{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2600.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2600.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2600.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2600.html"}],"law_id":79869,"edition_id":1,"section_id":79869,"structure_id":12857,"section_number":"6.2-2600","catch_line":"Definitions","history":"2020, cc. 1198, 1250; 2022, cc. 370, 371.","full_text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Licensee” means a person to whom a license has been issued under this chapter.\n\t\t“Nationwide Multistate Licensing System and Registry” or “Registry” means the nationwide multistate licensing system and registry created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.\n\t\t“Principal” means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in any other type of entity.\n\t\t“Qualified education loan” means any loan primarily used to finance a postsecondary education and costs of attendance at a postsecondary public or private educational institution, including tuition, fees, books and supplies, room and board, transportation, and miscellaneous personal expenses. “Qualified education loan” includes a loan made to refinance a qualified education loan. “Qualified education loan” does not include an extension of credit under an open-end credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.\n\t\t“Qualified education loan borrower” or “borrower” means (i) any current resident of the Commonwealth who has received or agreed to pay a qualified education loan or (ii) any person who is contractually obligated with such resident for repaying the qualified education loan.\n\t\t“Qualified education loan servicer” or “loan servicer” means any person, wherever located, that:\n\n1\n\n(i) Receives any scheduled periodic payments from a qualified education loan borrower or notification of such payments or (ii) 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;2\n\nDuring a period when no payment is required on a qualified education loan, (i) maintains account records for the qualified education loan and (ii) communicates with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan’s holder; and3\n\nInteracts with a qualified education loan borrower, which includes conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate any activity described in clause (i) or (ii) of subdivision 1.\n\t\t\t“Servicing” means:1\n\n(i) Receiving any scheduled periodic payments from a qualified education loan borrower or notification of such payments or (ii) 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;2\n\nDuring a period when no payment is required on a qualified education loan, (i) maintaining account records for the loan and (ii) communicating with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan’s holder; and3\n\nInteracting with a qualified education loan borrower, including conducting activities to help prevent default on obligations arising from qualified education loans or to facilitate any activity described in clause (i) or (ii) of subdivision 1.","order_by":null,"text":{"0":{"id":286080,"text":"As used in this chapter, unless the context requires a different meaning:\n\t\t“Licensee” means a person to whom a license has been issued under this chapter.\n\t\t“Nationwide Multistate Licensing System and Registry” or “Registry” means the nationwide multistate licensing system and registry created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.\n\t\t“Principal” means any person who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in any other type of entity.\n\t\t“Qualified education loan” means any loan primarily used to finance a postsecondary education and costs of attendance at a postsecondary public or private educational institution, including tuition, fees, books and supplies, room and board, transportation, and miscellaneous personal expenses. “Qualified education loan” includes a loan made to refinance a qualified education loan. “Qualified education loan” does not include an extension of credit under an open-end credit plan, a reverse mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.\n\t\t“Qualified education loan borrower” or “borrower” means (i) any current resident of the Commonwealth who has received or agreed to pay a qualified education loan or (ii) any person who is contractually obligated with such resident for repaying the qualified education loan.\n\t\t“Qualified education loan servicer” or “loan servicer” means any person, wherever located, that:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":286081,"text":"(i) Receives any scheduled periodic payments from a qualified education loan borrower or notification of such payments or (ii) 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;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":286082,"text":"During a period when no payment is required on a qualified education loan, (i) maintains account records for the qualified education loan and (ii) communicates with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan’s holder; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":286083,"text":"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 any activity described in clause (i) or (ii) of subdivision 1.