reglab/housing_qa huggingface dataset:
VA Code § 6.2-2601 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2601. License requirement; exceptions

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 § 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 (§ 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. § 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; or3. Any public or private nonprofit institution of higher education.2020, cc. 1198, 1250.
VA Code § 6.2-2603 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2603. Application for license; form; content; fee

A. An application for a license under this chapter shall be made in writing and on a form provided by the Commission.B. The application shall set forth:1. The name and address of the applicant, the name and address of each senior officer, and (i) if the applicant is a partnership, firm, or association, the name and address of each partner or member; (ii) if the applicant is a corporation or limited liability company, the name and address of each director, member, registered agent, and principal; or (iii) if the applicant is a business trust, the name and address of each trustee;2. The address of the principal place of business to be licensed;3. Such other information concerning the financial responsibility, background, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, and principals as the Commissioner may require; and4. Any other pertinent information that the Commissioner may require.C. The application shall be accompanied by payment of a nonrefundable application fee as prescribed by the Commission. The fee shall not be abated by surrender, suspension, or revocation of the license.D. If the Commissioner requests information to complete a deficient application and the information is not received within 60 days of the Commissioner's request, the application shall be deemed abandoned unless a request for an extension of time is received and approved by the Commissioner prior to the expiration of the 60-day period. However, this subsection shall not be construed to prohibit the Commission from denying a license application that does not meet the requirements of this chapter.2020, cc. 1198, 1250.
VA Code § 6.2-2604 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2604. Bond required

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.2020, cc. 1198, 1250.
VA Code § 6.2-2605 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2605. Investigation of applications

A. The Commissioner may make such investigations as he deems necessary to determine if the applicant has complied with all applicable provisions of law and regulations.B. For the purpose of investigating individuals who are members, senior officers, directors, trustees, and principals of an applicant, such persons shall consent to a criminal history records check and submit to fingerprinting. Each member, senior officer, director, trustee, and principal shall pay for the cost of such fingerprinting and criminal history records check. Such persons shall cause their fingerprints, personal descriptive information, and records check fees to be submitted to either of the following, as prescribed by the Commissioner:1. The Bureau, which shall forward these items to the Central Criminal Records Exchange. The Central Criminal Records Exchange shall (i) conduct a search of its own criminal history records and forward such individuals' fingerprints and personal descriptive information to the Federal Bureau of Investigation for the purpose of obtaining national criminal history record information regarding such individuals and (ii) forward the results of the state and national records searches to the Commissioner or his designee, who shall be an employee of the Commission; or2. The Registry, provided that it is capable of processing criminal history records checks.C. If any member, senior officer, director, trustee, or principal of an applicant fails to cause his fingerprints, personal descriptive information, or records check fees to be submitted in accordance with subsection B, the application for a qualified education loan servicer license shall be denied.2020, cc. 1198, 1250.
VA Code § 6.2-2606 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2606. Qualifications

A. Upon the filing and investigation of an application for a license, compliance by the applicant with the provisions of §§ 6.2-2603 and 6.2-2604, and compliance by the persons identified in subsection B of § 6.2-2605 with the provisions contained therein, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter at the location specified in the application if it finds that:1. The financial responsibility, character, experience, and general fitness of the applicant and its members, senior officers, directors, trustees, and principals are such as to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with the law;2. The application does not contain any false statement of a material fact; and3. The application does not omit any statement of a material fact that is required by § 6.2-2603.B. If the Commission fails to make such findings, no license shall be issued and the Commissioner shall notify the applicant of the denial and the reasons for such denial.2020, cc. 1198, 1250.
VA Code § 6.2-2607 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2607. Licenses; place of business; changes; renewal

A. 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.B. 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.C. 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.D. 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.E. 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.2020, cc. 1198, 1250.
VA Code § 6.2-2608 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2608. Retention of records; responding to the Bureau

A. 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.B. 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.C. 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.2020, cc. 1198, 1250.
VA Code § 6.2-2612 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2612. Reporting requirements

A. 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:1. The filing of bankruptcy, reorganization, or receivership proceedings by or against the licensee;2. The institution of administrative or regulatory proceedings against the licensee by any governmental authority;3. Any felony indictment of the licensee or any of its members, directors, senior officers, trustees, or principals;4. Any felony conviction of the licensee or any of its members, directors, senior officers, trustees, or principals; and5. Such other events as the Commission may prescribe by regulation.B. Each licensee shall file periodic written reports with the Commissioner or the Registry containing such information as the Commissioner may require concerning the licensee'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.2020, cc. 1198, 1250.
VA Code § 6.2-2613 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2613. Investigations; examinations

A. The Commission may, as often as it deems necessary, investigate and examine the affairs, business, premises, and records of any person licensed or required to be licensed under this chapter insofar as they pertain to any business for which a license is required by this chapter. Examinations of licensees shall be conducted at least once in each three-year period. In the course of such investigations and examinations, the owners, members, officers, directors, partners, trustees, and employees of the person being investigated or examined shall, upon demand of the person making such investigation or examination, afford full access to all premises, books, records, and information that the person making such investigation or examination deems necessary.B. Examinations under this section may be conducted in conjunction with examinations to be performed by representatives of agencies of the federal government or another state. In lieu of conducting an examination, the Commission may accept the examination report of the federal government or another state.2020, cc. 1198, 1250.
VA Code § 6.2-2614 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2614. Annual fees

