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HB 10 - Establishes Rules for Student Loan Lenders - Virginia Key Vote

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Title: Establishes Rules for Student Loan Lenders

Vote Smart's Synopsis:

Vote to pass a bill that establishes rules for student loan lenders.

Highlights:

 

  • Prohibits a qualified education loan servicer from (Sec. 1):

    • Directly or indirectly employing any scheme, device, or artifice to defraud or mislead qualified education loan borrowers; 

    • Engaging in any unfair or deceptive act toward a person, or misrepresenting or omitting any material information in connection with the servicing of a qualified education loan, including 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; 

    • Obtaining property by fraud or misrepresentation; 

    • Misapplying qualified education loan payments to the outstanding balance of a qualified education loan; 

    • Providing inaccurate information to a consumer credit bureau; 

    • Failing to report both the favorable and unfavorable payment history of the borrower to a consumer credit bureau; or

    • Making a false statement of a material fact or omitting any material fact in connection with any information provided to the State Corporation Commission or another government authority.

  • Authorizes the Commission to impose a civil penalty of up to $2,500 upon any person who it determines has violated any of the provisions of this bill (Sec. 1).

  • Authorizes a person who suffers damage as a result of the failure of a qualified education loan servicer to comply with the requirements of this bill, to bring an action against that qualified education loan servicer to recover or obtain $500 per violation in damages  (Sec. 1). 

  • Prohibits a person from acting as a qualified loan servicer without first obtaining a license from the Commission (Sec. 1).

  • Requires every qualified education loan servicer required to be licensed under this bill to register with the Registry, therefore subjecting the servicer to any requirements established by the Registry (Sec. 1).

  • Defines “National Multistate Licensing System and Registry” or “Registry” as the nationwide multi-state licensing system and registry created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators (Sec. 1).

Title: Establishes Rules for Student Loan Lenders

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