Source: https://www.richmondsunlight.com/bill/2013/hb1803/fulltext/
Timestamp: 2020-02-26 02:27:29
Document Index: 564699327

Matched Legal Cases: ['§ 6', '§ 6', '§ 3', '§ 1811', '§ 1007', '§ 6', '§ 6']

HB1803E
HOUSE BILL NO. 1803 House Amendments in [ ] -- January 22, 2013 A BILL to amend and reenact §§ 6.2-1700 and 6.2-1701 of the Code of Virginia, relating to mortgage loan originators; licensing.
Patron Prior to Engrossment--Delegate Marshall, D.W.
1. That §§ 6.2-1700 and 6.2-1701 of the Code of Virginia are amended and reenacted as follows:
"Depository Covered financial institution" has the same meaning as in § 3 of the Federal Deposit Insurance Act (12 U.S.C. § 1811 et seq.), and includes any credit union that term is defined in 12 C.F.R. § 1007.102.
[ "Federal banking agencies agency" means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and or the Federal Deposit Insurance Corporation. ]
"Individual loan servicer" means any person who, on behalf of the note holder, collects or receives payments, including payments of principal, interest, escrow amounts, and other amounts due, on obligations due and owing to the note holder pursuant to a residential mortgage loan, or who, when the borrower is in default or in foreseeable likelihood of default, works on behalf of the note holder with the borrower to modify or refinance, either temporarily or permanently, the obligations in order to avoid foreclosure or otherwise to finalize collection through the foreclosure process.
"Licensee" means an individual licensed under this chapter.
"Loan processor or underwriter" means an individual who, with respect to the origination of a residential mortgage loan, performs clerical or support duties at the direction of and subject to the supervision and instruction of a licensee or a person exempt from licensing under this chapter registered mortgage loan originator. For the purposes of this definition, clerical or support duties include (i) the receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan and (ii) communication with a consumer to obtain the information necessary for the processing or underwriting of a residential mortgage loan, to the extent that such communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.
"Registered mortgage loan originator" means any individual who (i) takes an application for or offers or negotiates the terms of a residential mortgage loan in which the dwelling is or will be located in the Commonwealth and, (ii) is an employee of (a) a depository covered financial institution, (b) a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or (c) an institution regulated by the Farm Credit Administration, and (ii) (iii) is registered with, and maintains a unique identifier through, the Registry.
A. No individual shall engage in the business of a mortgage loan originator unless such individual has first obtained and maintains annually a license under this chapter.
1. Any individual engaged solely as a loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator. An. Except as otherwise provided in this subsection, an individual acting as an independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such individual obtains has first maintained and maintains annually a mortgage loan originator license;
2. Any individual who only performs administrative or clerical tasks on behalf of a person licensed or exempt pursuant to Chapter 16 (§ 6.2-1600 et seq.) or on behalf of any individual licensed pursuant to this chapter mortgage loan originator;
7. Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that serves acts as a loan originator in providing financing for the sale of that individual's own residence;
8. A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator, provided that the attorney's mortgage loan origination activities are: (i) considered by the Supreme Court of Virginia to be part of the authorized practice of law within the Commonwealth, (ii) carried out within an attorney-client relationship, and (iii) accomplished by the attorney in compliance with all applicable laws, rules, ethics, and standards;
9. Any individual acting as an individual loan servicer;
10. Any employee of federal, state, or local government, or a housing finance agency, who acts as a mortgage loan originator only pursuant to his official duties of employment. For the purposes of this subdivision, "local government" means any county, city, or town or other local or regional political subdivision; and
11. 10. Any employee of a bona fide nonprofit organization, as determined by the Commission in accordance with § 6.2-1701.1, who acts as a mortgage loan originator only (i) pursuant to his official duties of employment and (ii) with respect to residential mortgage loans with terms that are favorable to a borrower.
HOUSE BILL NO. 1803 Offered January 9, 2013 Prefiled January 8, 2013 A BILL to amend and reenact 6.2-1700 and 6.2-1701 of the Code of Virginia, relating to mortgage loan originators; licensing.
1. That 6.2-1700 and 6.2-1701 of the Code of Virginia are amended and reenacted as follows:
6.2-1700. Definitions.
"Act" means the federal Secure and Fair Enforcement for Mortgage Licensing Act, Title V ( 1501 et seq.) of the Housing and Economic Recovery Act of 2008, P.L. 110-289.
"Depository Covered financial institution" has the same meaning as in 3 of the Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.), and includes any credit union that term is defined in 12 C.F.R. 1007.102.
"Federal banking agencies agency" means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and or the Federal Deposit Insurance Corporation.
6.2-1701. License requirement.
1. Any individual engaged solely as a loan processor or underwriter who does not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator. An . Except as otherwise provided in this subsection, an individual acting as an independent contractor may not engage in residential mortgage loan origination activities as a loan processor or underwriter unless such individual obtains has first maintained and maintains annually a mortgage loan originator license;
2. Any individual who only performs administrative or clerical tasks on behalf of a person licensed or exempt pursuant to Chapter 16 ( 6.2-1600 et seq.) or on behalf of any individual licensed pursuant to this chapter mortgage loan originator;
4. Any individual solely involved in extensions of credit relating to timeshare plans, as that term is defined in 11 U.S.C. 101(53D);
11. 10. Any employee of a bona fide nonprofit organization, as determined by the Commission in accordance with 6.2-1701.1, who acts as a mortgage loan originator only (i) pursuant to his official duties of employment and (ii) with respect to residential mortgage loans with terms that are favorable to a borrower.
For a plain English description of this bill, comments, voting, tagging, etc., return to the main page for HB1803.