RICHMOND, Va. – by way of a vote of 40-0, the Virginia Senate today passed Senator Janet Howell’s SB77, the Student Loan Borrowers’ Bill of Rights.
The legislation shall include education loan servicers like Navient into the a number of monetary entities controlled by the state’s Bureau of banking institutions. Especially, the bill forbids loan servicers from misapplying loan re re payments, misrepresenting or material that is omitting in regards to the terms or conditions associated with loan, and supplying inaccurate information to credit reporting agencies.
Navient is sued by the by the customer Financial Protection Bureau, the United states Federation of Teachers, and five states for failing continually to precisely apply payments to borrowers’ accounts, reporting loans improperly to credit agencies, deceiving borrowers about cosigner launch demands, and pressing borrowers who will be struggling into forbearance as opposed to 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, mortgage brokers and also payday loan providers, ” said Senator Howell. “Virtually almost every other form of financial obligation is controlled in Virginia, except education loan financial obligation. This not enough regulation is egregious considering that we’ve over 1 million borrowers in Virginia who’re collectively carrying over $41 billion in education loan financial obligation. Devamını oku