute rejected 20108550D-H1
- 02/21/20 House: Amendments by Delegate Simon agreed to
- 02/21/20 House: Engrossed by House as amended
- 02/21/20 House: Passed House with amendments (85-Y 11-N)
- 02/21/20 House: VOTE: Passage (85-Y 11-N)
- 02/25/20 Senate: House amendments agreed to by Senate (40-Y 0-N)
- 03/02/20 Senate: Enrolled
- 03/02/20 Senate: Bill text as passed Senate and House (SB77ER)
- 03/02/20 House: Signed by Speaker
- 03/03/20 Senate: Signed by President
- 03/12/20 Senate: Enrolled Bill Communicated to Governor on March 12, 2020
- 03/12/20 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
- 04/11/20 Senate: Governor's recommendation received by Senate
- 04/22/20 Senate: Senate concurred in Governor's recommendation (39-Y 1-N)
- 04/22/20 House: House concurred in Governor's recommendation (75-Y 16-N 1-A)
- 04/22/20 House: VOTE: (75-Y 16-N 1-A)
- 04/22/20 Governor: Governor's recommendation adopted
- 04/22/20 Senate: Reenrolled
- 04/22/20 Senate: Reenrolled bill text (SB77ER2)
- 04/22/20 Senate: Signed by President as reenrolled
- 04/22/20 House: Signed by Speaker as reenrolled
- 04/22/20 House: Enacted, Chapter 1250 (effective - see bill)
- 04/22/20 Governor: Acts of Assembly Chapter text (CHAP1250)