2011 Code of Virginia
Title 23 EDUCATIONAL INSTITUTIONS.
Chapter 1 General Provisions (23-1 thru 23-9.2:11)
23-4.3:2 Policies addressing student loan vendors
23-4.3:2. Policies addressing student loan vendors.
A. No employee at a Virginia public institution of higher education shall demand or receive any payment, loan, advance, deposit of money, services or anything, present or promised, as an inducement for promoting any student loan vendor.
B. No public institution of higher education shall enter into any agreement with any student loan vendor that states or implies an exclusive relationship between the school and vendor regarding student loans.
C. The State Council of Higher Education for Virginia, with the advice and input of the governing boards of each public institution of higher education, shall develop policies and procedures for disclosing certain information to students on student lending practices. This information shall include (i) the criteria used to determine which lenders, if any, are recommended or endorsed by the school, or included on a preferred lender list made available to students, and (ii) explicit notification that students are free to borrow from any lender of their choosing and are not limited to any lender or lenders suggested by the school.
(2008, c. 624.)
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