Virginia Code Title 6.2. Financial Institutions and Services § 6.2-2610. Prohibited activities; compliance with federal laws and regulations

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, including misrepresenting (i) the amount, nature, or terms of any fee or payment due or claimed to be due on a qualified education loan; (ii) the terms and conditions of the loan agreement; or (iii) the borrower's obligations under the loan;

3. Obtain property by fraud or misrepresentation;

4. Misapply qualified education loan payments to the outstanding balance of a qualified education loan;

5. Provide inaccurate information to a nationally recognized consumer credit bureau;

6. Fail to report both the favorable and unfavorable payment history of the borrower to a nationally recognized consumer credit bureau at least annually if the loan servicer regularly reports information to such a credit bureau;

7. Fail to communicate with an authorized representative of the borrower who provides a written authorization signed by the borrower, provided that the loan servicer may adopt procedures reasonably related to verifying that the representative is in fact authorized to act on behalf of the borrower;

8. Make any false statement of a material fact or omit any material fact in connection with any information provided to the Commission or another governmental authority; or

9. Engage in any other prohibited activities identified in regulations adopted by the Commission pursuant to this chapter.

1. Materially interferes with the ability of a borrower to understand a term or condition of a qualified education loan; or

2. Takes unreasonable advantage of: