HB 743

            
2020 SESSION


20106390D

HOUSE BILL NO. 743

AMENDMENT IN THE NATURE OF A SUBSTITUTE

(Proposed by the House Committee on Education

on January 27, 2020)

(Patron Prior to Substitute--Delegate Bulova)

A BILL to amend the Code of Virginia by adding a section numbered
23.1-233.1, relating to qualified education loans; certain providers; contact
information and summary.

Be it enacted by the General Assembly of Virginia: 

1. That the Code of Virginia is amended by adding a section
numbered 23.1-233.1 as follows: 

� 23.1-233.1. Qualified education loans; certain providers;
contact information and summary.

Any provider of private student loans shall disclose to any
student attending an institution of higher education in the Commonwealth, prior
to issuing a qualified education loan to such student, the contact information
for the Office of the Qualified Education Loan Ombudsman and a summary of the
student loan information applicable to private student loans that may be found
on the Councils website. Any such disclosure may be made in conjunction with
or incorporated into another disclosure to such student prior to issuing the
qualified education loan. The summary shall be developed by the Office of the
Qualified Education Loan Ombudsman in consultation with relevant stakeholders.

2. That the provisions of this act shall become effective on
July 1, 2021.