{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2607.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2607.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2607.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2607.html"}],"law_id":56065,"edition_id":1,"section_id":56065,"structure_id":12857,"section_number":"6.2-2607","catch_line":"Licenses; place of business; changes; renewal","history":"2020, cc. 1198, 1250.","full_text":"A\n\nEach license shall state the address at which the principal place of business is to be conducted and shall state fully the legal name of the licensee as well as any fictitious names by which the licensee is conducting business under this chapter. Licenses shall not be transferable or assignable, by operation of law or otherwise. No licensee shall use any names other than the legal name or fictitious names set forth on the license issued by the Commission.B\n\nEvery licensee shall notify the Commissioner, in writing, at least 30 days prior to relocating its principal place of business and confirm the change in writing within five days after such relocation.C\n\nEvery licensee shall within 10 days notify the Commissioner, in writing, of (i) any change to its legal name; (ii) any change to or additional fictitious name by which the licensee is conducting business under this chapter; and (iii) the name, address, and position of each new member, senior officer, director, trustee, and principal. At the direction of the Commissioner, any such individual shall be treated as a member, senior officer, director, trustee, or principal of an applicant for the purpose of being investigated pursuant to subsection B of § 6.2-2605. The licensee shall provide such other information with respect to the changes and persons identified in this subsection as the Commissioner may reasonably require.D\n\nEvery license shall remain in force until it expires or has been surrendered, revoked, or suspended. The expiration, surrender, revocation, or suspension of a license shall not affect any preexisting legal right or obligation of such licensee.E\n\nNotwithstanding any other provision of this chapter, a qualified education loan servicer license shall expire at the end of each calendar year unless it is renewed by a licensee prior to the expiration date. A licensee may renew its license by (i) requesting renewal through the Registry and (ii) complying with any requirements associated with such renewal request that are imposed by the Registry. If a qualified education loan servicer license has expired, the Commission may by regulation permit the former licensee to seek license reinstatement after the license expiration date by renewing its license in accordance with this subsection and paying a reinstatement fee as prescribed by the Commission.","order_by":null,"text":{"0":{"id":205502,"text":"Each license shall state the address at which the principal place of business is to be conducted and shall state fully the legal name of the licensee as well as any fictitious names by which the licensee is conducting business under this chapter. Licenses shall not be transferable or assignable, by operation of law or otherwise. No licensee shall use any names other than the legal name or fictitious names set forth on the license issued by the Commission.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":205503,"text":"Every licensee shall notify the Commissioner, in writing, at least 30 days prior to relocating its principal place of business and confirm the change in writing within five days after such relocation.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":205504,"text":"Every licensee shall within 10 days notify the Commissioner, in writing, of (i) any change to its legal name; (ii) any change to or additional fictitious name by which the licensee is conducting business under this chapter; and (iii) the name, address, and position of each new member, senior officer, director, trustee, and principal. At the direction of the Commissioner, any such individual shall be treated as a member, senior officer, director, trustee, or principal of an applicant for the purpose of being investigated pursuant to subsection B of § 6.2-2605. The licensee shall provide such other information with respect to the changes and persons identified in this subsection as the Commissioner may reasonably require.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":205505,"text":"Every license shall remain in force until it expires or has been surrendered, revoked, or suspended. The expiration, surrender, revocation, or suspension of a license shall not affect any preexisting legal right or obligation of such licensee.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":205506,"text":"Notwithstanding any other provision of this chapter, a qualified education loan servicer license shall expire at the end of each calendar year unless it is renewed by a licensee prior to the expiration date. A licensee may renew its license by (i) requesting renewal through the Registry and (ii) complying with any requirements associated with such renewal request that are imposed by the Registry. If a qualified education loan servicer license has expired, the Commission may by regulation permit the former licensee to seek license reinstatement after the license expiration date by renewing its license in accordance with this subsection and paying a reinstatement fee as prescribed by the Commission.