Virginia Senate Bill 1053 (Prior Session Legislation)

---

Spectrum: Partisan Bill (Democrat 4-0)
Status: Engrossed on February 3 2017 - 50% progression, died in chamber
Action: 2017-02-14 - Failed to report (defeated) in Commerce and Labor (7-Y 13-N)
Text: Latest bill text (Comm Sub) [HTML]

Qualified education loan servicers. Prohibits any person from acting as a qualified education loan servicer without first obtaining a license from the State Corporation Commission and establishes procedures pertaining to such licenses. Banks and credit unions 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 pursuant to the terms of a qualified education loan; (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; and (iii) performing other administrative services with respect to a qualified education loan. 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) knowingly misapplying or recklessly applying qualified education 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. The bill has a delayed effective date of July 1, 2018.

Student loans; licensing of qualified education loan servicers, report, civil penalties.

Sen. Janet Howell [D]

Sen. Adam Ebbin [D]

Sen. Monty Mason [D]

Sen. Jennifer McClellan [D]

2017-02-14 - House - House: Failed to report (defeated) in Commerce and Labor (7-Y 13-N) (Y: 7 N: 13 NV: 2 Abs: 0) [FAIL]
2017-02-06 - Senate - Senate: Read third time and passed Senate (36-Y 4-N) (Y: 36 N: 4 NV: 0 Abs: 0) [PASS]
2017-02-02 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2017-02-01 - Senate - Senate: Reported from Finance with substitute (12-Y 3-N) (Y: 12 N: 3 NV: 0 Abs: 0) [PASS]
2017-01-26 - Senate - Senate: Reported from Education and Health with amendments (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2017-02-14	House	Failed to report (defeated) in Commerce and Labor (7-Y 13-N)
2017-02-08	House	Referred to Committee on Commerce and Labor
2017-02-08	House	Read first time
2017-02-08	House	Placed on Calendar
2017-02-06	Senate	Read third time and passed Senate (36-Y 4-N)
2017-02-03	Senate	Engrossed by Senate - committee substitute SB1053S1
2017-02-03	Senate	Committee substitute agreed to 17105060D-S1
2017-02-03	Senate	Reading of substitute waived
2017-02-03	Senate	Committee amendments rejected
2017-02-03	Senate	Read second time
2017-02-02	Senate	Constitutional reading dispensed (40-Y 0-N)
2017-02-01	Senate	Committee substitute printed 17105060D-S1
2017-02-01	Senate	Reported from Finance with substitute (12-Y 3-N)
2017-01-26	Senate	Rereferred to Finance
2017-01-26	Senate	Reported from Education and Health with amendments (15-Y 0-N)
2017-01-23	Senate	Assigned Education sub: Higher Education
2017-01-06	Senate	Referred to Committee on Education and Health
2017-01-06	Senate	Prefiled and ordered printed; offered 01/11/17 17101765D

Chapter	Article	Section	Citation Type	Statute Text
6	2	2600	(n/a)	See Bill Text
6	2	2619	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?171+sum+SB1053
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+SB1053+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?171+ful+SB1053S1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+S04V0062+SB1053
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+S05V0168+SB1053
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+SV0254SB1053+SB1053
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+SV0305SB1053+SB1053
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?171+vot+H14V0128+SB1053