VA HB10 | 2020 | Regular Session

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 5-0)
Status: Passed on April 22 2020 - 100% progression
Action: 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1198)
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.

Tracking Information

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Title

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

Sponsors


Roll Calls

2020-04-22 - House - House: VOTE: (75-Y 18-N) (Y: 75 N: 18 NV: 7 Abs: 0) [PASS]
2020-04-22 - Senate - Senate: Senate concurred in Governor's recommendation (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-04-22 - Senate - Senate: Reconsideration of Governor's recommendation agreed to (38-Y 1-N) (Y: 38 N: 1 NV: 1 Abs: 0) [PASS]
2020-04-22 - Senate - Senate: Senate concurred in Governor's recommendation (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-26 - Senate - Senate: Passed Senate with substitute (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2020-02-26 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2020-02-26 - House - House: VOTE: Adoption (79-Y 14-N) (Y: 79 N: 14 NV: 7 Abs: 0) [PASS]
2020-02-25 - Senate - Senate: Reported from Finance and Appropriations with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-17 - Senate - Senate: Rereferred from Commerce and Labor (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2020-01-27 - House - House: VOTE: Passage (84-Y 15-N) (Y: 84 N: 15 NV: 1 Abs: 0) [PASS]
2020-01-21 - House - House: Reported from Labor and Commerce with substitute (17-Y 3-N) (Y: 17 N: 3 NV: 2 Abs: 0) [PASS]

History

DateChamberAction
2020-04-22 Governor: Acts of Assembly Chapter text (CHAP1198)
2020-04-22HouseEnacted, Chapter 1198 (effective - see bill)
2020-04-22SenateSigned by President as reenrolled
2020-04-22HouseSigned by Speaker as reenrolled
2020-04-22HouseReenrolled bill text (HB10ER2)
2020-04-22HouseReenrolled
2020-04-22 Governor: Governor's recommendation adopted
2020-04-22SenateSenate concurred in Governor's recommendation (40-Y 0-N)
2020-04-22SenateReconsideration of Governor's recommendation agreed to (38-Y 1-N)
2020-04-22SenateSenate concurred in Governor's recommendation (40-Y 0-N)
2020-04-22HouseVOTE: (75-Y 18-N)
2020-04-22HouseHouse concurred in Governor's recommendation (75-Y 18-N)
2020-04-22HousePlaced on Calendar
2020-04-11HouseGovernor's recommendation received by House
2020-03-12 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
2020-03-12HouseEnrolled Bill communicated to Governor on March 12, 2020
2020-03-03SenateSigned by President
2020-03-02HouseSigned by Speaker
2020-03-02HouseBill text as passed House and Senate (HB10ER)
2020-03-02HouseEnrolled
2020-02-26HouseSenate substitute agreed to by House 20108860D-S1 (79-Y 14-N)
2020-02-26SenatePassed Senate with substitute (39-Y 1-N)
2020-02-26SenateEngrossed by Senate - committee substitute HB10S1
2020-02-26SenateCommittee substitute agreed to 20108860D-S1
2020-02-26SenateReading of substitute waived
2020-02-26SenateRead third time
2020-02-26SenateConstitutional reading dispensed (38-Y 0-N)
2020-02-26HouseVOTE: Adoption (79-Y 14-N)
2020-02-25SenateCommittee substitute printed 20108860D-S1
2020-02-25SenateReported from Finance and Appropriations with substitute (15-Y 0-N)
2020-02-17SenateRereferred to Finance and Appropriations
2020-02-17SenateRereferred from Commerce and Labor (15-Y 0-N)
2020-01-28SenateReferred to Committee on Commerce and Labor
2020-01-28SenateConstitutional reading dispensed
2020-01-27HouseVOTE: Passage (84-Y 15-N)
2020-01-27HouseRead third time and passed House (84-Y 15-N)
2020-01-24HousePrinted as engrossed 20104524D-EH1
2020-01-24HouseEngrossed by House - committee substitute with amendments HB10EH1
2020-01-24HouseAmendments by Delegate Simon agreed to
2020-01-24HouseCommittee substitute agreed to 20104524D-H1
2020-01-24HouseRead second time
2020-01-23HouseRead first time
2020-01-21HouseCommittee substitute printed 20104524D-H1
2020-01-21HouseReported from Labor and Commerce with substitute (17-Y 3-N)
2019-11-18HouseReferred to Committee on Labor and Commerce
2019-11-18HousePrefiled and ordered printed; offered 01/08/20 20100770D

Same As/Similar To

SB77 (Same As) 2020-04-22 - Governor: Acts of Assembly Chapter text (CHAP1250)

Code Citations

ChapterArticleSectionCitation TypeStatute Text
192389(n/a)See Bill Text
622600(n/a)See Bill Text
622617(n/a)See Bill Text

Virginia State Sources

TypeSource
Summaryhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB10
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10H1+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10EH1+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10S1+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10ER+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10ER2+hil
Texthttps://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1198+hil
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H14V0030+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV0070+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0191+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S05V0417+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV1418+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1050HB0010+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1052HB0010+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV2007HB0010+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV2044HB0010+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV2045HB0010+HB0010
Roll Callhttps://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV2146+HB0010

Bill Comments

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