{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2608.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2608.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2608.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2608.html"}],"law_id":79671,"edition_id":1,"section_id":79671,"structure_id":12857,"section_number":"6.2-2608","catch_line":"Retention of records; responding to the Bureau","history":"2020, cc. 1198, 1250.","full_text":"A\n\nEach licensee shall maintain in its principal place of business such books, accounts, and records as the Commissioner may reasonably require in order to determine whether such person is complying with the provisions of this chapter and other laws applicable to the conduct of its business. Such books, accounts, and records shall be maintained apart and separate from any other business in which the qualified education loan servicer is involved. Each licensee shall maintain adequate records of each qualified education loan transaction for at least three years after final payment is made on such loan or the assignment of such qualified education loan, whichever occurs first.B\n\nTo safeguard the privacy of qualified education loan borrowers, records containing personal financial information shall be shredded, incinerated, or otherwise disposed of by a licensee in a secure manner. Licensees may arrange for the shredding, incineration, or other disposal of the records from a business record destruction vendor.C\n\nWhen the Bureau requests a written response, books, records, documentation, or other information from a licensee in connection with the Bureau’s investigation, enforcement, or examination of compliance with applicable laws, the licensee shall deliver a written response as well as any requested books, records, documentation, or information within the time period specified in the Bureau’s request. If no time period is specified, a written response as well as any requested books, records, documentation, or information shall be delivered by the licensee to the Bureau not later than 30 days from the date of such request. In determining the specified time period for responding to the Bureau and when considering a request for an extension of time to respond, the Bureau shall take into consideration the volume and complexity of the requested written response, books, records, documentation, or information and such other factors as the Bureau determines to be relevant under the circumstances.","order_by":null,"text":{"0":{"id":285452,"text":"Each licensee shall maintain in its principal place of business such books, accounts, and records as the Commissioner may reasonably require in order to determine whether such person is complying with the provisions of this chapter and other laws applicable to the conduct of its business. Such books, accounts, and records shall be maintained apart and separate from any other business in which the qualified education loan servicer is involved. Each licensee shall maintain adequate records of each qualified education loan transaction for at least three years after final payment is made on such loan or the assignment of such qualified education loan, whichever occurs first.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":285453,"text":"To safeguard the privacy of qualified education loan borrowers, records containing personal financial information shall be shredded, incinerated, or otherwise disposed of by a licensee in a secure manner. Licensees may arrange for the shredding, incineration, or other disposal of the records from a business record destruction vendor.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":285454,"text":"When the Bureau requests a written response, books, records, documentation, or other information from a licensee in connection with the Bureau’s investigation, enforcement, or examination of compliance with applicable laws, the licensee shall deliver a written response as well as any requested books, records, documentation, or information within the time period specified in the Bureau’s request. If no time period is specified, a written response as well as any requested books, records, documentation, or information shall be delivered by the licensee to the Bureau not later than 30 days from the date of such request. In determining the specified time period for responding to the Bureau and when considering a request for an extension of time to respond, the Bureau shall take into consideration the volume and complexity of the requested written response, books, records, documentation, or information and such other factors as the Bureau determines to be relevant under the circumstances.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"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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place of business; changes; renewal","url":"\/6.2-2607\/","token":"6.2\/IV\/26\/6.2-2607","metadata":false},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2608\/","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":false,"permalink":{"id":267213,"object_type":"law","relational_id":79671,"identifier":"6.2-2608","token":"6.2\/IV\/26\/6.2-2608","url":"\/6.2-2608\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2608\/","token":"6.2\/IV\/26\/6.2-2608","dublin_core":{"Title":"Retention of records; responding to the Bureau","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2608","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each licensee<\/span> shall maintain in its principal<\/span> place of business such books, accounts, and records as the Commissioner<\/span> may reasonably require in order<\/span> to determine whether such person<\/span> is complying with the provisions of this chapter and other laws<\/span> applicable to the conduct of its business. Such books, accounts, and records shall be maintained apart and separate from any other business in which the qualified education loan<\/span> servicer<\/span> is involved. Each licensee<\/span> shall maintain adequate records of each qualified education loan<\/span> transaction for at least three years after final payment is made on such loan or the assignment of such qualified education loan<\/span>, whichever occurs first. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> To safeguard the privacy of qualified education loan<\/span> borrowers<\/span>, records containing personal financial information shall be shredded, incinerated, or otherwise disposed of by a licensee<\/span> in a secure manner. Licensees<\/span> may arrange for the shredding, incineration, or other disposal of the records from a business record destruction vendor. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> When the Bureau<\/span> requests a written response, books, records, documentation, or other information from a licensee<\/span> in connection with the Bureau<\/span>’s investigation, enforcement, or examination of compliance with applicable laws<\/span>, the licensee<\/span> shall deliver a written response as well as any requested books, records, documentation, or information within the time period specified in the Bureau<\/span>’s request. If no time period is specified, a written response as well as any requested books, records, documentation, or information shall be delivered by the licensee<\/span> to the Bureau<\/span> not later than 30 days from the date of such request. In determining the specified time period for responding to the Bureau<\/span> and when considering a request for an extension of time to respond, the Bureau<\/span> shall take into consideration the volume and complexity of the requested written response, books, records, documentation, or information and such other factors as the Bureau<\/span> determines to be relevant under the circumstances. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nRETENTION OF RECORDS; RESPONDING TO THE BUREAU (\u00a7 6.2-2608)\n\nA. Each licensee shall maintain in its principal place of business such books,\naccounts, and records as the Commissioner may reasonably require in order to\ndetermine whether such person is complying with the provisions of this chapter\nand other laws applicable to the conduct of its business. Such books, accounts,\nand records shall be maintained apart and separate from any other business in\nwhich the qualified education loan servicer is involved. Each licensee shall\nmaintain adequate records of each qualified education loan transaction for at\nleast three years after final payment is made on such loan or the assignment of\nsuch qualified education loan, whichever occurs first.\n\nB. To safeguard the privacy of qualified education loan borrowers, records\ncontaining personal financial information shall be shredded, incinerated, or\notherwise disposed of by a licensee in a secure manner. Licensees may arrange\nfor the shredding, incineration, or other disposal of the records from a\nbusiness record destruction vendor.\n\nC. When the Bureau requests a written response, books, records, documentation,\nor other information from a licensee in connection with the Bureau’s\ninvestigation, enforcement, or examination of compliance with applicable laws,\nthe licensee shall deliver a written response as well as any requested books,\nrecords, documentation, or information within the time period specified in the\nBureau’s request. If no time period is specified, a written response as\nwell as any requested books, records, documentation, or information shall be\ndelivered by the licensee to the Bureau not later than 30 days from the date of\nsuch request. In determining the specified time period for responding to the\nBureau and when considering a request for an extension of time to respond, the\nBureau shall take into consideration the volume and complexity of the requested\nwritten response, books, records, documentation, or information and such other\nfactors as the Bureau determines to be relevant under the circumstances.\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}}