Virginia Senate Passes Student Loan Borrowers’ Bill of Rights
From Progress Virginia:
RICHMOND, Va. – by way of a vote of 40-0, the Virginia Senate today passed Senator Janet Howell’s SB77, the scholar Loan Borrowers’ Bill of Rights.
The legislation shall add education loan servicers like Navient into the listing of monetary entities controlled by the state’s Bureau of finance institutions. Especially, the balance forbids loan servicers from misapplying loan re re payments, misrepresenting or omitting product information about the terms or conditions for the loan, and providing inaccurate information to credit agencies.
The home form of the bill, sponsored by Delegate Marcus Simon and Delegate Marcia cost, has recently cleared the home.
Navient was sued because of the by the customer Financial Protection Bureau, the United states Federation of Teachers, and five states for failing continually to properly use payments to borrowers’ accounts, reporting loans wrongly to credit agencies, deceiving borrowers about cosigner launch needs, and pressing borrowers who will be struggling into forbearance in place of into income-driven payment plans.
“In Virginia, we now have something called the Bureau of banking institutions, which regulates providers that are financial banking institutions, credit unions, lenders as well as payday lenders, ” said Senator Howell. “Virtually every single other variety of financial obligation is managed in Virginia, except education loan financial obligation. This not enough legislation is egregious considering that we’ve over 1 million borrowers in Virginia who’re collectively carrying over $41 billion in education loan financial obligation.