Chapters 1198 and 1250 of the 2020 Virginia Acts of Assembly created Chapter 26 (§ 6.2-2600 et seq.) of Title 6.2 of the Code of Virginia ("Code") (the "Chapter"), which became effective July 1, 2021. The Chapter sets forth licensing requirements and other regulatory provisions relating to qualified education loan servicers. This Report was prepared pursuant to the fourth enactment clause of the above-referenced legislation, which directs the State Corporation Commission ("Commission") to provide a report to members of the House Committee on Labor and Commerce,(*1) the Senate Committee on Commerce and Labor, the House Committee on Education, and the Senate Committee on Education and Health on or before November 1, 2022, that contains the following:

i. the number of licenses issued under the Chapter;

ii. the number of applications for a license under the Chapter that have been denied and the reasons for such denials;

iii. the number of licensees under the Chapter that filed a written report with the Commission pursuant to subsection A of § 6.2-2612, as created by this act, and for which of the events enumerated in subdivisions A 1 through 5 of § 6.2-2612, as created by this act, the written report was filed;

iv. the number and nature of complaints received under the Chapter; and

v. the number of investigations and examinations resulting from such complaints and the disposition of such investigations and examinations.

On behalf of the Commission, its Bureau of Financial Institutions ("Bureau") is pleased to submit this Report with the above information pertaining to qualified education loan servicers licensed or required to be licensed under the Chapter. The information provided is for the period from July 1, 2021 through September 15, 2022.
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(*1) Committee name is now Commerce and Energy.