{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2604.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2604.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2604.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2604.html"}],"law_id":86504,"edition_id":1,"section_id":86504,"structure_id":12857,"section_number":"6.2-2604","catch_line":"Bond required","history":"2020, cc. 1198, 1250.","full_text":"The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond, in the principal amount as determined by the Commissioner. The amount of the bond shall be not less than $50,000 nor more than $500,000. The form of such bond shall be approved by the Commissioner. Such bond shall be continuously maintained thereafter in full force. Such bond shall be conditioned upon the applicant or licensee performing all written agreements pertaining to qualified education loans, correctly and accurately accounting for all funds received by the applicant or licensee in connection with qualified education loans, and conducting its business in conformity with this chapter and all applicable laws. The aggregate liability under the bond shall not exceed the penal sum of the bond.","order_by":null,"text":{"0":{"id":309845,"text":"The application for a license shall be accompanied by a bond filed with the Commissioner with corporate surety authorized to execute such bond, in the principal amount as determined by the Commissioner. The amount of the bond shall be not less than $50,000 nor more than $500,000. The form of such bond shall be approved by the Commissioner. Such bond shall be continuously maintained thereafter in full force. Such bond shall be conditioned upon the applicant or licensee performing all written agreements pertaining to qualified education loans, correctly and accurately accounting for all funds received by the applicant or licensee in connection with qualified education loans, and conducting its business in conformity with this chapter and all applicable laws. The aggregate liability under the bond shall not exceed the penal sum of the bond.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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; 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form; content; fee","url":"\/6.2-2603\/","token":"6.2\/IV\/26\/6.2-2603","metadata":false},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2604\/","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.<\/p>","references":[{"id":62840,"section_number":"6.2-2602","catch_line":"Licensure of qualified education loan servicers; automatic issuance of license for federal student loan servicing contractors","order_by":null,"url":"\/6.2-2602\/"},{"id":77205,"section_number":"6.2-2606","catch_line":"Qualifications","order_by":null,"url":"\/6.2-2606\/"}],"refers_to":false,"permalink":{"id":267197,"object_type":"law","relational_id":86504,"identifier":"6.2-2604","token":"6.2\/IV\/26\/6.2-2604","url":"\/6.2-2604\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2604\/","token":"6.2\/IV\/26\/6.2-2604","dublin_core":{"Title":"Bond required","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2604","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The application for a license shall be accompanied by a bond<\/span> filed with the Commissioner<\/span> with corporate surety<\/span> authorized to execute such bond<\/span>, in the principal<\/span> amount as determined by the Commissioner<\/span>. The amount of the bond<\/span> shall be not less than $50,000 nor more than $500,000. The form of such bond<\/span> shall be approved by the Commissioner<\/span>. Such bond<\/span> shall be continuously maintained thereafter in full force. Such bond<\/span> shall be conditioned upon the applicant or licensee<\/span> performing all written agreements pertaining to qualified education loans<\/span>, correctly and accurately accounting for all funds received by the applicant or licensee<\/span> in connection with qualified education loans<\/span>, and conducting its business in conformity with this chapter and all applicable laws<\/span>. The aggregate liability under the bond<\/span> shall not exceed the penal sum of the bond<\/span>.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nBOND REQUIRED (\u00a7 6.2-2604)\n\nThe application for a license shall be accompanied by a bond filed with the\nCommissioner with corporate surety authorized to execute such bond, in the\nprincipal amount as determined by the Commissioner. The amount of the bond shall\nbe not less than $50,000 nor more than $500,000. The form of such bond shall be\napproved by the Commissioner. Such bond shall be continuously maintained\nthereafter in full force. Such bond shall be conditioned upon the applicant or\nlicensee performing all written agreements pertaining to qualified education\nloans, correctly and accurately accounting for all funds received by the\napplicant or licensee in connection with qualified education loans, and\nconducting its business in conformity with this chapter and all applicable laws.\nThe aggregate liability under the bond shall not exceed the penal sum of the\nbond.\n\nHISTORY: 2020, cc. 1198, 1250.","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}}