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Fabio 5a13be122b Legislation: batch E — CA TN VA VT WA WI WV WY

Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>

2026-07-06 17:28:36 -04:00

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Bill

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

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 HB 10.

us/states/va

Virginia General Assembly

2020

SB 77

Virginia SB 77 (2020)

bill

enacted

Janet D. Howell

2019-11-25

2020-04-22

openstates

ocd-bill/7fcdf5ca-3007-4655-aa53-07fccd387fac

https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB77

efb42c9bcd9a0dd25bdae69be60bc06a85fc7a13c86057eb78f10ff6766e8163

2026-07-01

https://data.openstates.org/daily/2026-07-01/public.pgdump

2026-07-06

reported

legislation

bill

us-va

Virginia SB 77 (2020) — Student loans; licensing of qualified education loan servicers, civil penalties, report.

Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

Acts of Assembly Chapter text (CHAP1250) (committee substitute) — source
Bill text as passed Senate and House (SB77ER) (committee substitute) — source
Engrossed by Senate - committee substitute SB77S1 (committee substitute) — source
Engrossed by Senate - committee substitute SB77S1 (committee substitute) — source
Impact statement from DPB (SB77H1) (committee substitute) — source
Reenrolled bill text (SB77ER2) (committee substitute) — source

Votes

VOTE: (75-Y 16-N 1-A) — 74–16 (pass) · lower
VOTE: Passage (85-Y 11-N) — 84–11 (pass) · lower
Senate concurred in Governor's recommendation (39-Y 1-N) — 39–1 (pass) · upper
Reported from Finance and Appropriations with substitute (16-Y 0-N) — 16–0 (pass) · upper
Rereferred from Commerce and Labor (15-Y 0-N) — 15–0 (pass) · upper
House amendments agreed to by Senate (40-Y 0-N) — 40–0 (pass) · upper
Constitutional reading dispensed (40-Y 0-N) — 40–0 (pass) · upper
Read third time and passed Senate (40-Y 0-N) — 40–0 (pass) · upper
Reported from Labor and Commerce with substitute (21-Y 0-N) — 21–0 (pass) · lower

Timeline

The legislative action history — every referral, reading, and vote.

2019-11-25 Prefiled and ordered printed; offered 01/08/20 20101362D introduction
2019-11-25 Referred to Committee on Commerce and Labor referral-committee
2020-01-20 Rereferred from Commerce and Labor (15-Y 0-N)
2020-01-20 Rereferred to Finance and Appropriations referral-committee
2020-01-30 Reported from Finance and Appropriations with substitute (16-Y 0-N) committee-passage
2020-01-30 Committee substitute printed 20107049D-S1 substitution
2020-02-03 Constitutional reading dispensed (40-Y 0-N)
2020-02-04 Read second time reading-2
2020-02-04 Reading of substitute waived
2020-02-04 Committee substitute agreed to 20107049D-S1
2020-02-04 Engrossed by Senate - committee substitute SB77S1
2020-02-05 Read third time and passed Senate (40-Y 0-N) passage, reading-3
2020-02-05 Impact statement from DPB (SB77S1)
2020-02-13 Placed on Calendar
2020-02-13 Read first time reading-1
2020-02-13 Referred to Committee on Labor and Commerce referral-committee
2020-02-18 Reported from Labor and Commerce with substitute (21-Y 0-N) committee-passage
2020-02-18 Committee substitute printed 20108550D-H1 substitution
2020-02-19 Impact statement from DPB (SB77H1)
2020-02-20 Read second time reading-2
2020-02-21 House committee, floor amendments and substitutes offered
2020-02-21 Read third time reading-3
2020-02-21 Committee substitute rejected 20108550D-H1
2020-02-21 Amendments by Delegate Simon agreed to amendment-passage
2020-02-21 Engrossed by House as amended
2020-02-21 Passed House with amendments (85-Y 11-N) passage
2020-02-21 VOTE: Passage (85-Y 11-N)
2020-02-25 House amendments agreed to by Senate (40-Y 0-N)
2020-03-02 Enrolled
2020-03-02 Impact statement from DPB (SB77ER)
2020-03-02 Signed by Speaker
2020-03-03 Signed by President
2020-03-12 Enrolled Bill Communicated to Governor on March 12, 2020
2020-03-12 Governor's Action Deadline 11:59 p.m., April 11, 2020
2020-04-11 Governor's recommendation received by Senate
2020-04-22 Senate concurred in Governor's recommendation (39-Y 1-N)
2020-04-22 House concurred in Governor's recommendation (75-Y 16-N 1-A)
2020-04-22 VOTE: (75-Y 16-N 1-A)
2020-04-22 Governor's recommendation adopted
2020-04-22 Reenrolled
2020-04-22 Reenrolled bill text (SB77ER2)
2020-04-22 Signed by President as reenrolled
2020-04-22 Signed by Speaker as reenrolled
2020-04-22 Enacted, Chapter 1250 (effective - see bill) became-law

Source

OpenStates / OpenCivicData bulk snapshot 2026-07-01; origin ocd-bill/7fcdf5ca-3007-4655-aa53-07fccd387fac. Confidence: reported (aggregated from official Virginia legislature records).

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