Financial institutions; qualified education loan servicers, definitions. (SB496)

Introduced By

Sen. Lynwood Lewis (D-Accomac)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Financial institutions; qualified education loan servicers; definition. Provides that "qualified education loan servicer" means any person that meets all of the following criteria: (i) receives any scheduled periodic payments from a qualified education loan borrower or notification of such payments or applies payments to the qualified education loan borrower's account pursuant to the terms of the qualified education loan or the contract governing the servicing; (ii) during a period when no payment is required on a qualified education loan, maintains account records for the qualified education loan and communicates with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan's holder; and (iii) interacts with a qualified education loan borrower, which includes conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate certain activities. Under current law, "qualified education loan servicer" means a person that meets any one or more of such criteria. The bill provides that "servicing" means undertaking all of the following activities: (a) receiving any scheduled periodic payments from a qualified education loan borrower or notification of such payments or 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; (b) during a period when no payment is required on a qualified education loan, maintaining account records for the loan and communicating with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan's holder; and (c) interacting with a qualified education loan borrower, including conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate any such activity. Under current law, "servicing" means undertaking any one or more of such activities. This bill is identical to HB 203. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/12/2022Prefiled and ordered printed; offered 01/12/22 22101499D
01/12/2022Referred to Committee on Commerce and Labor
01/20/2022Impact statement from SCC (SB496)
01/31/2022Reported from Commerce and Labor (15-Y 0-N) (see vote tally)
02/02/2022Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/03/2022Read second time and engrossed
02/04/2022Read third time and passed Senate (39-Y 0-N) (see vote tally)
02/21/2022Placed on Calendar
02/21/2022Read first time
02/21/2022Referred to Committee on Commerce and Energy
02/28/2022Assigned sub: Subcommittee #4
03/01/2022Subcommittee recommends reporting (5-Y 1-N)
03/03/2022Reported from Commerce and Energy (12-Y 10-N) (see vote tally)
03/07/2022Read second time
03/08/2022Read third time
03/08/2022Passed House (53-Y 45-N)
03/08/2022VOTE: Passage (53-Y 45-N) (see vote tally)
03/10/2022Enrolled
03/10/2022Bill text as passed Senate and House (SB496ER)
03/10/2022Impact statement from SCC (SB496ER)
03/10/2022Signed by President
03/10/2022Signed by Speaker
03/22/2022Enrolled Bill Communicated to Governor on March 22, 2022
03/22/2022G Governor's Action Deadline 11:59 p.m., April 11, 2022
04/11/2022G Approved by Governor-Chapter 371 (effective 7/1/22)
04/11/2022G Acts of Assembly Chapter text (CHAP0371)

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