VA HB203 | 2022 | Regular Session
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 11 2022 - 100% progression
Action: 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0370)
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on April 11 2022 - 100% progression
Action: 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0370)
Text: Latest bill text (Chaptered) [HTML]
Summary
Financial institutions; qualified education loan servicers; definition. Provides that "qualified education loan servicer" means any person that meets all of the following criteria: (i) receives any scheduled periodic payments from a qualified education loan borrower or notification of such payments or applies payments to the qualified education loan borrower's account pursuant to the terms of the qualified education loan or the contract governing the servicing; (ii) during a period when no payment is required on a qualified education loan, maintains account records for the qualified education loan and communicates with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan's holder; and (iii) interacts with a qualified education loan borrower, which includes conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate certain activities. Under current law, "qualified education loan servicer" means a person that meets any one or more of such criteria. Financial institutions; qualified education loan servicers; definition. Provides that "qualified education loan servicer" means any person that meets all of the following criteria: (i) receives any scheduled periodic payments from a qualified education loan borrower or notification of such payments or applies payments to the qualified education loan borrower's account pursuant to the terms of the qualified education loan or the contract governing the servicing; (ii) during a period when no payment is required on a qualified education loan, maintains account records for the qualified education loan and communicates with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan's holder; and (iii) interacts with a qualified education loan borrower, which includes conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate certain activities. Under current law, "qualified education loan servicer" means a person that meets any one or more of such criteria. The bill provides that "servicing" means undertaking all of the following activities: (a) receiving any scheduled periodic payments from a qualified education loan borrower or notification of such payments or 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; (b) during a period when no payment is required on a qualified education loan, maintaining account records for the loan and communicating with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan's holder; and (c) interacting with a qualified education loan borrower, including conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate any such activity. Under current law, "servicing" means undertaking any one or more of such activities.
Title
Financial institutions; qualified education loan servicers, definitions.
Sponsors
Roll Calls
2022-02-24 - Senate - Senate: Passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-23 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-21 - Senate - Senate: Reported from Commerce and Labor (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-01 - House - House: VOTE: Passage (52-Y 47-N) (Y: 52 N: 47 NV: 0 Abs: 1) [PASS]
2022-01-25 - House - House: Reported from Commerce and Energy (12-Y 9-N) (Y: 12 N: 9 NV: 0 Abs: 1) [PASS]
2022-02-23 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-21 - Senate - Senate: Reported from Commerce and Labor (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2022-02-01 - House - House: VOTE: Passage (52-Y 47-N) (Y: 52 N: 47 NV: 0 Abs: 1) [PASS]
2022-01-25 - House - House: Reported from Commerce and Energy (12-Y 9-N) (Y: 12 N: 9 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2022-04-11 | Governor: Acts of Assembly Chapter text (CHAP0370) | |
| 2022-04-11 | Governor: Approved by Governor-Chapter 370 (effective 7/1/22) | |
| 2022-03-11 | Governor: Governor's Action Deadline 11:59 p.m., April 11, 2022 | |
| 2022-03-11 | House | Enrolled Bill communicated to Governor on March 11, 2022 |
| 2022-02-28 | Senate | Signed by President |
| 2022-02-28 | House | Signed by Speaker |
| 2022-02-28 | House | Bill text as passed House and Senate (HB203ER) |
| 2022-02-28 | House | Enrolled |
| 2022-02-24 | Senate | Passed Senate (40-Y 0-N) |
| 2022-02-24 | Senate | Read third time |
| 2022-02-23 | Senate | Constitutional reading dispensed (40-Y 0-N) |
| 2022-02-21 | Senate | Reported from Commerce and Labor (14-Y 0-N) |
| 2022-02-02 | Senate | Referred to Committee on Commerce and Labor |
| 2022-02-02 | Senate | Constitutional reading dispensed |
| 2022-02-01 | House | VOTE: Passage (52-Y 47-N) |
| 2022-02-01 | House | Read third time and passed House (52-Y 47-N) |
| 2022-01-31 | House | Read second time and engrossed |
| 2022-01-28 | House | Passed by for the day |
| 2022-01-27 | House | Read first time |
| 2022-01-25 | House | Reported from Commerce and Energy (12-Y 9-N) |
| 2022-01-10 | House | Referred to Committee on Commerce and Energy |
| 2022-01-10 | House | Prefiled and ordered printed; offered 01/12/22 22101280D |
Same As/Similar To
SB496 (Same As) 2022-04-11 - Governor: Acts of Assembly Chapter text (CHAP0371)
