Virginia Senate Bill 77 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Passed on April 22 2020 - 100% progression
Action: 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1250)
Text: Latest bill text (Chaptered) [HTML]

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.

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

Sen. Janet Howell [D]

Sen. Jennifer McClellan [D]

Sen. Scott Surovell [D]

2020-04-22 - House - House: VOTE: (75-Y 16-N 1-A) (Y: 75 N: 16 NV: 8 Abs: 1) [PASS]
2020-04-22 - Senate - Senate: Senate concurred in Governor's recommendation (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2020-02-25 - Senate - Senate: House amendments agreed to by Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-21 - House - House: VOTE: Passage (85-Y 11-N) (Y: 85 N: 11 NV: 4 Abs: 0) [PASS]
2020-02-18 - House - House: Reported from Labor and Commerce with substitute (21-Y 0-N) (Y: 21 N: 0 NV: 1 Abs: 0) [PASS]
2020-02-05 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-03 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-01-30 - Senate - Senate: Reported from Finance and Appropriations with substitute (16-Y 0-N) (Y: 16 N: 0 NV: 0 Abs: 0) [PASS]
2020-01-20 - Senate - Senate: Rereferred from Commerce and Labor (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2020-04-22		Governor: Acts of Assembly Chapter text (CHAP1250)
2020-04-22	House	Enacted, Chapter 1250 (effective - see bill)
2020-04-22	House	Signed by Speaker as reenrolled
2020-04-22	Senate	Signed by President as reenrolled
2020-04-22	Senate	Reenrolled bill text (SB77ER2)
2020-04-22	Senate	Reenrolled
2020-04-22		Governor: Governor's recommendation adopted
2020-04-22	House	VOTE: (75-Y 16-N 1-A)
2020-04-22	House	House concurred in Governor's recommendation (75-Y 16-N 1-A)
2020-04-22	Senate	Senate concurred in Governor's recommendation (39-Y 1-N)
2020-04-11	Senate	Governor's recommendation received by Senate
2020-03-12		Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
2020-03-12	Senate	Enrolled Bill Communicated to Governor on March 12, 2020
2020-03-03	Senate	Signed by President
2020-03-02	House	Signed by Speaker
2020-03-02	Senate	Bill text as passed Senate and House (SB77ER)
2020-03-02	Senate	Enrolled
2020-02-25	Senate	House amendments agreed to by Senate (40-Y 0-N)
2020-02-21	House	VOTE: Passage (85-Y 11-N)
2020-02-21	House	Passed House with amendments (85-Y 11-N)
2020-02-21	House	Engrossed by House as amended
2020-02-21	House	Amendments by Delegate Simon agreed to
2020-02-21	House	Committee substitute rejected 20108550D-H1
2020-02-21	House	Read third time
2020-02-20	House	Read second time
2020-02-18	House	Committee substitute printed 20108550D-H1
2020-02-18	House	Reported from Labor and Commerce with substitute (21-Y 0-N)
2020-02-13	House	Referred to Committee on Labor and Commerce
2020-02-13	House	Read first time
2020-02-13	House	Placed on Calendar
2020-02-05	Senate	Read third time and passed Senate (40-Y 0-N)
2020-02-04	Senate	Engrossed by Senate - committee substitute SB77S1
2020-02-04	Senate	Committee substitute agreed to 20107049D-S1
2020-02-04	Senate	Reading of substitute waived
2020-02-04	Senate	Read second time
2020-02-03	Senate	Constitutional reading dispensed (40-Y 0-N)
2020-01-30	Senate	Committee substitute printed 20107049D-S1
2020-01-30	Senate	Reported from Finance and Appropriations with substitute (16-Y 0-N)
2020-01-20	Senate	Rereferred to Finance and Appropriations
2020-01-20	Senate	Rereferred from Commerce and Labor (15-Y 0-N)
2019-11-25	Senate	Referred to Committee on Commerce and Labor
2019-11-25	Senate	Prefiled and ordered printed; offered 01/08/20 20101362D

HB10 (Same As) 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1198)

Chapter	Article	Section	Citation Type	Statute Text
19	2	389	(n/a)	See Bill Text
6	2	2600	(n/a)	See Bill Text
6	2	2617	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB77
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77S1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77H1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77ER2+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1250+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0015+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S05V0114+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0288SB0077+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0337SB0077+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H14V0275+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV1155+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0939SB0077+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1954SB0077+SB0077
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV2249+SB0077