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]

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

Register now for our free OneVote public service or GAITS Professional trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

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]

History

DateChamberAction
2020-04-22 Governor: Acts of Assembly Chapter text (CHAP1250)
2020-04-22HouseEnacted, Chapter 1250 (effective - see bill)
2020-04-22HouseSigned by Speaker as reenrolled
2020-04-22SenateSigned by President as reenrolled
2020-04-22SenateReenrolled bill text (SB77ER2)
2020-04-22SenateReenrolled
2020-04-22 Governor: Governor's recommendation adopted
2020-04-22HouseVOTE: (75-Y 16-N 1-A)
2020-04-22HouseHouse concurred in Governor's recommendation (75-Y 16-N 1-A)
2020-04-22SenateSenate concurred in Governor's recommendation (39-Y 1-N)
2020-04-11SenateGovernor's recommendation received by Senate
2020-03-12 Governor: Governor's Action Deadline 11:59 p.m., April 11, 2020
2020-03-12SenateEnrolled Bill Communicated to Governor on March 12, 2020
2020-03-03SenateSigned by President
2020-03-02HouseSigned by Speaker
2020-03-02SenateBill text as passed Senate and House (SB77ER)
2020-03-02SenateEnrolled
2020-02-25SenateHouse amendments agreed to by Senate (40-Y 0-N)
2020-02-21HouseVOTE: Passage (85-Y 11-N)
2020-02-21HousePassed House with amendments (85-Y 11-N)
2020-02-21HouseEngrossed by House as amended
2020-02-21HouseAmendments by Delegate Simon agreed to
2020-02-21HouseCommittee substitute rejected 20108550D-H1
2020-02-21HouseRead third time
2020-02-20HouseRead second time
2020-02-18HouseCommittee substitute printed 20108550D-H1
2020-02-18HouseReported from Labor and Commerce with substitute (21-Y 0-N)
2020-02-13HouseReferred to Committee on Labor and Commerce
2020-02-13HouseRead first time
2020-02-13HousePlaced on Calendar
2020-02-05SenateRead third time and passed Senate (40-Y 0-N)
2020-02-04SenateEngrossed by Senate - committee substitute SB77S1
2020-02-04SenateCommittee substitute agreed to 20107049D-S1
2020-02-04SenateReading of substitute waived
2020-02-04SenateRead second time
2020-02-03SenateConstitutional reading dispensed (40-Y 0-N)
2020-01-30SenateCommittee substitute printed 20107049D-S1
2020-01-30SenateReported from Finance and Appropriations with substitute (16-Y 0-N)
2020-01-20SenateRereferred to Finance and Appropriations
2020-01-20SenateRereferred from Commerce and Labor (15-Y 0-N)
2019-11-25SenateReferred to Committee on Commerce and Labor
2019-11-25SenatePrefiled 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

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+SB77&201+sum+SB77
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77S1+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77H1+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77ER+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB77ER2+hil
Texthttp://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1250+hil
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S02V0015+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+S05V0114+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0288SB0077+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0337SB0077+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+H14V0275+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV1155+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV0939SB0077+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+SV1954SB0077+SB0077
Roll Callhttp://lis.virginia.gov/cgi-bin/legp604.exe?201+vot+HV2249+SB0077

Bill Comments

feedback