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"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}],"previous_section":{"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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2607\/","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\/"}],"refers_to":[{"id":71805,"section_number":"6.2-2605","catch_line":"Investigation of applications","order_by":null,"url":"\/6.2-2605\/"}],"permalink":{"id":267209,"object_type":"law","relational_id":56065,"identifier":"6.2-2607","token":"6.2\/IV\/26\/6.2-2607","url":"\/6.2-2607\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2607\/","token":"6.2\/IV\/26\/6.2-2607","dublin_core":{"Title":"Licenses; place of business; changes; renewal","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2607","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each license shall state the address at which the principal<\/span> place of business is to be conducted and shall state fully the legal name of the licensee<\/span> as well as any fictitious names by which the licensee<\/span> is conducting business under this chapter. Licenses shall not be transferable or assignable, by operation of law<\/span> or otherwise. No licensee<\/span> shall use any names other than the legal name or fictitious names set forth on the license issued by the Commission<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Every licensee<\/span> shall notify the Commissioner<\/span>, in writing, at least 30 days prior to relocating its principal<\/span> place of business and confirm the change in writing within five days after such relocation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Every licensee<\/span> shall within 10 days notify the Commissioner<\/span>, in writing, of (i) any change to its legal name; (ii) any change to or additional fictitious name by which the licensee<\/span> is conducting business under this chapter; and (iii) the name, address, and position of each new member, senior officer, director, trustee, and principal<\/span>. At the direction of the Commissioner<\/span>, any such individual shall be treated as a member, senior officer, director, trustee, or principal<\/span> of an applicant for the purpose of being investigated pursuant to subsection B of § 6.2-2605<\/a>. The licensee<\/span> shall provide such other information with respect to the changes and persons<\/span> identified in this subsection as the Commissioner<\/span> may reasonably require. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Every license shall remain in force until it expires or has been surrendered, revoked, or suspended. The expiration, surrender, revocation<\/span>, or suspension of a license shall not affect any preexisting legal right or obligation of such licensee<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Notwithstanding any other provision of this chapter, a qualified education loan<\/span> servicer<\/span> license shall expire at the end of each calendar year unless it is renewed by a licensee<\/span> prior to the expiration date. A licensee<\/span> may renew its license by (i) requesting renewal through the Registry<\/span> and (ii) complying with any requirements associated with such renewal request that are imposed by the Registry<\/span>. If a qualified education loan<\/span> servicer<\/span> license has expired, the Commission<\/span> may by regulation permit the former licensee<\/span> to seek license reinstatement after the license expiration date by renewing its license in accordance with this subsection and paying a reinstatement fee as prescribed by the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLICENSES; PLACE OF BUSINESS; CHANGES; RENEWAL (\u00a7 6.2-2607)\n\nA. Each license shall state the address at which the principal place of business\nis to be conducted and shall state fully the legal name of the licensee as well\nas any fictitious names by which the licensee is conducting business under this\nchapter. Licenses shall not be transferable or assignable, by operation of law\nor otherwise. No licensee shall use any names other than the legal name or\nfictitious names set forth on the license issued by the Commission.\n\nB. Every licensee shall notify the Commissioner, in writing, at least 30 days\nprior to relocating its principal place of business and confirm the change in\nwriting within five days after such relocation.\n\nC. Every licensee shall within 10 days notify the Commissioner, in writing, of\n(i) any change to its legal name; (ii) any change to or additional fictitious\nname by which the licensee is conducting business under this chapter; and (iii)\nthe name, address, and position of each new member, senior officer, director,\ntrustee, and principal. At the direction of the Commissioner, any such\nindividual shall be treated as a member, senior officer, director, trustee, or\nprincipal of an applicant for the purpose of being investigated pursuant to\nsubsection B of § 6.2-2605. The licensee shall provide such other\ninformation with respect to the changes and persons identified in this\nsubsection as the Commissioner may reasonably require.\n\nD. Every license shall remain in force until it expires or has been surrendered,\nrevoked, or suspended. The expiration, surrender, revocation, or suspension of a\nlicense shall not affect any preexisting legal right or obligation of such\nlicensee.\n\nE. Notwithstanding any other provision of this chapter, a qualified education\nloan servicer license shall expire at the end of each calendar year unless it is\nrenewed by a licensee prior to the expiration date. A licensee may renew its\nlicense by (i) requesting renewal through the Registry and (ii) complying with\nany requirements associated with such renewal request that are imposed by the\nRegistry. If a qualified education loan servicer license has expired, the\nCommission may by regulation permit the former licensee to seek license\nreinstatement after the license expiration date by renewing its license in\naccordance with this subsection and paying a reinstatement fee as prescribed by\nthe Commission.\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}}