Fabio
125 lines
10 KiB
Markdown
125 lines
10 KiB
Markdown
---
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type: "Bill"
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title: "Student loans; licensing of qualified education loan servicers, civil penalties, report."
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description: "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. This bill is identical to SB 77."
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jurisdiction: "us/states/va"
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legislature: "Virginia General Assembly"
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session: "2020"
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identifier: "HB 10"
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citation: "Virginia HB 10 (2020)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: ["Marcus B. Simon"]
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version_count: 6
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action_count: 48
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vote_count: 11
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first_action: "2019-11-18"
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last_action: "2020-04-22"
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source: "openstates"
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source_identifier: "ocd-bill/7f444e3a-1037-4792-a6c1-e6b06ff1b9ce"
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source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+HB10"
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source_hash: "0d6ef837081235555a70e357f25b1d7edcbab7eb07754edadea3fc4036d0d5cc"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-va"]
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---
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# Virginia HB 10 (2020) — Student loans; licensing of qualified education loan servicers, civil penalties, report.
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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. This bill is identical to SB 77.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Acts of Assembly Chapter text (CHAP1198)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP1198)
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2. **Bill text as passed House and Senate (HB10ER)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10ER)
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3. **Engrossed by House - committee substitute with amendments HB10EH1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10EH1)
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4. **Engrossed by Senate - committee substitute HB10S1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10S1)
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5. **HB10H1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10H1)
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6. **Reenrolled bill text (HB10ER2)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+HB10ER2)
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## Votes
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- VOTE: (75-Y 18-N) — **74–18** (pass) · lower
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- Reported from Labor and Commerce with substitute (17-Y 3-N) — **17–3** (pass) · lower
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- Reported from Finance and Appropriations with substitute (15-Y 0-N) — **15–0** (pass) · upper
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- Reconsideration of Governor's recommendation agreed to (38-Y 1-N) — **38–1** (pass) · upper
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- Constitutional reading dispensed (38-Y 0-N) — **38–0** (pass) · upper
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- Rereferred from Commerce and Labor (15-Y 0-N) — **15–0** (pass) · upper
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- Senate concurred in Governor's recommendation (40-Y 0-N) — **40–0** (pass) · upper
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- VOTE: Adoption (79-Y 14-N) — **78–14** (pass) · lower
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- Passed Senate with substitute (39-Y 1-N) — **39–1** (pass) · upper
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- VOTE: Passage (84-Y 15-N) — **83–15** (pass) · lower
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- Senate concurred in Governor's recommendation (40-Y 0-N) — **40–0** (pass) · upper
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## Sponsors
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- Marcus B. Simon — primary (person)
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- Chris L. Hurst — cosponsor (person)
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- Janet D. Howell — cosponsor (person)
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- Marcia S. "Cia" Price — cosponsor (person)
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- Mark H. Levine — cosponsor (person)
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- Mark L. Keam — cosponsor (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2019-11-18** Prefiled and ordered printed; offered 01/08/20 20100770D `introduction`
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- **2019-11-18** Referred to Committee on Labor and Commerce `referral-committee`
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- **2020-01-21** House committee, floor amendments and substitutes offered
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- **2020-01-21** Reported from Labor and Commerce with substitute (17-Y 3-N) `committee-passage`
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- **2020-01-21** Committee substitute printed 20104524D-H1 `substitution`
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- **2020-01-23** Read first time `reading-1`
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- **2020-01-24** Read second time `reading-2`
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- **2020-01-24** Committee substitute agreed to 20104524D-H1
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- **2020-01-24** Amendments by Delegate Simon agreed to `amendment-passage`
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- **2020-01-24** Engrossed by House - committee substitute with amendments HB10EH1
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- **2020-01-24** Printed as engrossed 20104524D-EH1
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- **2020-01-27** Read third time and passed House (84-Y 15-N) `passage, reading-3`
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- **2020-01-27** VOTE: Passage (84-Y 15-N)
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- **2020-01-28** Constitutional reading dispensed
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- **2020-01-28** Referred to Committee on Commerce and Labor `referral-committee`
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- **2020-02-05** Impact statement from DPB (HB10EH1)
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- **2020-02-17** Rereferred from Commerce and Labor (15-Y 0-N)
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- **2020-02-17** Rereferred to Finance and Appropriations `referral-committee`
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- **2020-02-25** Reported from Finance and Appropriations with substitute (15-Y 0-N) `committee-passage`
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- **2020-02-25** Committee substitute printed 20108860D-S1 `substitution`
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- **2020-02-26** VOTE: Adoption (79-Y 14-N)
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- **2020-02-26** Constitutional reading dispensed (38-Y 0-N)
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- **2020-02-26** Read third time `reading-3`
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- **2020-02-26** Reading of substitute waived
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- **2020-02-26** Committee substitute agreed to 20108860D-S1
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- **2020-02-26** Engrossed by Senate - committee substitute HB10S1
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- **2020-02-26** Passed Senate with substitute (39-Y 1-N) `passage`
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- **2020-02-26** Impact statement from DPB (HB10S1)
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- **2020-02-26** Senate substitute agreed to by House 20108860D-S1 (79-Y 14-N)
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- **2020-03-02** Enrolled
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- **2020-03-02** Impact statement from DPB (HB10ER)
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- **2020-03-02** Signed by Speaker
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- **2020-03-03** Signed by President
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- **2020-03-12** Enrolled Bill communicated to Governor on March 12, 2020
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- **2020-03-12** Governor's Action Deadline 11:59 p.m., April 11, 2020
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- **2020-04-11** Governor's recommendation received by House
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- **2020-04-22** Placed on Calendar
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- **2020-04-22** House concurred in Governor's recommendation (75-Y 18-N)
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- **2020-04-22** VOTE: (75-Y 18-N)
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- **2020-04-22** Senate concurred in Governor's recommendation (40-Y 0-N)
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- **2020-04-22** Reconsideration of Governor's recommendation agreed to (38-Y 1-N)
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- **2020-04-22** Senate concurred in Governor's recommendation (40-Y 0-N)
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- **2020-04-22** Governor's recommendation adopted
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- **2020-04-22** Reenrolled
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- **2020-04-22** Reenrolled bill text (HB10ER2)
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- **2020-04-22** Signed by Speaker as reenrolled
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- **2020-04-22** Signed by President as reenrolled
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- **2020-04-22** Enacted, Chapter 1198 (effective - see bill) `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/7f444e3a-1037-4792-a6c1-e6b06ff1b9ce`. Confidence: reported (aggregated from official Virginia legislature records).
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