§ 392. Prohibited acts and practices
In addition to those prohibited acts set forth in 9 V.I.C. section 374 governing mortgage lenders and brokers and their employees, it is a violation of this subchapter for a person or individual subject to this subchapter to: (a) Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders […]
§ 393. Reports
(a) Mortgage Call Reports. Each mortgage licensee shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. (b) Report to Nationwide Mortgage Licensing System and Registry. Subject to Virgin Islands privacy […]
§ 394. Nationwide mortgage licensing system and registry information challenge process
The Banking Board or its designated agent shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry by the Banking Board or its designated agent.
§ 395. Privately insured credit unions
Non-federally insured credit unions that employ loan originators, as defined in PL 110-289, Title V, the S.A.F.E. Act, shall register such employees with the Nationwide Mortgage Licensing System and Registry by furnishing the information concerning the employees’ identity set forth in Section 1507(a)(2) of PL 110-289, Title V.
§ 396. Severability
If any provision of this subchapter or its application to any person or circumstance is held invalid, the remainder of the subchapter or the application of the provision to other persons or circumstances is not affected.
§ 397. Effective date
In order to facilitate an orderly transition to licensing and minimize disruption in the mortgage marketplace, the effective date for implementation of this subchapter shall be December 31, 2010, or such later date approved by the Secretary of the United States Department of Housing and Urban Development, pursuant to the authority granted under Public Law […]
§ 390. Investigation and examination authority
In addition to any authority allowed under this subchapter the Banking Board or its designated agent shall have the authority to conduct investigations and examinations as follows: (a) Authority to Access Information. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation to […]
§ 391. Broad administrative authority
That the Banking Board shall have the broad administrative authority to administer, interpret and enforce this subchapter, and promulgate rules or regulations implementing this subchapter, in order to carry out the intentions of the Legislature.
§ 385. State license and registration application and issuance
(a) Application Form. Applicants for a license shall apply in a form as prescribed by the Banking Board or its designated agent. Each such form must contain content as set forth by rule, regulation, instruction or procedure of the Banking Board or its designated agent and may be changed or updated as necessary by the […]
§ 386. Standards for license renewal
(a) The minimum standards for license renewal for State-licensed mortgage loan originators must include the following: (1) The mortgage loan originator continues to meet the minimum standards for license issuance under section 385(c)(1)-(6). (2) The mortgage loan originator has satisfied the annual continuing education required in section 385(c)(4)(F). (3) The loan originator has paid all […]