Virginia and Massachusetts Add Student Loan Servicer Licenses to NMLS

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Virginia and Massachusetts recently added student loan servicer-related licenses to the Nationwide Multistate Licensing System (NMLS).

In 2020, Virginia enacted a law that, among other things, requires qualified education loan servicers to be licensed on and after July 1, 2021.  In Virginia, a “qualified education loan servicer” means any person who services a student loan to a qualified education loan borrower, including a loan made to refinance a qualified education loan.  Additionally, “qualified education loan” is defined as any loan primarily used to finance a postsecondary education and costs of attendance at a postsecondary public or private educational institution.  As noted above, the Virginia Qualified Education Loan Servicer License is now available through the NMLS.

Similarly, in January 2021, Massachusetts enacted a law that, among other things, requires student loan servicers to be licensed.  Note a “student loan servicer” is defined as any person responsible for servicing a student loan to a student loan borrower.  Moreover, “student loan” means a loan primarily used to finance postsecondary education or other school-related expenses. The new licensing requirement goes into effect on July 1, 2021, and, as indicated above, the Student Loan Servicer License application is now available through the NMLS.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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