\n\t\t\t“Servicing” means:","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"1"},"4":{"id":286084,"text":"(i) Receiving any scheduled periodic payments from a qualified education loan borrower or notification of such payments or (ii) 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;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"3","next_prefix":"2"},"5":{"id":286085,"text":"During a period when no payment is required on a qualified education loan, (i) maintaining account records for the loan and (ii) communicating with the qualified education loan borrower regarding the qualified education loan, on behalf of the qualified education loan’s holder; and","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"6":{"id":286086,"text":"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 activity described in clause (i) or (ii) of subdivision 1.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":12857,"edition_id":1,"name":"Qualified Education Loan Servicers","identifier":"26","label":"chapter","depth":3,"order_by":1,"parent_id":12856,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":267179,"object_type":"structure","relational_id":12857,"identifier":"26","token":"6.2\/IV\/26","url":"\/6.2\/IV\/26\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12856,"edition_id":1,"name":"Other Financial Activities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12852,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":267075,"object_type":"structure","relational_id":12856,"identifier":"IV","token":"6.2\/IV","url":"\/6.2\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12852,"edition_id":1,"name":"Financial Institutions and Services","identifier":"6.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:56","date_modified":"2026-06-26 03:43:56","permalink":{"id":263249,"object_type":"structure","relational_id":12852,"identifier":"6.2","token":"6.2","url":"\/6.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":79869,"structure_id":12857,"section_number":"6.2-2600","catch_line":"Definitions","url":"\/6.2-2600\/","token":"6.2\/IV\/26\/6.2-2600","metadata":false},{"id":56387,"structure_id":12857,"section_number":"6.2-2601","catch_line":"License requirement; exceptions","url":"\/6.2-2601\/","token":"6.2\/IV\/26\/6.2-2601","metadata":false},{"id":62840,"structure_id":12857,"section_number":"6.2-2602","catch_line":"Licensure of qualified education loan servicers; automatic issuance of license for federal student loan servicing contractors","url":"\/6.2-2602\/","token":"6.2\/IV\/26\/6.2-2602","metadata":false},{"id":56136,"structure_id":12857,"section_number":"6.2-2603","catch_line":"Application for license; form; content; fee","url":"\/6.2-2603\/","token":"6.2\/IV\/26\/6.2-2603","metadata":false},{"id":86504,"structure_id":12857,"section_number":"6.2-2604","catch_line":"Bond required","url":"\/6.2-2604\/","token":"6.2\/IV\/26\/6.2-2604","metadata":false},{"id":71805,"structure_id":12857,"section_number":"6.2-2605","catch_line":"Investigation of applications","url":"\/6.2-2605\/","token":"6.2\/IV\/26\/6.2-2605","metadata":false},{"id":77205,"structure_id":12857,"section_number":"6.2-2606","catch_line":"Qualifications","url":"\/6.2-2606\/","token":"6.2\/IV\/26\/6.2-2606","metadata":false},{"id":56065,"structure_id":12857,"section_number":"6.2-2607","catch_line":"Licenses; place of business; changes; renewal","url":"\/6.2-2607\/","token":"6.2\/IV\/26\/6.2-2607","metadata":false},{"id":79671,"structure_id":12857,"section_number":"6.2-2608","catch_line":"Retention of records; responding to the Bureau","url":"\/6.2-2608\/","token":"6.2\/IV\/26\/6.2-2608","metadata":false},{"id":76529,"structure_id":12857,"section_number":"6.2-2609","catch_line":"Acquisition of control; application","url":"\/6.2-2609\/","token":"6.2\/IV\/26\/6.2-2609","metadata":false},{"id":82485,"structure_id":12857,"section_number":"6.2-2610","catch_line":"Prohibited activities; compliance with federal laws and regulations","url":"\/6.2-2610\/","token":"6.2\/IV\/26\/6.2-2610","metadata":false},{"id":77018,"structure_id":12857,"section_number":"6.2-2611","catch_line":"Affirmative acts required of qualified education loan servicers","url":"\/6.2-2611\/","token":"6.2\/IV\/26\/6.2-2611","metadata":false},{"id":65901,"structure_id":12857,"section_number":"6.2-2612","catch_line":"Reporting requirements","url":"\/6.2-2612\/","token":"6.2\/IV\/26\/6.2-2612","metadata":false},{"id":80772,"structure_id":12857,"section_number":"6.2-2613","catch_line":"Investigations; examinations","url":"\/6.2-2613\/","token":"6.2\/IV\/26\/6.2-2613","metadata":false},{"id":61083,"structure_id":12857,"section_number":"6.2-2614","catch_line":"Annual fees","url":"\/6.2-2614\/","token":"6.2\/IV\/26\/6.2-2614","metadata":false},{"id":76191,"structure_id":12857,"section_number":"6.2-2615","catch_line":"Suspension