Virginia Senate Bill 1112 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Engrossed on February 5 2019 - 50% progression, died in chamber
Action: 2019-02-12 - Failed to report (defeated) in Commerce and Labor (11-Y 11-N)
Text: Latest bill text (Engrossed) [HTML]

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.

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

Sen. Janet Howell [D]

Sen. Siobhan Dunnavant [R]

Sen. Adam Ebbin [D]

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]

Date	Chamber	Action
2019-02-12	House	Failed to report (defeated) in Commerce and Labor (11-Y 11-N)
2019-02-08	House	Referred to Committee on Commerce and Labor
2019-02-08	House	Read first time
2019-02-08	House	Placed on Calendar
2019-02-05	Senate	Passed Senate (40-Y 0-N)
2019-02-05	Senate	Constitutional reading dispensed (40-Y 0-N)
2019-02-05	Senate	Printed as engrossed 19105662D-ES1
2019-02-05	Senate	Engrossed by Senate - committee substitute SB1112ES1
2019-02-05	Senate	Committee amendment agreed to
2019-02-05	Senate	Reading of amendment waived
2019-02-05	Senate	Committee substitute agreed to 19105662D-S1
2019-02-05	Senate	Reading of substitute waived
2019-02-05	Senate	Read second time
2019-02-04	Senate	Constitutional reading dispensed (40-Y 0-N)
2019-01-31	Senate	Reported from Finance with amendment (14-Y 0-N)
2019-01-24	Senate	Rereferred to Finance
2019-01-24	Senate	Committee substitute printed 19105662D-S1
2019-01-24	Senate	Reported from Education and Health with substitute (15-Y 0-N)
2019-01-16	Senate	Assigned Education sub: Higher Education
2019-01-14	Senate	Rereferred to Education and Health
2019-01-14	Senate	Rereferred from Commerce and Labor (14-Y 0-N)
2018-12-24	Senate	Referred to Committee on Commerce and Labor
2018-12-24	Senate	Prefiled and ordered printed; offered 01/09/19 19100744D

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