§ 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, […]
§ 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 […]
§ 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 […]
§ 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 […]
§ 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 […]
§ 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 […]
§ 6.2-2609. Acquisition of control; application
A. Except as provided in this section, no person shall acquire, directly or indirectly, 25 percent or more of the voting shares of a corporation or 25 percent or more of the ownership of any other person licensed to conduct business under this chapter unless such person first: 1. Files an application with the Commission […]
§ 6.2-2610. Prohibited activities; compliance with federal laws and regulations
A. No qualified education loan servicer shall: 1. Directly or indirectly employ any scheme, device, or artifice to defraud or mislead qualified education loan borrowers; 2. Engage in any unfair or deceptive act or practice toward any person or misrepresent or omit any material information in connection with the servicing of a qualified education loan, […]
§ 6.2-2611. Affirmative acts required of qualified education loan servicers
Except to the extent that this section is inconsistent with any provision of federal law or regulation, and then only to the extent of the inconsistency, a person engaged in qualified education loan servicing shall: 1. Evaluate a qualified education loan borrower for eligibility for an income-driven repayment program prior to placing the borrower in […]
§ 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 […]