Virginia HB 165: Higher educational institutions, public; loans to students, collection.

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2018 SESSION

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18101457D

HOUSE BILL NO. 165 

Offered January 10, 2018 

Prefiled December 21, 2017 

A BILL to amend and reenact � 23.1-619 of the Code of 
 Virginia, relating to public institutions of higher education; loans to 
 students; collection. 
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Patron-- Yancey 

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Referred to Committee on Education 

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Be it enacted by the General Assembly of Virginia:

1. That � 23.1-619 of the Code of Virginia is amended and 
 reenacted as follows:

� 23.1-619. Collection of loans.

Each institution shall make:

1. Include 
 in loan documents for each loan an individual plan for the repayment of 
 principal and interest and the payment of any late 
 fees and clear and detailed information about the collection 
 process for such loan pursuant to the Virginia Debt 
 Collection Act (� 2.2-4801 et seq.), including information 
 about the agency or entity that is responsible for collection;

2. Establish 
 a process for notifying each student or, in the 
 case of an undergraduate student and as appropriate, the 
 student's parent of any loan 
 payment that is past due no later 
 than (i) 30 days after the payments becomes past due and 
 (ii) if necessary, the end of the academic term during which such 
 payment becomes past due; and

3. Make 
 every effort to collect each loan made from its fund and comply with the 
 Virginia Debt Collection Act (� 2.2-4801 et seq.) with regard to the collection 
 of such loans, provided that, notwithstanding �� 
 2.2-4805 and 2.2-4806, the institution may modify 
 the terms of any loan for which payments are past due to provide for repayment forbearance 
 on such loan and repayment to commence on an agreed-upon date in 
 the future with a percentage increase in the 
 interest rate that is less than or equal to 
 the inflation-adjusted annual percentage increase 
 in the Average Consumer Price Index for all items, all urban consumers (CPI-U), 
 as published by the Bureau of Labor Statistics of the U.S. Department of Labor, 
 for the year immediately preceding such future 
 date.