Higher educational institutions; policies addressing student loan vendors. (SB510)

Introduced By

Sen. Don McEachin (D-Richmond) with support from co-patron Sen. Chap Petersen (D-Fairfax)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Institutions of higher education; student lending policies; report. Requires the governing boards of public institutions of higher education to develop policies and procedures for disclosing certain information to students on student lending practices, and to report this information annually to the State Council for Higher Education. This information shall include (i) disclosure of the for-profit status of private vendors, (ii) the criteria used to determine which lenders, if any, are recommended or endorsed by the school, and (iii) explicit notification that students are free to borrow from any lender of their choosing and are not limited to a list offered by the school. Also the bill prohibits public institutions of higher education from entering into exclusive agreements with vendors, and prohibits employees from accepting gifts to induce endorsement of certain vendors. Read the Bill »


Bill Has Passed


01/09/2008Prefiled and ordered printed; offered 01/09/08
01/09/2008Prefiled and ordered printed; offered 01/09/08 087842273
01/09/2008Referred to Committee on Education and Health
01/16/2008Assigned Education sub: Higher Education
01/24/2008Reported from Education and Health with substitute (15-Y 0-N) (see vote tally)
01/24/2008Committee substitute printed 084088273-S1
01/25/2008Constitutional reading dispensed (37-Y 0-N) (see vote tally)
01/28/2008Read second time
01/28/2008Reading of substitute waived
01/28/2008Committee substitute agreed to 084088273-S1
01/28/2008Engrossed by Senate - committee substitute SB510S1
01/29/2008Read third time and passed Senate (40-Y 0-N) (see vote tally)
01/29/2008Communicated to House
02/01/2008Impact statement from DPB (SB510S1)
02/12/2008Placed on Calendar
02/12/2008Read first time
02/12/2008Referred to Committee on Education
02/25/2008Reported from Education with substitute (21-Y 0-N) (see vote tally)
02/25/2008Committee substitute printed 083377708-H1
02/26/2008Read second time
02/27/2008Read third time
02/27/2008Committee substitute agreed to 083377708-H1
02/27/2008Engrossed by House - committee substitute SB510H1
02/27/2008Passed House with substitute BLOCK VOTE (97-Y 0-N)
02/27/2008VOTE: BLOCK VOTE PASSAGE (97-Y 0-N)
02/27/2008Impact statement from DPB (SB510H1)
02/29/2008Passed by for the day
03/03/2008House substitute agreed to by Senate (39-Y 0-N)
03/04/2008Bill text as passed Senate and House (SB510ER)
03/05/2008Impact statement from DPB (SB510ER)
03/05/2008Signed by Speaker
03/06/2008Signed by President
03/12/2008G Approved by Governor-Chapter 624 (effective 7/1/08)
03/18/2008G Acts of Assembly Chapter text (CHAP0624)