or revocation of license","url":"\/6.2-2615\/","token":"6.2\/IV\/26\/6.2-2615","metadata":false},{"id":81753,"structure_id":12857,"section_number":"6.2-2616","catch_line":"Notice of proposed suspension or revocation","url":"\/6.2-2616\/","token":"6.2\/IV\/26\/6.2-2616","metadata":false},{"id":53994,"structure_id":12857,"section_number":"6.2-2617","catch_line":"Cease and desist orders","url":"\/6.2-2617\/","token":"6.2\/IV\/26\/6.2-2617","metadata":false},{"id":63307,"structure_id":12857,"section_number":"6.2-2618","catch_line":"Civil penalties","url":"\/6.2-2618\/","token":"6.2\/IV\/26\/6.2-2618","metadata":false},{"id":79951,"structure_id":12857,"section_number":"6.2-2619","catch_line":"Private cause of action","url":"\/6.2-2619\/","token":"6.2\/IV\/26\/6.2-2619","metadata":false},{"id":63154,"structure_id":12857,"section_number":"6.2-2620","catch_line":"Investigating and restraining prohibited acts","url":"\/6.2-2620\/","token":"6.2\/IV\/26\/6.2-2620","metadata":false},{"id":60246,"structure_id":12857,"section_number":"6.2-2621","catch_line":"Violation of the Virginia Consumer Protection Act","url":"\/6.2-2621\/","token":"6.2\/IV\/26\/6.2-2621","metadata":false},{"id":69784,"structure_id":12857,"section_number":"6.2-2622","catch_line":"Regulations","url":"\/6.2-2622\/","token":"6.2\/IV\/26\/6.2-2622","metadata":false}],"next_section":{"id":56387,"structure_id":12857,"section_number":"6.2-2601","catch_line":"License requirement; exceptions","url":"\/6.2-2601\/","token":"6.2\/IV\/26\/6.2-2601","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2600\/","history_text":"

This law was first created in 2020. The record of its establishment is cataloged in chapters 1198<\/a> and 1250<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2022, chapters 370<\/a> and 371<\/a>.<\/p>","references":[{"id":81089,"section_number":"19.2-389","catch_line":"(Effective July 1, 2026) Dissemination of criminal history record information","order_by":null,"url":"\/19.2-389\/"},{"id":82977,"section_number":"59.1-200","catch_line":"Prohibited practices","order_by":null,"url":"\/59.1-200\/"}],"refers_to":false,"permalink":{"id":267181,"object_type":"law","relational_id":79869,"identifier":"6.2-2600","token":"6.2\/IV\/26\/6.2-2600","url":"\/6.2-2600\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2600\/","token":"6.2\/IV\/26\/6.2-2600","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2600","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context requires a different meaning:\n\t\t“Licensee<\/span>” means a person<\/span> to whom a license has been issued under this chapter.\n\t\t“Nationwide Multistate Licensing System and Registry<\/span>” or “Registry” means the nationwide multistate licensing system and registry<\/span> created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators.\n\t\t“Principal<\/span>” means any person<\/span> who, directly or indirectly, owns or controls (i) 10 percent or more of the outstanding stock of a stock corporation or (ii) a 10 percent or greater interest in any other type of entity<\/span>.\n\t\t“Qualified education loan<\/span>” means any loan primarily used to finance a postsecondary education and costs of attendance at a postsecondary public or private educational institution, including tuition, fees, books and supplies, room and board, transportation, and miscellaneous personal expenses. “Qualified education loan<\/span>” includes a loan made to refinance a qualified education loan<\/span>. “Qualified education loan<\/span>” does not include an extension of credit under an open-end credit plan, a reverse<\/span> mortgage transaction, a residential mortgage transaction, or any other loan that is secured by real property or a dwelling.\n\t\t“Qualified education loan<\/span> borrower<\/span>” or “borrower” means (i) any current resident of the Commonwealth who has received or agreed to pay a qualified education loan<\/span> or (ii) any person<\/span> who is contractually obligated with such resident for repaying the qualified education loan<\/span>.\n\t\t“Qualified education loan<\/span> servicer<\/span>” or “loan servicer” means any person<\/span>, wherever located, that:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> (i) Receives any scheduled periodic payments from a qualified education loan<\/span> borrower<\/span> or notification of such payments or (ii) applies payments to the qualified education loan<\/span> borrower<\/span>’s account pursuant to the terms of the qualified education loan<\/span> or the contract<\/span> governing the servicing; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> During a period when no payment is required on a qualified education loan<\/span>, (i) maintains account records for the qualified education loan<\/span> and (ii) communicates with the qualified education loan<\/span> borrower<\/span> regarding the qualified education loan<\/span>, on behalf of the qualified education loan<\/span>’s holder; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Interacts with a qualified education loan<\/span> borrower<\/span>, which includes conducting activities to help prevent default<\/span> on obligations arising from qualified education loans<\/span> or to facilitate any activity described in clause (i) or (ii) of subdivision 1.