Virginia outlines private student loan provider disclosure requirements

State Issues State Legislation Student Lending Disclosures

On March 23, the Virginia governor signed HB 743, which outlines disclosure requirements for private student loan providers to follow before issuance of a qualified education loan. The disclosure must contain contact information for the state’s Office of the Qualified Education Loan Ombudsman, as well as “a summary of the student loan information applicable to private education loans.” HB 743 further states that this disclosure may be “made in in conjunction with or incorporated into another disclosure” provided it is sent to a borrower prior to the issuance of a loan. The act takes effect July 1, 2021.