A. In order to defray the costs of their examination, supervision, and regulation, every licensee under this chapter shall pay an annual fee calculated in accordance with a schedule set by the Commission. All such fees shall be assessed on or before April 1 for every calendar year. All such fees shall be paid by the licensee to the State Treasurer on or before May 1 following each assessment.B. In addition to the annual fee prescribed in subsection A, when it becomes necessary to examine or investigate the books and records of a licensee under this chapter at a location outside the Commonwealth, the licensee shall be liable for and shall pay to the Commission within 30 days of the presentation of an itemized statement the actual travel and reasonable living expenses incurred on account of its examination, supervision, and regulation or shall pay a reasonable per diem rate approved by the Commission.2020, cc. 1198, 1250.
VA Code § 6.2-2615 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2615. Suspension or revocation of license

A. The Commission may suspend or revoke any license issued under this chapter upon any of the following grounds:1. Any ground for denial of a license under this chapter;2. Any violation of the provisions of this chapter or regulations adopted by the Commission pursuant thereto, or a violation of any other law or regulation applicable to the conduct of the licensee's business;3. A course of conduct consisting of the failure to perform written agreements with qualified education loan borrowers;4. Failure to account for funds received or disbursed to the satisfaction of the person supplying or receiving qualified education loan funds;5. Conviction of any felony or of a misdemeanor involving fraud, misrepresentation, or deceit;6. Entry of a judgment against the licensee involving fraud, misrepresentation, or deceit;7. Entry of a federal or state administrative order against the licensee for violation of any law or regulation applicable to the conduct of the licensee's business;8. Refusal to permit an investigation or examination by the Commission;9. Failure to pay any fee or assessment imposed by this chapter; or10. Failure to comply with any order of the Commission.B. For the purposes of this section, acts of any senior officer, director, member, partner, trustee, or principal shall be deemed acts of the licensee.2020, cc. 1198, 1250.
VA Code § 6.2-2616 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2616. Notice of proposed suspension or revocation

The Commission shall not revoke or suspend the license of any licensee upon any of the grounds set forth in § 6.2-2615 until it has given the licensee (i) 21 days' notice in writing of the reasons for the proposed revocation or suspension and (ii) an opportunity to introduce evidence and be heard. The notice shall be sent by certified mail to the principal place of business of such licensee and shall state with particularity the grounds for the contemplated action. Within 14 days of mailing the notice, the licensee named therein may file with the Clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not suspend or revoke the license except based upon findings made at such hearing. The hearing shall be conducted in accordance with the Commission's Rules.2020, cc. 1198, 1250.
VA Code § 6.2-2617 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2617. Cease and desist orders

A. If the Commission determines that any person has violated any provision of this chapter or any regulation adopted by the Commission pursuant thereto, or violated any other law or regulation applicable to the conduct of a licensee's business, the Commission may, upon 21 days' notice in writing, order such person to cease and desist from such practices and to comply with the provisions of this chapter and other applicable laws and regulations. The notice shall be sent by certified mail to the principal place of business of such person or other address authorized under § 12.1-19.1 and shall state the grounds for the contemplated action.B. Within 14 days of mailing the notice, the person named therein may file with the clerk of the Commission a written request for a hearing. If a hearing is requested, the Commission shall not issue a cease and desist order except on the basis of findings made at the hearing. The hearing shall be conducted in accordance with the Commission's Rules. The Commission may enforce compliance with any order issued under this section by imposition and collection of such fines and penalties as may be prescribed by law.2020, cc. 1198, 1250.
VA Code § 6.2-2618 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2618. Civil penalties

The Commission may impose a civil penalty not exceeding $2,500 upon any person who it determines, in proceedings commenced in accordance with the Commission's Rules, has violated any of the provisions of this chapter or regulations adopted by the Commission pursuant thereto or violated any other law or regulation applicable to conduct of the person's business. For the purposes of this section, each separate violation shall be subject to the civil penalty prescribed in this section, and each day that an unlicensed person engages in the business of a qualified education loan servicer shall constitute a separate violation.2020, cc. 1198, 1250.
VA Code § 6.2-2619 (2021)
2021 Code of Virginia|Title 6.2 - Financial Institutions and Services|Chapter 26 - Qualified Education Loan Servicers|§ 6.2-2619. Private cause of action

A. A qualified education loan servicer shall:1. Comply with this chapter.2. Comply with all applicable federal laws related to qualified education loan servicing, as from time to time amended, and the regulations promulgated thereunder.B. Any person who suffers damage as a result of the failure of a qualified education loan servicer to comply with the requirements of subdivisions A 1 and 2 may bring an action against that qualified education loan servicer to recover or obtain any of the following:1. Actual damages, but in no case shall the total award of damages be less than $500 per violation;2. An order enjoining the methods, acts, or practices;3. Restitution of property;4. Punitive damages;5. Attorney fees; and6. Any other relief the court deems proper.C. In addition to any other remedies provided by this section or otherwise provided by law, whenever it is proven by a preponderance of the evidence that a qualified education loan servicer has engaged in conduct that substantially interferes with a borrower's right to (i) an alternative payment arrangement; (ii) loan forgiveness, cancellation, or discharge; or (iii) any other financial benefit as established under the terms of a borrower's promissory note or under the Higher Education Act of 1965, 20 U.S.C. § 1070a et seq., as amended from time to time, and regulations promulgated thereunder, the court shall award treble actual damages to the plaintiff, but in no case shall the award of damages be less than $1,500 per violation.D. The remedies provided in this section are not intended to be the exclusive remedies available to the qualified education loan borrower, and a qualified education loan borrower shall not be required to exhaust any administrative remedies established pursuant to this chapter or any other applicable law prior to proceeding under this section.2020, cc. 1198, 1250.