\n\t\t\t“Servicing” means: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> (i) Receiving any scheduled periodic payments from a qualified education loan<\/span> borrower<\/span> or notification of such payments or (ii) applying the payments of principal<\/span> and interest and such other payments, with respect to the amounts received from a qualified education loan<\/span> borrower<\/span>, as may be required pursuant to the terms of a qualified education loan<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> During a period when no payment is required on a qualified education loan<\/span>, (i) maintaining account records for the loan and (ii) communicating with the qualified education loan<\/span> borrower<\/span> regarding the qualified education loan<\/span>, on behalf of the qualified education loan<\/span>’s holder; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Interacting with a qualified education loan<\/span> borrower<\/span>, including conducting activities to help prevent default<\/span> on obligations arising from qualified education loans<\/span> or to facilitate any activity described in clause (i) or (ii) of subdivision 1. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 6.2-2600)\n\nAs used in this chapter, unless the context requires a different meaning:\n\t\t“Licensee” means a person to whom a license has been issued under\nthis chapter.\n\t\t“Nationwide Multistate Licensing System and Registry” or\n“Registry” means the nationwide multistate licensing system and\nregistry created by the Conference of State Bank Supervisors and the American\nAssociation of Residential Mortgage Regulators.\n\t\t“Principal” means any person who, directly or indirectly, owns or\ncontrols (i) 10 percent or more of the outstanding stock of a stock corporation\nor (ii) a 10 percent or greater interest in any other type of entity.\n\t\t“Qualified education loan” means any loan primarily used to\nfinance a postsecondary education and costs of attendance at a postsecondary\npublic or private educational institution, including tuition, fees, books and\nsupplies, room and board, transportation, and miscellaneous personal expenses.\n“Qualified education loan” includes a loan made to refinance a\nqualified education loan. “Qualified education loan” does not\ninclude an extension of credit under an open-end credit plan, a reverse mortgage\ntransaction, a residential mortgage transaction, or any other loan that is\nsecured by real property or a dwelling.\n\t\t“Qualified education loan borrower” or “borrower”\nmeans (i) any current resident of the Commonwealth who has received or agreed to\npay a qualified education loan or (ii) any person who is contractually obligated\nwith such resident for repaying the qualified education loan.\n\t\t“Qualified education loan servicer” or “loan servicer”\nmeans any person, wherever located, that:\n\n1. (i) Receives any scheduled periodic payments from a qualified education loan\nborrower or notification of such payments or (ii) applies payments to the\nqualified education loan borrower’s account pursuant to the terms of the\nqualified education loan or the contract governing the servicing;\n\n2. During a period when no payment is required on a qualified education loan,\n(i) maintains account records for the qualified education loan and (ii)\ncommunicates with the qualified education loan borrower regarding the qualified\neducation loan, on behalf of the qualified education loan’s holder; and\n\n3. Interacts with a qualified education loan borrower, which includes conducting\nactivities to help prevent default on obligations arising from qualified\neducation loans or to facilitate any activity described in clause (i) or (ii) of\nsubdivision 1.\n\t\t\t“Servicing” means:\n\n1. (i) Receiving any scheduled periodic payments from a qualified education loan\nborrower or notification of such payments or (ii) applying the payments of\nprincipal and interest and such other payments, with respect to the amounts\nreceived from a qualified education loan borrower, as may be required pursuant\nto the terms of a qualified education loan;\n\n2. During a period when no payment is required on a qualified education loan,\n(i) maintaining account records for the loan and (ii) communicating with the\nqualified education loan borrower regarding the qualified education loan, on\nbehalf of the qualified education loan’s holder; and\n\n3. Interacting with a qualified education loan borrower, including conducting\nactivities to help prevent default on obligations arising from qualified\neducation loans or to facilitate any activity described in clause (i) or (ii) of\nsubdivision 1.\n\nHISTORY: 2020, cc. 1198, 1250; 2022, cc. 370, 371.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}