§ 6.2-1717. Filing of written report with Commissioner; events affecting a licensee
Within 15 days of becoming aware of the occurrence of any of the events listed below, a licensee shall file a written report with the Commissioner describing such event: 1. The institution of revocation or suspension proceedings against the licensee by any state or other governmental authority; 2. The denial of the opportunity to engage […]
§ 6.2-1718. Notice of proposed suspension or revocation
The Commission may not revoke or suspend the license of any licensee under this chapter unless it has given the licensee 21 days’ notice in writing of the reasons for the proposed revocation or suspension and has given the licensee an opportunity to introduce evidence and be heard. The notice shall be sent by certified […]
§ 6.2-1710. Continuing education requirements
A. A licensed mortgage loan originator shall complete annually at least eight hours of continuing education courses approved in accordance with subsection B, which shall include at least: (i) three hours related to federal law and regulations; (ii) two hours related to ethics, which shall include instruction about fraud, consumer protection, and fair lending issues; […]
§ 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 […]
§ 6.2-1701.2. Repealed
Repealed by Acts 2019, c. 740, cl. 2, effective July 1, 2019.
§ 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 […]