Virginia State Corporation Commission

We previously blogged about Virginia’s enactment last month of a law requiring student loan servicers to be licensed by the Virginia State Corporation Commission (“Commission”). As promised, we are providing a more detailed summary of HB 10/SB 77, which is undoubtedly one of the most sweeping laws we’ve seem to date targeted at regulating student

One Wednesday, Virginia enacted a law that requires student loan servicers to be licensed.  While Virginia opened its “Office of the Qualified Education Loan Ombudsman” in 2019, efforts to require licensure of student loan servicers had previously failed.

Identical bills HB 10/SB 77 had been sent to Governor Northam’s desk on March 12, but were