VA SB1112 | 2019 | Regular Session

Status

Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Engrossed on February 5 2019 - 50% progression
Action: 2019-02-12 - Failed to report (defeated) in Commerce and Labor (11-Y 11-N)
Text: Latest bill text (Engrossed) [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, and nonprofit institutions of higher education 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 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, 2020, but provides that applications shall be accepted, and investigations commenced, by the SCC beginning March 1, 2020.

Tracking Information

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Title

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

Sponsors


Roll Calls

2019-02-12 - House - House: Failed to report (defeated) in Commerce and Labor (11-Y 11-N) (Y: 11 N: 11 NV: 0 Abs: 0) [FAIL]
2019-02-05 - Senate - Senate: Read third time and passed Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-05 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2019-02-04 - Senate - Senate: Constitutional reading dispensed (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-31 - Senate - Senate: Reported from Finance with amendment (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-24 - Senate - Senate: Reported from Education and Health with substitute (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2019-01-14 - Senate - Senate: Rereferred from Commerce and Labor (14-Y 0-N) (Y: 14 N: 0 NV: 0 Abs: 0) [PASS]

History

DateChamberAction
2019-02-12HouseFailed to report (defeated) in Commerce and Labor (11-Y 11-N)
2019-02-08HouseReferred to Committee on Commerce and Labor
2019-02-08HouseRead first time
2019-02-08HousePlaced on Calendar
2019-02-05SenatePassed Senate (40-Y 0-N)
2019-02-05SenateConstitutional reading dispensed (40-Y 0-N)
2019-02-05SenatePrinted as engrossed 19105662D-ES1
2019-02-05SenateEngrossed by Senate - committee substitute SB1112ES1
2019-02-05SenateCommittee amendment agreed to
2019-02-05SenateReading of amendment waived
2019-02-05SenateCommittee substitute agreed to 19105662D-S1
2019-02-05SenateReading of substitute waived
2019-02-05SenateRead second time
2019-02-04SenateConstitutional reading dispensed (40-Y 0-N)
2019-01-31SenateReported from Finance with amendment (14-Y 0-N)
2019-01-24SenateRereferred to Finance
2019-01-24SenateCommittee substitute printed 19105662D-S1
2019-01-24SenateReported from Education and Health with substitute (15-Y 0-N)
2019-01-16SenateAssigned Education sub: Higher Education
2019-01-14SenateRereferred to Education and Health
2019-01-14SenateRereferred from Commerce and Labor (14-Y 0-N)
2018-12-24SenateReferred to Committee on Commerce and Labor
2018-12-24SenatePrefiled and ordered printed; offered 01/09/19 19100744D

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
Summaryhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+sum+SB1112
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+SB1112+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+SB1112S1+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?191+ful+SB1112ES1+hil
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S02V0032+SB1112
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S04V0125+SB1112
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+S05V0224+SB1112
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0353SB1112+SB1112
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0415SB1112+SB1112
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+SV0416SB1112+SB1112
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?191+vot+H14V0175+SB1112

Bill Comments

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