Financial institutions; qualified education loan servicers, definitions.
It became law on Apr 11, 2022.
- Stage
- Became law
- Started in
- Senate
- Latest action
- Apr 11, 2022
Where it stands
Introduced (Done)
Committee (Done)
Floor (Done)
Law (Done)
What it does
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…
Where it goes next
Law in Virginia. Agencies now write the rules that carry it out, and courts can stay or strike it.
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