§ 6.2-1713. Investigations; examinations
The Commission may, by its designated officers and employees, as often as it deems necessary, investigate and examine the business activities, premises, and records of any individual required to be licensed under this chapter insofar as they pertain to any activities for which a license is required by this chapter. In the course of such […]
§ 6.2-1714. Annual fees
A. In order to defray the costs of his examination, supervision, and regulation, every licensee shall pay an annual license renewal fee. The fee shall be $100 unless another amount is prescribed by the Commission. The renewal fee shall be paid by the licensee to the State Treasurer or through the Registry, as determined by […]
§ 6.2-1715. Advertising; use of a unique identifier
A. No individual required to be licensed under this chapter shall use or cause to be published any advertisement that: 1. Contains any false, misleading, or deceptive statement or representation; or 2. Except as otherwise provided by the Commission, identifies a licensee by any name other than the name set forth on the license issued […]
§ 6.2-1705. Coordination of licensing
In connection with its administration and enforcement of this chapter, the Commission is authorized to establish agreements or contracts with the Registry or other entities designated by the Registry to collect, distribute, and maintain information and records, and to process transaction fees and other fees, related to licensees and other persons subject to this chapter. […]
§ 6.2-1706. Qualifications
Upon the filing and investigation of an application for a license and compliance by the applicant with all applicable provisions of this chapter, the Commission shall issue and deliver to the applicant the license applied for to engage in business under this chapter if it finds that the financial responsibility, character, and general fitness of […]
§ 6.2-1707. Other conditions for mortgage loan originator licensing
In addition to the findings required by § 6.2-1706, the Commission shall not issue a mortgage loan originator license unless it finds that: 1. The applicant has never had a mortgage loan originator license revoked by any governmental authority; 2. The applicant has not been convicted of, or pled guilty or nolo contendere to, a […]
§ 6.2-1708. Pre-licensing education of mortgage loan originators
A. In order to meet the pre-licensing education requirement referred to in subdivision 3 of § 6.2-1707, an applicant shall complete at least 20 hours of pre-licensing education courses, approved in accordance with subsection B, which shall include at least (i) three hours of federal law and regulations; (ii) three hours of ethics, which shall […]
§ 6.2-1709. Testing of mortgage loan originator applicants
A. In order to meet the written test requirement referred to in subdivision 4 of § 6.2-1707, an individual shall pass, in accordance with reasonable standards established under this section, a qualified written test that has been developed by the Registry and administered by a test provider approved by the Registry. B. A written test […]
§ 6.2-1701.3. Temporary authority to act as a mortgage loan originator
A. An individual shall be deemed to have temporary authority to act as a mortgage loan originator in the Commonwealth to the extent authorized by, and subject to the terms and conditions prescribed in, § 1518 of the Act. B. A mortgage lender or mortgage broker that employs an individual who is deemed to have […]
§ 6.2-1702. Application for license; form; content; fee
A. An application for a license under this chapter shall be on a form provided by the Registry. B. The application shall set forth: 1. The name and residential address of the applicant; 2. The address of the applicant’s employer or the address where the applicant will act as a mortgage loan originator, as applicable; […]