{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/6.2-2612.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/6.2-2612.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/6.2-2612.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/6.2-2612.html"}],"law_id":65901,"edition_id":1,"section_id":65901,"structure_id":12857,"section_number":"6.2-2612","catch_line":"Reporting requirements","history":"2020, cc. 1198, 1250.","full_text":"A\n\nWithin 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact upon the business of the licensee:1\n\nThe filing of bankruptcy, reorganization, or receivership proceedings by or against the licensee;2\n\nThe institution of administrative or regulatory proceedings against the licensee by any governmental authority;3\n\nAny felony indictment of the licensee or any of its members, directors, senior officers, trustees, or principals;4\n\nAny felony conviction of the licensee or any of its members, directors, senior officers, trustees, or principals; and5\n\nSuch other events as the Commission may prescribe by regulation.B\n\nEach licensee shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee&#8217;s business and operations. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the Commissioner.","order_by":null,"text":{"0":{"id":239478,"text":"Within 15 days following the occurrence of any of the following events, a licensee shall file a written report with the Commission describing such event and its expected impact upon the business of the licensee:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":239479,"text":"The filing of bankruptcy, reorganization, or receivership proceedings by or against the licensee;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":239480,"text":"The institution of administrative or regulatory proceedings against the licensee by any governmental authority;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":239481,"text":"Any felony indictment of the licensee or any of its members, directors, senior officers, trustees, or principals;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":239482,"text":"Any felony conviction of the licensee or any of its members, directors, senior officers, trustees, or principals; and","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":239483,"text":"Such other events as the Commission may prescribe by regulation.","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"B"},"6":{"id":239484,"text":"Each licensee shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee&#8217;s business and operations. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the Commissioner.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A5"}},"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":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},"next_section":{"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},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/6.2-2612\/","history_text":"<p>This law was first created in 2020. The record of its establishment is cataloged in chapters <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP1198\">1198<\/a> and <a href=\"https:\/\/legacylis.virginia.gov\/cgi-bin\/legp604.exe?201+ful+CHAP1250\">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":false,"refers_to":false,"permalink":{"id":267229,"object_type":"law","relational_id":65901,"identifier":"6.2-2612","token":"6.2\/IV\/26\/6.2-2612","url":"\/6.2-2612\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/6.2-2612\/","token":"6.2\/IV\/26\/6.2-2612","dublin_core":{"Title":"Reporting requirements","Type":"Text","Format":"text\/html","Identifier":"\u00a7 6.2-2612","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section id=\"A\"><p><span class=\"prefix-number\">A.<\/span> Within 15 days following the occurrence of any of the following events, a <span class=\"dictionary\">licensee<\/span> shall file a written report with the <span class=\"dictionary\">Commission<\/span> describing such event and its expected impact upon the business of the <span class=\"dictionary\">licensee<\/span>: <a id=\"paragraph-239478\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2612\/#A\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A1\" class=\"indent-1\"><p><span class=\"prefix-number\">1.<\/span> The filing of <span class=\"dictionary\">bankruptcy<\/span>, reorganization, or receivership proceedings by or against the <span class=\"dictionary\">licensee<\/span>; <a id=\"paragraph-239479\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2612\/#A1\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A2\" class=\"indent-1\"><p><span class=\"prefix-number\">2.<\/span> The institution of administrative or regulatory proceedings against the <span class=\"dictionary\">licensee<\/span> by any governmental authority; <a id=\"paragraph-239480\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2612\/#A2\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A3\" class=\"indent-1\"><p><span class=\"prefix-number\">3.<\/span> Any <span class=\"dictionary\">felony<\/span> <span class=\"dictionary\">indictment<\/span> of the <span class=\"dictionary\">licensee<\/span> or any of its members, directors, senior officers, trustees, or <span class=\"dictionary\">principals<\/span>; <a id=\"paragraph-239481\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2612\/#A3\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A4\" class=\"indent-1\"><p><span class=\"prefix-number\">4.<\/span> Any <span class=\"dictionary\">felony<\/span> <span class=\"dictionary\">conviction<\/span> of the <span class=\"dictionary\">licensee<\/span> or any of its members, directors, senior officers, trustees, or <span class=\"dictionary\">principals<\/span>; and <a id=\"paragraph-239482\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2612\/#A4\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"A5\" class=\"indent-1\"><p><span class=\"prefix-number\">5.<\/span> Such other events as the <span class=\"dictionary\">Commission<\/span> may prescribe by regulation. <a id=\"paragraph-239483\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2612\/#A5\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t<section id=\"B\"><p><span class=\"prefix-number\">B.<\/span> Each <span class=\"dictionary\">licensee<\/span> shall file periodic written reports with the <span class=\"dictionary\">Commissioner<\/span> or the <span class=\"dictionary\">Registry<\/span> containing such information as the <span class=\"dictionary\">Commissioner<\/span> may require concerning the <span class=\"dictionary\">licensee<\/span>&#8217;s business and operations. Reports shall be in the form and be submitted with such frequency and by such dates as may be prescribed by the <span class=\"dictionary\">Commissioner<\/span>. <a id=\"paragraph-239484\" class=\"section-permalink\" href=\"https:\/\/vacode.org\/6.2-2612\/#B\"><i class=\"fa fa-link\"><\/i><\/a><\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nREPORTING REQUIREMENTS (\u00a7 6.2-2612)\n\nA. Within 15 days following the occurrence of any of the following events, a\nlicensee shall file a written report with the Commission describing such event\nand its expected impact upon the business of the licensee:\n\n   1. The filing of bankruptcy, reorganization, or receivership proceedings by or\n   against the licensee;\n\n   2. The institution of administrative or regulatory proceedings against the\n   licensee by any governmental authority;\n\n   3. Any felony indictment of the licensee or any of its members, directors,\n   senior officers, trustees, or principals;\n\n   4. Any felony conviction of the licensee or any of its members, directors,\n   senior officers, trustees, or principals; and\n\n   5. Such other events as the Commission may prescribe by regulation.\n\nB. Each licensee shall file periodic written reports with the Commissioner or\nthe Registry containing such information as the Commissioner may require\nconcerning the licensee&#8217;s business and operations. Reports shall be in the\nform and be submitted with such frequency and by such dates as may be prescribed\nby the Commissioner.\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}}