VA SB77 | 2020 | Regular Session
Status
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]
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]
Summary
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.
Title
Student loans; licensing of qualified education loan servicers, civil penalties, report.
Sponsors
Roll Calls
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]
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]
History
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 |
Same As/Similar To
HB10 (Same As) 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1198)
Code Citations
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 |