Virginia House Bill 967 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 3-0)
Status: Introduced on January 9 2018 - 25% progression, died in committee
Action: 2018-02-13 - Left in Commerce and Labor
Pending: House Commerce and Labor Committee
Text: Latest bill text (Prefiled) [HTML]

Qualified education loan servicers. Prohibits any Qualified education loan servicers. Prohibits any person from acting as a qualified education loan servicer without first obtaining a license from the State Corporation Commission (SCC) and establishes procedures pertaining to such licenses. Banks, 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 January 1, 2019, but provides that applications shall be accepted, and investigations commenced, by the SCC

Qualified education loan servicers; person must obtain license from State Corporation Commission.

Del. Marcus Simon [D]

Sen. Lamont Bagby [D]

Del. Mark Levine [D]

2018-02-06 - House - House: Subcommittee recommends passing by indefinitely (6-Y 2-N) (Y: 6 N: 2 NV: 2 Abs: 0) [PASS]

Date	Chamber	Action
2018-02-13	House	Left in Commerce and Labor
2018-02-06	House	Subcommittee recommends passing by indefinitely (6-Y 2-N)
2018-01-30	House	Assigned C & L sub: Subcommittee #3
2018-01-09	House	Referred to Committee on Commerce and Labor
2018-01-09	House	Prefiled and ordered printed; offered 01/10/18 18103992D

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

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?181+sum+HB967
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?181+ful+HB967+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?181+vot+H1403V0049+HB0967