                                 CODE OF VIRGINIA

LICENSE REQUIREMENT; EXCEPTIONS (§ 6.2-2601)

A. No person shall act as a qualified education loan servicer, directly or
indirectly, whether or not the person has an office or any other physical
presence in the Commonwealth, except in accordance with the provisions of this
chapter and without having first obtained a license under this chapter from the
Commission.

B. Every qualified education loan servicer required to be licensed under this
chapter shall register with the Registry and be subject to such registration and
renewal requirements as may be established by the Registry, in addition to any
requirements of this chapter. In adopting regulations pursuant to &#xA7;
6.2-2622, the Commission shall include any terms, conditions, or requirements
applicable to such registration and renewal. Any fees required by the Registry
shall be separate and apart from any fees imposed by this chapter. The
Commission, at its discretion, may collect any registration and renewal fees on
behalf of the Registry and remit such fees to the Registry or permit the
Registry to collect any fees imposed by this chapter and remit such fees to the
Commission.

C. In connection with its implementation and administration of this chapter, the
Commission may establish agreements or contracts with the Registry or other
entities designated by the Registry to collect, distribute, and maintain
information and records, and process fees, related to qualified education loan
servicers required to be licensed under this chapter. In establishing such
agreements or contracts, the Commission shall not be subject to the Virginia
Public Procurement Act (&#xA7; 2.2-4300 et seq.).

D. The provisions of this chapter shall not apply to:

   1. Any bank, savings institution, credit union, or financial institution
   subject to regulation under 12 U.S.C. &#xA7; 2002;

   2. Any wholly owned subsidiary of any bank, savings institution, or credit
   union, provided that such wholly owned subsidiary is subject to the general
   supervision or regulation of, or subject to audit or examination by, a
   regulatory body or agency of the United States or any state; or

   3. Any public or private nonprofit institution of higher education.

HISTORY: 2020, cc. 1198, 1250.