HB743: Higher educational institutions; qualified education loans, providers of private education loans.


VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to amend the Code of Virginia by adding a section numbered 23.1-233.1, relating to qualified education loans; certain providers; contact information and summary.
[H 743]
Approved

 

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 23.1-233.1 as follows:

§ 23.1-233.1. Qualified education loans; certain providers; contact information and summary.

Any provider of private education loans, as defined in 12 C.F.R. § 1026.46(b)(5), shall disclose to any student attending an institution of higher education in the Commonwealth, prior to issuing a qualified education loan to such student, the contact information for the Office of the Qualified Education Loan Ombudsman and a summary of the student loan information applicable to private education loans that may be found on the Council's website. Any such disclosure may be made in conjunction with or incorporated into another disclosure to such student prior to issuing the qualified education loan. The summary shall be developed by the Office of the Qualified Education Loan Ombudsman in consultation with relevant stakeholders.

2. That the provisions of this act shall become effective on July 1, 2021.


HOUSE BILL NO. 743
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the House Committee on Education
on January 27, 2020)
(Patron Prior to Substitute--Delegate Bulova)
A BILL to amend the Code of Virginia by adding a section numbered 23.1-233.1, relating to qualified education loans; certain providers; contact information and summary.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding a section numbered 23.1-233.1 as follows:

§ 23.1-233.1. Qualified education loans; certain providers; contact information and summary.

Any provider of private student loans shall disclose to any student attending an institution of higher education in the Commonwealth, prior to issuing a qualified education loan to such student, the contact information for the Office of the Qualified Education Loan Ombudsman and a summary of the student loan information applicable to private student loans that may be found on the Council's website. Any such disclosure may be made in conjunction with or incorporated into another disclosure to such student prior to issuing the qualified education loan. The summary shall be developed by the Office of the Qualified Education Loan Ombudsman in consultation with relevant stakeholders.

2. That the provisions of this act shall become effective on July 1, 2021.

HOUSE BILL NO. 743

Offered January 8, 2020
Prefiled January 6, 2020
A BILL to amend the Code of Virginia by adding in Chapter 4 of Title 23.1 a section numbered 23.1-412, relating to public institutions of higher education; private student loan information; advising.
Patron-- Bulova

Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Chapter 4 of Title 23.1 a section numbered 23.1-412 as follows:

§ 23.1-412. Private student loan information; advising.

Any provider of private student loans shall provide student loan advising information to a student prior to issuing a loan to any student in the Commonwealth. The information shall be developed by the Council and include information relevant to a student considering a private student loan. The Council shall include relevant stakeholders in the development of such information.